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Aderans’ Shareholders Vote in Favor of Steel Partners’ Activist Agenda
Aderans’ Shareholders Vote in Favor of Steel Partners’ Activist Agenda | ||
| Date: May 29th, 2009 | ||
| For the second year in a row, Aderans Holdings’ (8170.T) shareholders voted in favor of Steel Partner’s activist agenda. Yesterday, investors elected all of the activist fund’s nominees to the Japanese wigmakers board of directors. The vote effectively ended private equity firm Unison Capital’s attempt to thwart Steel Partners’ agenda by bidding to purchase a 35% stake in Aderans. All three of Unison Capital’s board nominees did not receive enough votes to gain board seats.
According to an article from Reuters, Warren Lichtenstein, the Chief Executive Officer of Steel Partners, said in a statement “With today's vote, Aderans' shareholders demonstrated their strong desire for constructive change in the company's leadership and direction and have set a new milestone for corporate governance in Japan." | ||
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