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Tokyo high court rejects request for injunction against Tokyo Kikai poison pill

by Mike Robinson

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© Reuters. FILE PHOTO – The Tokyo Kikai Seisakusho Ltd. logo is on display at Tokyo’s headquarters in Tokyo (Japan), October 21st, 2021. REUTERS/Issei Kato

TOKYO, Reuters – According to a document obtained by Reuters from a Tokyo High Court judge, Asia Development Capital has denied a request for injunction against Tokyo Kikai Seisakusho Ltd.’s plans to use a poison pill.

Asia Development Capital, Japan’s largest newspaper printer, has acquired a 40% share in Tokyo Kikai Seisakusho in just weeks. This makes it the biggest shareholder.

Tokyo Kikai Seisakusho would like to issue new shares, which would reduce Asia Development Capital’s share and stop a takeover.

Asia Development Capital sought to block the share sale, but it was rejected by a lower court. Asia Development Capital then appealed to the High Court.

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