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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Avisen | LSE:AVI | London | Ordinary Share | GB00B09LQS34 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Asset Value Investors Limited (“AVI” or "we") announces that it believes the process taken by the Special Committee of Daibiru Corporation (TYO 8806) (“Daibiru”) to evaluate the Tender Offer from Daibiru’s parent company Mitsui O.S.K. Lines, Ltd. (TYO 9104) (“MOL”) was neither fair nor considered the best interests of minority shareholders.
On 20th December 2021, we held a meeting with two members of Daibiru’s Special Committee, Mr Atsushi Miyanoya (Outside Director of Daibiru), and Mr Atsushi Oi (Outside Director of Daibiru). We were disappointed by the comments made which highlighted that the Special Committee had engaged in a flawed review process, misunderstood basic valuation methods, and did not take reasonable efforts to ensure the transaction was on the best possible terms for shareholders.
We believe that the review process conducted by Daibiru’s Special Committee deviated from the general principles of METI’s Fair M&A Guidelines for several reasons.
AVI CEO & CIO Joe Bauernfreund commented: “We strongly protest against the careless process conducted by the Special Committee which lacks commitment to protecting the interests of minority shareholders. We hope that this case does not become a precedent of poor governance of parent-subsidiary listing situation in Japan.”
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About AVI Asset Value Investors (AVI) is a specialised investment manager in London that has been investing in Japan for over two decades. AVI was founded in 1985 and has been investing in high-quality companies that are under-valued by the stock market for over three decades. AVI’s investment team engages with managements and boards of companies to improve long-term corporate value. AVI is the investment manager of both AVI Global Opportunities Trust (total assets £1.3bn (¥200bn) as at Nov. 30, 2021) and AVI Japan Opportunities Trust (total assets £155.7mm (¥23.5bn) as at Nov. 30, 2021). Across the two investment funds, AVI invested in 29 Japanese companies (as of Nov. 30, 2021).
View source version on businesswire.com: https://www.businesswire.com/news/home/20211224005089/en/
Daniel Lee daniel.lee@assetvalueinvestors.com
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