ID :
21610
Sun, 09/28/2008 - 00:14
Auther :
Shortlink :
https://oananews.org//node/21610
The shortlink copeid
Shareholders in Kanebo`s successor okay liquidation
TOKYO, Sept. 26 Kyodo - Shareholders in Kaigan Bell Management Ltd., the successor of now-defunct household product and cosmetics maker Kanebo Ltd., approved a proposal Friday to disband the successor and sell its shares to Trinity Investment, an entity
set up by a group of funds.
A majority of the shareholders voted for the proposal at their general meeting,
although a group of them balked at a key feature of the liquidation plan -- the
suggested share price.
The group has described the price for the shares in the Tokyo-based company,
which has some real estate holdings, as too low.
Top managers of Kaigan Bell proposed that the company be absorbed by Trinity
Investment, which used to support what was once Kanebo. Kaigan Bell has taken
over Kanebo's corporate status.
The proposal called for 90,000 individual shareholders in Kaigan Bell, holding
a combined 18 percent stake, to sell their shares at 130 yen per share to
Trinity Investment to facilitate the absorption. The remaining stake has
already been sold to Trinity Investment.
The shareholders have held their shares since Kanebo was operating as Japan's
leading cosmetics manufacturer. Some of the shareholders took the case to court
and litigation is still underway.
After Friday's general meeting of shareholders, some opponents of the
liquidation plan told reporters about 300 shareholders may file a new suit for
a higher share purchase price with the Tokyo District Court as early as
December. The liquidation is set for Nov. 11.
In 2004, the Kanebo group underwent restructuring with the help of the
state-backed Industrial Revitalization Corp. of Japan, a now-dismantled
corporate bailout entity, after its aggressive business diversification
strategy backfired.
Kanebo Cosmetics Inc. was spun off from Kanebo in the same year as the most
profitable segment in the group, and later taken over by major toiletry and
cosmetics company Kao Corp.
After transferring all substantial businesses to other firms, Kanebo became an
entity standing only for the liquidation process.
In 2007, Kanebo decided to dissolve itself at a shareholders meeting and
changed itself into Kaigan Bell Management.
Some individual shareholders have since filed a lawsuit with the Tokyo District
Court, arguing that Kanebo's offer, made in 2006, to buy each share for 162 yen
was too low.
In March this year, the court ruled that it would be appropriate to buy each
share for 360 yen. Both the Kaigan Bell management and the shareholders
appealed the ruling to the Tokyo High Court.
==Kyodo
2008-09-26 22:19:02
set up by a group of funds.
A majority of the shareholders voted for the proposal at their general meeting,
although a group of them balked at a key feature of the liquidation plan -- the
suggested share price.
The group has described the price for the shares in the Tokyo-based company,
which has some real estate holdings, as too low.
Top managers of Kaigan Bell proposed that the company be absorbed by Trinity
Investment, which used to support what was once Kanebo. Kaigan Bell has taken
over Kanebo's corporate status.
The proposal called for 90,000 individual shareholders in Kaigan Bell, holding
a combined 18 percent stake, to sell their shares at 130 yen per share to
Trinity Investment to facilitate the absorption. The remaining stake has
already been sold to Trinity Investment.
The shareholders have held their shares since Kanebo was operating as Japan's
leading cosmetics manufacturer. Some of the shareholders took the case to court
and litigation is still underway.
After Friday's general meeting of shareholders, some opponents of the
liquidation plan told reporters about 300 shareholders may file a new suit for
a higher share purchase price with the Tokyo District Court as early as
December. The liquidation is set for Nov. 11.
In 2004, the Kanebo group underwent restructuring with the help of the
state-backed Industrial Revitalization Corp. of Japan, a now-dismantled
corporate bailout entity, after its aggressive business diversification
strategy backfired.
Kanebo Cosmetics Inc. was spun off from Kanebo in the same year as the most
profitable segment in the group, and later taken over by major toiletry and
cosmetics company Kao Corp.
After transferring all substantial businesses to other firms, Kanebo became an
entity standing only for the liquidation process.
In 2007, Kanebo decided to dissolve itself at a shareholders meeting and
changed itself into Kaigan Bell Management.
Some individual shareholders have since filed a lawsuit with the Tokyo District
Court, arguing that Kanebo's offer, made in 2006, to buy each share for 162 yen
was too low.
In March this year, the court ruled that it would be appropriate to buy each
share for 360 yen. Both the Kaigan Bell management and the shareholders
appealed the ruling to the Tokyo High Court.
==Kyodo
2008-09-26 22:19:02
