: The proxy fight was Murakami first since being convicted of insider trading, according to The Japan Times. Kuroda Electric shares plunged 8.3 percent, their steepest decline since March 2011. The activist investor proposal to appoint himself and three others as outside directors at the electronics trading company was defeated with about 60 percent of shareholders voting against it, Kuroda Electric spokesman Mamoru Mochimaru said after an extraordinary general meeting in Osaka. Murakami and C&I Holdings Co., an investment company headed by his daughter, have been calling on Kuroda Electric to pay out all its profit to shareholders for three years and consider large mergers or acquisitions. Murakami return is a good thing that will stimulate the stock market, Hidetaka Kawakita, a professor of finance and accounting at Kyoto University, said before the vote. Their defeat in the vote is a sign domestic investors are still reluctant to embrace the ideas of shareholder activists after years of rejecting them.
(news.financializer.com). As
reported in the news.
Tagged under , topics.