Aderans’ Shareholders Vote in Favor of Steel Partners’ Activist Agenda

May 29th, 2009
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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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For Detailed Investor Profiles on these Investors, click below:
Steel Partners
Related People: Joshua Schechter; Lawrence Butler; Warren G. Lichtenstein
Related Entities: Steel Partners; Steel Partners II Master Fund LP; Steel Partners Japan Strategic Fund; Steel Partners LLC; WebFinancial LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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