Another Japanese Co Foils Steel

April 16th, 2009
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In a press release today, Aderans Holdings (8170.T) announced that it was getting help from private equity firm Unison Capital Group in its attempts to stop Steel Partners’ activist agenda. The company announced that it had entered into a “Strategic Capital and Business Alliance Agreement” with the private equity firm. As partner of the agreement, Unison is seeking to purchase a stake in the company of more than 32%. Steel, which is currently Aderans’ largest investor with a 27% stake, has been agitating the wig making company and is seeking to replace the company’s entire Board of Directors with its own nominees.
See Press Release
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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