Shareholders in Tokyo Kikai Seisakusho Ltd approved a 'poison pill' measure on Friday aimed at blocking a takeover attempt by its top investor, setting up a court battle that will have sweeping implications for hostile bids in Japan.
from the vote and has already sought an injunction to nullify it. Had investors voted on Friday against the poison pill it would have handed ADC a victory.
Now, focus will turn to the injunction and the Tokyo District Court ruling expected next week that will be the first to examine an attempt to exclude an investor from a shareholder vote on a poison pill.
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