Shareholders of Japanese drugstore chain operator Tsuruha Holdings will vote Monday on a proposal which effectively results in its acquisition by supermarket chain Aeon, a move that has already been panned by major investors and proxy advisers.
The chorus reflects rising shareholder activism in Japan in recent years as the country¡¯s governance reforms embolden investors. Their disappointment in the planned deal centers around the perceived low premium it would pay to Tsuruha shareholders.
Aeon, the country¡¯s largest supermarket chain operator, last month said it will launch a tender offer to make Tsuruha a consolidated subsidiary at ?11,400 per share as it tightens its grip on the drugstore market.
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