Taiyo Holdings will decide on proposals from several private equity funds ¡ª and whether to delist ¡ª after a shareholder meeting this month in which its president, Eiji Sato, is likely to face a vote on his ouster.

The Japanese chemical manufacturer will decide on the proposals in August at the earliest, Sato said in an interview. The company is reviewing formal proposals for capital alliances, including privatization, from fewer than five private equity funds, and a special committee is examining whether the acquisition terms are fair, he said.

Taiyo is set to hold its annual shareholders¡¯ meeting on Saturday, and the conference may become heated.

DIC, the company¡¯s largest stockholder and capital alliance partner, has said it intends to vote against the reappointment of Sato as a board director. It cited insufficient responses from Sato and the board of directors to various proposals, including delisting, as the reason behind its decision.

¡°We were not informed of DIC¡¯s announcement and were surprised,¡± Sato said. He said that the formal privatization proposals were received in February and were presented in a timely manner. It was reported in May that Taiyo received acquisition proposals from U.S. investment fund KKR and the Japan Industrial Promotion Organization.

At least one of the plans was to delist the company through a tender offer at a premium. Taiyo¡¯s market value has climbed about ?50 billion ($347 million) to around ?350 billion in about two weeks since the plans were reported. The proposals come as Japanese companies face pressure from the Tokyo Stock Exchange to boost their value to stay listed.

DIC, which holds about 19% of Taiyo¡¯s shares, isn¡¯t alone in seeking Sato¡¯s departure at the shareholders¡¯ meeting.

Oasis Management, a Hong Kong-based hedge fund with about an 11% stake, is also opposed to his reappointment, citing governance issues.

Taiyo¡¯s founding family, which is estimated to hold about 10% of the shares, has also solidified its intention to vote against Sato staying on as a director, according to a report by Tokyo Shoko Research. In effect, this is an unusual situation in which the top three shareholders have all expressed opposition to the president staying on.

Sato said that while he expects more acquisition proposals in the future, Taiyo will suspend consideration of any new proposals until after the shareholders¡¯ meeting due to the current situation.