In today’s briefing:
- Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board
Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board
- Due to the inability of getting a fair hearing from Toyo Construction (1890 JP)’s Board, YFO’s strategy now is to replace some of the Board at the June AGM.
- YFO’s latest press release also catalogues the Board’s shockingly poor corporate governance in relation to its tender offer at JPY1,000. Crucially, a special committee is yet to be formed.
- There is no timeline update on the tender which was set to start in late January. YFO continues to maintain that it will not withdraw its proposal.
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