Toyo Cancels Poison Pill At Last Minute - Range to the Upside

Event-Driven

409 Views, 23 Jun 2022 16:59

EXECUTIVE SUMMARY

On 24 May, Toyo Construction (1890 JP) (TC) came out fighting against Yamauchi No.10 Family Office (YFO), presenting a poison pill and accusing YFO of "extreme dishonesty" despite standstill agreement.
YFO presented hundreds of pages of defence, TC continued to accuse the YFO co-CIO and others of wrongdoing. To me, TC was clearly acting in bad faith.
After ISS and later Glass Lewis came out against TC's proposal, YFO continued to ask for the PP to be pulled, TC has finally relented. Now we wait some more.

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