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Toho Holdings Flags Risks in 3D Investment Stake Build, Plans Vote on Proposed Acquisition

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-- Toho Holdings (TYO:8129) will seek shareholder approval to activate takeover defenses against a large-scale share purchase by 3D Investment Partners, according to a Thursday filing on the Tokyo Stock Exchange.

The board said the proposed acquisition could harm corporate value and shareholder interests, citing concerns that the investor may push short-term strategies by increasing its influence over management.

The company will submit a proposal at its annual meeting in June to confirm whether shareholders support invoking countermeasures under its response policy. If approved and the purchase proceeds, Toho plans to issue stock acquisition rights as a defense.

Toho said 3D's stated aim of "pure investment" lacks credibility, arguing its actions indicate an intent to influence management decisions. The board also raised concerns about potential conflicts with ordinary shareholders and the coercive nature of on-market purchases.

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