Japan’s Tsuruha Mulls Sale After Proxy Battle With Oasis, Sources Say
- The pharmacy chain is working with adviser on potential deal
- Shareholders voted against Oasis-backed directors in August
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Tsuruha Holdings Inc. is exploring a sale that could value the Japanese pharmacy chain at about $4 billion or even more, people familiar with the matter said, after winning a proxy fight with activist investor Oasis Management over a reshuffle of the board.
The company is working with an adviser on the potential transaction and has reached out to some private equity firms to gauge their interest, the people said. Tsuruha is looking to collect non-binding bids from potential investors as soon as next week, the people said.