Activist Fund in Japan Wins Daidoh Board Seats in Rare Victory
- Shareholders back 3 candidates proposed by Strategic Capital
- TSE has been pressuring companies to focus on shareholders
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A Japanese fund scored a major victory in securing board positions at clothing firm Daidoh Ltd., in a show of growing influence of activist investors in the country.
Shareholders of Tokyo-based Daidoh backed three of six board candidates proposed by Japanese activist fund Strategic Capital Inc., while rejecting one put forth by Daidoh, the company said in a statement Thursday. The fund is the largest shareholder with a 29% stake, according to data compiled by Bloomberg.