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17.06.25 - 17:39
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Hexagon launches AEON, a humanoid built for industry (PR Newswire)
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Hexagon leverages industry-leading expertise in measurement technologies, AI and autonomous systems to introduce an advanced humanoid robot to accelerate next-generation autonomy. AEON combines best-in-class locomotion, sensor fusion, and AI-based spatial intelligence to address labour......
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05.06.25 - 01:03
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Palliser to Vote Against President Kobayashi and Other Directors at Forthcoming AGM to Break Keisei′s Destructive Cycle of Inaction and Management Entrenchment (Business Wire)
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Palliser believes full Board culpable but six Board nominees, including President Kobayashi and the outside members of the Nomination / Compensation Committee, should be immediately opposed by shareholders
Calls for accountability after egregious governance failings, including the cross-shareholding with Aeon, and an indefensible D2 Plan – displaying contempt for shareholder concerns and a disregard of TSE guidelines
Removal of these directors lays the foundation for overdue governance reform and to restore management accountability
LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), one of the largest shareholders of Keisei Electric Railway Co., Ltd. (9009 JT) (“Keisei” or the “Company”) with a shareholding over 4.5%, today published an open letter and detailed presentation criticising Keisei's superficial D2 Plan and ineffectual Board changes for its Annual General Meeting (“AGM”) scheduled for June 27, 2025.
Palliser's materials detail the dereliction of responsibility for which...
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15.05.25 - 22:51
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Orbis Responds to Public Statements by Tsuruha on Proposed Tsuruha-Welcia Merger and Subsequent Tender Offer by AEON (Business Wire)
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LONDON--(BUSINESS WIRE)--Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, notes the recent public statements by Tsuruha regarding its proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”), and the subsequent partial tender offer by AEON to take control of Tsuruha.
Tsuruha Should Receive a Control Premium from Welcia
In a press release dated 14 May 2025, Tsuruha stated that the share exchange ratio “…is considered favourable for [Tsuruha] shareholders when compared to the average premium levels observed in recent cases of full ownership acquisitions through share exchanges with similar characteristics.”
This statement is, in Orbis' view, deeply misguided. Orbis fundamentally disagrees with the assertion that Tsuruha should pay a control premium for Welcia. Although the proposed merger is structured with Tsuruha as the surviving entity, it is an essent...
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13.05.25 - 14:36
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Japanese Retailer Aeon to Sell Rice from California (Nippon)
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Tokyo, May 13 (Jiji Press)--Japanese retail giant Aeon Co. said Tuesday that it will sell Calrose rice produced in California, as rice prices remain elevated in Japan. Aeon aims to expand its sales lineup of imported rice, which is less expensive than rice produced in Japan. A 4-kilogram bag of "Karoyaka" rice will be sold for 2,894 yen at some 600 stores of the Aeon group in urban areas ......
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12.05.25 - 09:03
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Opposition to Proposed Tsuruha-Welcia Merger Gains Momentum, Orbis Supports Glass Lewis and ISS Recommendations to Vote AGAINST the Merger (Business Wire)
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LONDON--(BUSINESS WIRE)--Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, is encouraged to see that opposition to the proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”) is gaining momentum with recommendations from both Glass, Lewis & Co., LLC (“Glass Lewis”) and Institutional Shareholder Services Inc. (“ISS”) that Tsuruha shareholders vote AGAINST the proposed transaction.
“It's encouraging to see that two of the leading independent proxy advisory firms have now expressed serious concerns about multiple aspects of these proposed transactions,” said Brett Moshal, co-head of the Japan investment team at Orbis. “It's a sign that opposition to the deal is gaining momentum. With two thirds of votes required to approve this merger, there is a very real possibility it will be defeated at the 26 May AGM. The terms and structure are outrageous. W...
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08.05.25 - 19:12
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Orbis Supports ISS Recommendation for Tsuruha Shareholders to Vote Against Welcia Merger (Business Wire)
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LONDON--(BUSINESS WIRE)--Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, today expressed strong support for the recommendation by Institutional Shareholder Services Inc. (“ISS”) that Tsuruha shareholders vote AGAINST the proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”).
Orbis reaffirmed its previously stated opposition—outlined in its public statement of 12 April 2025—to the proposed merger, which forms part of a series of transactions that, if completed, would ultimately hand AEON control of Tsuruha without fair compensation for Tsuruha's minority shareholders and without the opportunity for shareholders to exit by way of a cash offer.
“The proposed transaction would be a remarkably poor outcome for Tsuruha shareholders,” said Brett Moshal, co-head of the Japan investment team at Orbis. “We are supportive of industry consolidation in p...
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