TOKYO : Tsuruha Holdings' board has industry insiders with knowledge and networks which it needs to lead a successful M&A strategy, the president of the Japanese drugstore chain said, spurning an activist shareholder's call for a board overhaul.Tsuruha faces a proxy battle with Hong Kong's Oasis Managemen
TOKYO : Tsuruha Holdings' board has industry insiders with knowledge and networks which it needs to lead a successful M&A strategy, the president of the Japanese drugstore chain said, spurning an activist shareholder's call for a board overhaul.
"We have been very proactive in industry consolidation and produced results," Jun Tsuruha told Reuters in an interview on Wednesday. Tsuruha's stance could offer a pathway for the management of Japan's fragmented drug sector to try and counter potential demands from activist investors as the industry gears up for consolidation.Tsuruha, himself from the founding family, also dismissed Oasis' proposal that the new board of directors, if elected, set up a strategic committee consisting of outside directors to consider mergers and acquisitions .
Oasis, which owns 12.8 per cent of Tsuruha, says the search for a consolidation partner is"an urgent management issue for Tsuruha". The fund made specific proposals on who the company should merge with, giving three rivals' names, according to Tsuruha.Jun Kawahara, senior analyst at Daiwa Securities, said consolidation of the Japanese drug sector would proceed regardless of the outcome of Oasis' campaign against Tsuruha.
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