Steel Partners, shareholders vote to oust Aderans’ board

HONG KONG (MarketWatch ) — The New York private-equity firm Steel Partners and other investors in Japanese hair piece maker Aderans Holdings voted down a motion to reappoint company president Takayoshi Okamoto and six other directors Thursday, according to a media report. Steel Partners, which is the single-largest shareholder with a 28% stake in the company, had called upon Aderan’s board to step down ahead of the vote, setting the stage for the shareholder showdown, the Nikkei newspaper reported. The company must call another shareholder meeting in the near future to appoint new directors. Steel Partners became the company’s biggest shareholder in November 2005 and lost a battle last year to prevent the firm from adopting anti-takeover measures.

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Original post by Forextvblog

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