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CHICAGO ~ Chicago-based investment firm Curi RMB Capital has expressed concerns over the ongoing discount tender offer by Japan Aviation Electronics Industry, Ltd. (JAE) and is demanding that both JAE and NEC Corp reconsider alternative buyout offers they have received.
In a press release issued on February 15, 2024, JAE acknowledged that it had received multiple buyout offers prior to the current tender offer. This was also reported by various media outlets, with some sources claiming that NEC had received a better buyout offer for the JAE shares it owns. Curi RMB Capital believes that both companies should have given more serious consideration to these offers for the sake of their minority shareholders.
The investment firm also sees potential conflicts of interest between the management of JAE and NEC and their minority shareholders. Among the board members of JAE, Mr. Tetsuya Nakamura has ties to NEC, while Mr. Masami Shinozaki, an executive advisor at JAE, was previously a board member at NEC before joining JAE in 1999. Curi RMB Capital suspects that these executives may have influenced NEC's decision-making process in order to protect their positions at JAE.
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As a result, Curi RMB Capital is demanding that both companies take action to address these concerns. Firstly, they are calling for the cancellation of the tender offer as it is not in the best interest of shareholders given the lack of confidence in the management teams due to their mishandling of disclosures. Additionally, they are urging both companies to reconsider the multiple buyout offers they have received and form independent committees made up solely of independent directors to evaluate these offers with support from legal and financial advisors.
Furthermore, Curi RMB Capital is calling for more information to be disclosed regarding these buyout offers and for an explanation as to why they were not accepted. They believe that forcing through the tender offer without proper disclosure will result in serious damage to the trust and corporate value of both JAE and NEC.
If these actions are not taken, Curi RMB Capital plans to seek court permission to access the board minutes of both companies in order to evaluate their decision-making process and pursue appropriate recourse on behalf of shareholders.
The investment firm's concerns highlight the need for transparency and fair treatment of minority shareholders in corporate decision-making processes. It remains to be seen how JAE and NEC will respond to these demands from Curi RMB Capital.
In a press release issued on February 15, 2024, JAE acknowledged that it had received multiple buyout offers prior to the current tender offer. This was also reported by various media outlets, with some sources claiming that NEC had received a better buyout offer for the JAE shares it owns. Curi RMB Capital believes that both companies should have given more serious consideration to these offers for the sake of their minority shareholders.
The investment firm also sees potential conflicts of interest between the management of JAE and NEC and their minority shareholders. Among the board members of JAE, Mr. Tetsuya Nakamura has ties to NEC, while Mr. Masami Shinozaki, an executive advisor at JAE, was previously a board member at NEC before joining JAE in 1999. Curi RMB Capital suspects that these executives may have influenced NEC's decision-making process in order to protect their positions at JAE.
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As a result, Curi RMB Capital is demanding that both companies take action to address these concerns. Firstly, they are calling for the cancellation of the tender offer as it is not in the best interest of shareholders given the lack of confidence in the management teams due to their mishandling of disclosures. Additionally, they are urging both companies to reconsider the multiple buyout offers they have received and form independent committees made up solely of independent directors to evaluate these offers with support from legal and financial advisors.
Furthermore, Curi RMB Capital is calling for more information to be disclosed regarding these buyout offers and for an explanation as to why they were not accepted. They believe that forcing through the tender offer without proper disclosure will result in serious damage to the trust and corporate value of both JAE and NEC.
If these actions are not taken, Curi RMB Capital plans to seek court permission to access the board minutes of both companies in order to evaluate their decision-making process and pursue appropriate recourse on behalf of shareholders.
The investment firm's concerns highlight the need for transparency and fair treatment of minority shareholders in corporate decision-making processes. It remains to be seen how JAE and NEC will respond to these demands from Curi RMB Capital.
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