Proto (TYO:4298) shareholder Kaname Capital has filed an immediate appeal against a court decision that dismissed its bid to block a planned share consolidation linked to a management buyout, according to a Friday filing on the Tokyo Stock Exchange.
Kaname Capital, which had sought a provisional injunction to suspend the consolidation, appealed to the Nagoya High Court on April 3 after the district court rejected its claims the day before.
The investor alleges procedural issues with Proto's support for a takeover bid by Foresight Co.
The company reiterated its backing for the offer and said the appeal lacks merit.
As part of the proposed transaction, Foresight plans to acquire all common shares not held by Proto or major stakeholders who agreed not to tender. The goal is to eventually consolidate shares to leave Foresight and selected shareholders as the only owners.
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