In a trio of ballots on Friday, shareholders of Kirin, Toshiba Machine and Teikoku Sen-i voted against their own financial interests. These results suggest most investors are stuck in their curious old ways in a sea of self-defeat, says jgfarb:
Japanese brewer Kirin said on March 27 that its shareholders had voted against two directors nominated by investor Independent Franchise Partners and rejected its proposals for the company to sell non-beer businesses, buy back shares and redesign the company’s compensation system.
On the same day, Toshiba Machine shareholders approved anti-takeover measures designed to prevent an activist investor from proceeding with a plan to buy up to 43.8% of the company at a premium price. Also on March 27, shareholders of firefighting equipment maker Teikoku Sen-i rejected proposals from activist investor AVI to raise the dividend and repurchase more stock.
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