Keisei Electric adopts defense package against hostile takeover+
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[April 28, 2006]

Keisei Electric adopts defense package against hostile takeover+

(Japan Economic Newswire Via Thomson Dialog NewsEdge)TOKYO, April 28_(Kyodo) _ Keisei Electric Railway Co. said Friday it has adopted a package of measures to defend itself from a hostile take over by another firm by requiring it to submit in advance a report on the purpose of the takeover and other related issues.



The package will apply to any company planning to acquire a stake of more than 20 percent in the railway operator.

Privee Zurich Turnaround Group Co., which is engaged in corporate acquisition and rehabilitation, is Keisei's largest shareholder with a stake of 8.36 percent.


Under the defense package, Keisei board members will examine the report within 60 to 90 days of it being submitted. If they deem the takeover attempt to be unfriendly, Keisei will discourage it by carrying out a stock split or allowing existing shareholders to buy new shares at a favorable price.

Keisei will also resort to the defense measures if the entity acquiring Keisei shares fails to comply with the rules for share acquisition or if the takeover attempt is deemed contrary to Keisei's corporate values.

Keisei is the largest shareholder in Oriental Land Co., operator of the Tokyo Disney resort.

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