Discounted TOB Price After Capital Increases
CSK Shareholders Group
Why Accept Discounted TOB Price a Short 18 Months After Capital Increases?
Further Questions Whether TOB Adheres to Corporate Governance Standards
[Tokyo, March 28, 2011] The CSK Shareholders Group (CSKSG) was formed
to provide a forum to exam whether the proposed Take Over Bid (TOB) for CSK
Corporation (“CSK”; TSE Code: 9737) by Sumitomo Corporation (“Sumitomo”; TSE
Code: 8053) and its related entities adheres to generally accepted Corporate Governance
Standards.
l On 9.08.09, the CSK Board of Directors stated “Accordingly, we believe that if the
series of capital increases are approved, it will be possible to secure the soundness
and credibility of CSK both in its finances and businesses by reducing CSK’s
risk factors, namely ‘Real Estate Securitization Business Risk,’ ‘Funding Risk’,
and ‘Risk of Damaging Equity Capital’” [*].
l If so, why would CSK Board of Directors express an opinion in favor of a
discounted Tender Offer share price only 18 months after capital increases of
roughly JPY 16 billion?
CSKSG will examine the above and other issues, and welcomes comments from CSK
shareholders and other interested parties as well, on a newly launched bilingual (J/E)
blog: http://ameblo.jp/csktob/
[*http://www.csk.com/press_en/2009/files/20090908_5.pdf pg. 16 (5)]
CSK Shareholders Group Secretariat:
Pacific Communicators （パシフィック・コミュニケーターズ）
Thomas R. Zengage（トーマス・R・ゼンゲージ）
TEL
03- 5404 – 8140
携帯TEL 090-4533-5007
Eメール thomas@pacificcommunicators.com
Kana Nakajima (中島 花奈)
TEL: 03-5404-8140 FAX: 03-4496-4199
Eメール nakajima@pacificcommunicators.com
Why Accept Discounted TOB Price a Short 18 Months After Capital Increases?
Further Questions Whether TOB Adheres to Corporate Governance Standards
[Tokyo, March 28, 2011] The CSK Shareholders Group (CSKSG) was formed
to provide a forum to exam whether the proposed Take Over Bid (TOB) for CSK
Corporation (“CSK”; TSE Code: 9737) by Sumitomo Corporation (“Sumitomo”; TSE
Code: 8053) and its related entities adheres to generally accepted Corporate Governance
Standards.
l On 9.08.09, the CSK Board of Directors stated “Accordingly, we believe that if the
series of capital increases are approved, it will be possible to secure the soundness
and credibility of CSK both in its finances and businesses by reducing CSK’s
risk factors, namely ‘Real Estate Securitization Business Risk,’ ‘Funding Risk’,
and ‘Risk of Damaging Equity Capital’” [*].
l If so, why would CSK Board of Directors express an opinion in favor of a
discounted Tender Offer share price only 18 months after capital increases of
roughly JPY 16 billion?
CSKSG will examine the above and other issues, and welcomes comments from CSK
shareholders and other interested parties as well, on a newly launched bilingual (J/E)
blog: http://ameblo.jp/csktob/
[*http://www.csk.com/press_en/2009/files/20090908_5.pdf pg. 16 (5)]
CSK Shareholders Group Secretariat:
Pacific Communicators （パシフィック・コミュニケーターズ）
Thomas R. Zengage（トーマス・R・ゼンゲージ）
TEL
03- 5404 – 8140
携帯TEL 090-4533-5007
Eメール thomas@pacificcommunicators.com
Kana Nakajima (中島 花奈)
TEL: 03-5404-8140 FAX: 03-4496-4199
Eメール nakajima@pacificcommunicators.com