Yamato Holdings Co. shares surged up to 15% in Tokyo after Farallon Capital Management disclosed a stake of just over 5% and called for a management shakeup. The activist fund urged Chairman Yutaka Nagao to resign and for the board to include more outside directors. Farallon, known for activism in Japan, aims to push bold reforms at the country’s largest delivery company.
Yamato has reported operating losses for two consecutive quarters and its shares are down over 10% this year, underperforming the Topix index. The company is expected to release financial results on Wednesday. Analysts say Farallon’s involvement could force strategic restructuring and improve long-term earnings.
The stock market was closed Tuesday for a holiday.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing