May 14, 2009 / 8:40 AM / 10 years ago

Glass Lewis supports Steel Partners in Aderans vote

TOKYO, May 14 (Reuters) - U.S. proxy advisory firm Glass, Lewis & Co said it is recommending shareholders of Japanese wig maker Aderans Holdings 8170.T to support board members proposed by top shareholder U.S. hedge fund Steel Partners.

Glass Lewis said in a report it recommends Aderans stakeholders to vote against board member candidates supported by the company and Unison Capital, a Japanese private equity firm that is aiming replace Steel Parters as top shareholder.

Unison Capital last month said it would bid for at least a 35 percent stake, provided proposals by it and Aderans were approved at a shareholders meeting later this month.

“Steel Partners slate of nominees brings an adequate level of industry experience and independence to Aderans and it has a reasonable plan to turn around the company,” Glass Lewis said. Glass Lewis also recommended shareholders to vote against the company’s plan to sell its treasury stock to Unison Capital.

Aderans has said it would sell stock equivalent to 7 percent of its outstanding shares to Unison Capital. (Reporting by Junko Fujita; Editing by Michael Watson)

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