October 10, 2018 / 5:29 AM / 2 months ago

Japan's Alps Electric shares rise after Elliott boosts stake

TOKYO, Oct 10 (Reuters) - Shares in Alps Electric Co rose as much as 2.8 percent on Wednesday after a regulatory filing a day earlier showed U.S. hedge fund Elliott Management had boosted its stake in the company to 9.22 percent from 6.26 percent.

Elliott, a $35 billion multi-strategy fund, is known for buying stakes in companies that are in the middle of an acquisition or takeover and forcing better deals for shareholders.

Alps Electric, an electric component maker, is trying to buy smaller affiliate Alpine Electronics Inc, a car navigation maker that is trying to fend off competition in a stalled industry.

Hong Kong-based activist fund Oasis Management has been attempting to block the sale of Alpine to Alps, arguing the sale price is low.

Elliott also owns a stake in Alpine Electronics, which is scheduled to hold an extra shareholders meeting by the end of this year to vote for the merger.

Alps Electric spokesman Takashi Sogo said the company has not been informed of the reason for Elliott’s stake purchase. Elliott was not immediately available for comment.

Alps shareholders have already approved the acquisition of Alpine. (Reporting by Junko Fujita Editing by Chang-Ran Kim and Subhranshu Sahu)

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