May 9, 2018 / 6:18 AM / 5 months ago

HK fund Oasis, objecting to Japan's Alps-Alpine merger, submits proposals

TOKYO, May 9 (Reuters) - Hong Kong-based hedge fund Oasis Management stepped up on Wednesday its fight against Alpine Electronics Inc’s plans to sell itself to larger affiliate Alps Electric Co, submitting proposals ahead of a June shareholder meeting.

Oasis, which holds a 9.9 percent stake in Japan’s Alpine, has argued that the company’s board was allowing Alps to take over the company at an unfairly low valuation.

Seth Fischer, the fund’s founder and Chief Investment Officer, told Reuters that he had proposed that Alpine Electronics pay a special dividend of 325 yen ($2.97) per share to shareholders and appoint two independent directors to the board. ($1 = 109.5200 yen) (Reporting by Ritsuko Ando Editing by Muralikumar Anantharaman)

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