Kusuri no Aoki Poison Pill Plan Narrowly Passes; Shares Drop

Kusuri no Aoki Holdings Co.’s shareholders approved its takeover defense measure at an extraordinary shareholders’ meeting Tuesday, bolstering the founding family’s fight for control against its largest outside shareholders, Aeon Co. and the activist fund Oasis Management.

The proposal passed in a vote with a 55.5% approval rate, narrowly surpassing the required 50%, the company said, while adding it will take into account criticism and continue to consider strengthening its corporate governance.