{"id":6116,"date":"2025-10-01T12:40:51","date_gmt":"2025-10-01T19:40:51","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=6116"},"modified":"2025-10-02T09:20:37","modified_gmt":"2025-10-02T16:20:37","slug":"dalton-responds-to-askas-threat-of-a-poison-pill","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/dalton-responds-to-askas-threat-of-a-poison-pill\/","title":{"rendered":"Dalton Responds to Aska\u2019s Threat of a Poison Pill"},"content":{"rendered":"\n

On September 30th<\/sup>, 2025, Dalton Investments (“Dalton”) sent a letter to Aska Pharmaceutical addressing its objections to considering a management buyout and the threat that it would enact a poison pill if Dalton increased its ownership level to 30%.\u00a0 Excerpts of the letter are below (translated into English):<\/p>\n\n\n\n

\u3000<\/em><\/em><\/p>\n\n\n\n

Furthermore, we wish to supplement that we, as shareholders, have serious concerns regarding your company’s response in this matter.<\/em><\/p>\n\n\n\n

\u30fb<\/em>We have urged your company to consider and make decisions on all management options, including going private, from the perspective of enhancing corporate value and the common interests of shareholders. However, we ask you to confirm the fact that we have repeatedly and clearly communicated that the final decision rests with the Yamaguchi family and that we will support whatever conclusion your company reaches. Your company has ignored this and refuses to disclose any of our messages. This disclosure stance is highly arbitrary and excessively convenient for your company.<\/em><\/p>\n\n\n\n

\u30fb<\/em>We sought constructive dialogue with your company, but you ignored this and unilaterally introduced this policy. In an email sent by our company on June 23rd, we provided a detailed response to your concerns regarding conflicts of interest, stating: \u201cWe also consider the concerns and distrust you have expressed to be due to our own shortcomings. To reiterate, we sincerely intend to continue addressing your concerns with sincerity and hope to maintain constructive dialogue.\u201d Your company did not even reply to this email and instead announced this policy. Your press release states, \u201cOur company has always responded sincerely to Dalton’s requests for dialogue, including participation by top management.\u201d However, it is a fact that your company ignored calls for dialogue and unilaterally introduced countermeasures.<\/em><\/p>\n\n\n\n

\u30fb<\/em>Please also note that we introduced you to the management of a previously delisted investee company to aid your consideration. During a meeting with your President Yamaguchi, this management explained that the delisting was a proactive decision aimed at enhancing corporate value, that our engagement was friendly and constructive, and that management has proceeded smoothly since delisting. Furthermore, we communicated our willingness to introduce executives from other companies to further assist your deliberations. Yet, all our efforts and appeals to contribute to your consideration and alleviate your concerns were completely ignored. Instead, based on a selective interpretation cherry-picking past cases, you emphasized the concern that we were effectively forcing the delisting while making disclosures. Claiming that \u201cwe have always responded sincerely\u201d is utterly unconvincing.<\/em><\/p>\n\n\n\n

\u30fb<\/em>Despite our repeated assurances that we have no intention of interfering with your company’s management, you have ignored this and, using the forced argument that holding approximately 30% of shares constitutes a passive, de facto \u201cacquisition,\u201d<\/u> you demand information disclosure equivalent to or exceeding that required of an acquirer seeking majority shares for management control.<\/u><\/em><\/p>\n\n\n\n

\u30fb<\/em>Given your company’s aforementioned response and the content of the information list, it is clear that regardless of what information we provide, you intend to conclude it is \u201cinappropriate\u201d based on prejudice, viewing us as an \u201cacquirer.\u201d Providing information to your company, which shows no intention of engaging in constructive dialogue, is futile. We have therefore determined that we should provide information to your company’s shareholders, market participants, and the media at large.<\/em><\/p>\n\n\n\n

\u30fbThis response policy is nothing other than an attempt by the management of a listed company to \u201cprotect their own interests.\u201d Such a reckless and malicious approach calls into question their qualifications as management of a listed company.<\/em><\/p>\n\n\n\n

Please note that the above is an English translation of the letter that Dalton Investments sent in Japanese, provided as courtesy. In the event of any inconsistency between the English language version and the Japanese language version, the meaning of the Japanese language version shall prevail. <\/p>\n\n\n\n

Access the letter here<\/a> (in Japanese)<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

On September 30th, 2025, Dalton Investments (“Dalton”) sent a letter to Aska Pharmaceutical addressing its objections to considering a management buyout and the threat that it would enact a poison pill if Dalton increased its ownership level to 30%.\u00a0 Excerpts \u2026
read more ><\/a><\/p>\n","protected":false},"author":717,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[27],"tags":[],"class_list":["post-6116","post","type-post","status-publish","format-standard","hentry","category-dalton-actions","wpautop"],"yoast_head":"\nDalton Responds to Aska\u2019s Threat of a Poison Pill - Dalton Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.darsky.com\/dalton\/dalton-responds-to-askas-threat-of-a-poison-pill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dalton Responds to Aska\u2019s Threat of a Poison Pill - Dalton Investments\" \/>\n<meta property=\"og:description\" content=\"On September 30th, 2025, Dalton Investments (“Dalton”) sent a letter to Aska Pharmaceutical addressing its objections to considering a management buyout and the threat that it would enact a poison pill if Dalton increased its ownership level to 30%.\u00a0 Excerpts \u2026read more >\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.darsky.com\/dalton\/dalton-responds-to-askas-threat-of-a-poison-pill\/\" \/>\n<meta property=\"og:site_name\" content=\"Dalton Investments\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-01T19:40:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-02T16:20:37+00:00\" \/>\n<meta name=\"author\" content=\"Alina Peon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alina Peon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/dalton-responds-to-askas-threat-of-a-poison-pill\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/dalton-responds-to-askas-threat-of-a-poison-pill\\\/\"},\"author\":{\"name\":\"Alina Peon\",\"@id\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/#\\\/schema\\\/person\\\/af08bb90727a294b75768307cea043c7\"},\"headline\":\"Dalton Responds to Aska\u2019s Threat of a Poison Pill\",\"datePublished\":\"2025-10-01T19:40:51+00:00\",\"dateModified\":\"2025-10-02T16:20:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/dalton-responds-to-askas-threat-of-a-poison-pill\\\/\"},\"wordCount\":634,\"articleSection\":[\"Dalton Actions\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/dalton-responds-to-askas-threat-of-a-poison-pill\\\/\",\"url\":\"https:\\\/\\\/dev.darsky.com\\\/dalton\\\/dalton-responds-to-askas-threat-of-a-poison-pill\\\/\",\"name\":\"Dalton Responds to Aska\u2019s Threat of a Poison Pill - 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