This Week’s Media Coverage

May 6, 2021

In this week’s issue of a monthly magazine, there is an article about TENMA CORPORATION, in which Dalton Investments (“Dalton”) serves as a major shareholder on behalf of the accounts under Dalton’s discretionary management. The article introduces a view to the effect that: “Due to the close relationship between Mr. Hiroshi Kaneda and Dalton, Dalton is a ‘Person in Special Relationship’ of Mr. Kaneda under the TOB regulations, and the acquisition of TENMA shares by FHL Holdings, Inc., a ‘Joint Holder’ of Mr. Kaneda, should have been through a tender offer because the total of FHL’s, Mr. Kaneda’s and Dalton’s holdings of TENMA shares after the above acquisition exceeded one-third of the total number of issued and outstanding TENMA shares.”

However, the above view is a mistake based on a misunderstanding of the facts. Dalton is not a ‘Joint Holder’ of Mr. Kaneda under the Financial Instruments and Exchange Law (the “FIEL”) and is not a “Person in Special Relationship” of Mr. Kaneda.

  • Under the FIEL, where a holder (X) of shares of a company agrees with another holder (Y) to jointly (1) acquire or (2) transfer said shares, or to jointly (3) exercise the voting and other rights as a shareholder of said company, such another holder (Y) is a ‘Joint Holder’ (of X).
  • Dalton has never acquired or transferred TENMA shares jointly with Mr. Kaneda.
  • Dalton has no agreement with Mr. Kaneda to exercise any voting or other rights as a TENMA shareholder. Dalton uses its own judgment to determine all of its actions as a shareholder of TENMA.

As above, Dalton is not a ‘Joint Holder’ of Mr. Kaneda. In addition, Dalton is not a ‘Person in Special Relationship’ (as defined by the FIEL) of Mr. Kaneda. Therefore, the view introduced by the above mentioned article, which argues that there was a violation of the TOB regulations under the FIEL, is incorrect.




  • 金商法は、「共同保有者とは株券等の保有者(X)が、当該株券等の発行者が発行する株券等の他の保有者(Y)と、共同して、(1)当該株券等を取得し、若しくは(2)譲渡し、又は(3)当該発行者の株主としての議決権その他の権利を行使することを合意している場合における当該他の保有者(Y)をいう」旨の規定をおいています
  • ダルトンは金田氏と共同して天馬株式を取得若しくは譲渡した事実はございません。
  • ダルトンは金田氏と天馬株主としての議決権その他の権利を行使することを合意しているという事実はございません。ダルトンは、株主としての行動をすべて独自の判断によって決定しています。