Oasis Says It Has Become Nidec’s Largest Shareholder
The activist fund increased its stake and urged Nidec to seek privatization bids while addressing accounting issues.
Key takeaways
- Oasis Management says it has increased its Nidec stake to become the company’s largest shareholder.
- Seth Fischer said Nidec should begin seeking privatization bids while continuing to address its books.
Oasis Management has increased its stake in Nidec and become the Japanese motor maker’s largest shareholder, the fund’s founder Seth Fischer said. The move strengthens Oasis’s calls for Nidec to consider going private.
Fischer said Nidec should begin seeking privatization bids while continuing to get its books in order. He said the company’s underlying business and cash flow remain strong despite its accounting scandal.
Oasis held 7.97% of Nidec as of Sept. 9, according to Bloomberg-compiled data. Nidec founder Shigenobu Nagamori directly held 8.3%, the data showed.
Nidec shares traded at 1,837 yen, down 5.31% since the previous close, as of 04:59 UTC on Thursday.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
