The decision is likely to lead to a battle between Aderans and Steel Partners, a U.S. hedge fund, to gain proxies from shareholders to vote at the meeting. Steel Partners and other foreign shareholders account for about half of the company's outstanding shares.

Holding a 24.68 percent stake, Steel Partners is certain to reject the proposal. It has argued that such a defensive action would deprive shareholders of the opportunity to give opinions and participate in decisions on whether to accept or turn down takeover offers.

The Japan Times Weekly: April 21, 2007
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