Tokyo Dome says to hold shareholder meeting to vote on activist proposal

Tokyo Dome Corp, owner of the home stadium of Japan's Yomiuri Giants baseball club, said on Tuesday it would hold an extraordinary shareholders meeting to vote on an activist proposal to oust its top management.

Tokyo Dome has become the latest Japanese target for corporate activism that is gaining momentum as the government pushes for greater returns for shareholders. Tokyo Dome last month received a request for the meeting from Hong Kong-based fund Oasis Management, which is seeking to remove three board members including President Tsutomu Nagaoka.

"We were confused by the request," Nagaoka told a media briefing, adding that the company had tried to hold more conversations with Oasis Management but it was not possible. "But we decided to hold the shareholders meeting to respond to them sincerely."

Oasis is one of the most active players in Japan to pressure management for higher returns, making various proposals including changing management and sweetening merger terms. Oasis has been asking Tokyo Dome to improve its management of the Tokyo Dome stadium as well as the hotel and theme park in the complex, saying the company was not making the best use of the location of those facilities.

Facilities surrounding the Tokyo Dome stadium were developed together with local governments including Tokyo, Nagaoka said. It is difficult to develop the area, as requested by Oasis Management, without permission from the governments, he added. The shareholder meeting will be held on Dec. 17, Tokyo Dome said.

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