Dai Nippon says Elliott has sold most of its stake

Activist fund: People walk past an electronic board displaying the numbers on the Tokyo Stock Exchange. Elliott’s investment strategy reflects rising shareholder activism, as the government puts pressure on firms to pay heed to investors’ perspectives. — AFP

TOKYO: Dai Nippon Printing Co says that Elliott Investment Management looks to have substantially reduced its position in the company, less than two years after the activist fund bought a stake. The news sent its share price down.

“There’s a possibility that they hold our shares under different names, but our understanding is that their holding now is almost non-existent,” said an investment relations official at Dai Nippon Printing. Elliott declined to comment in an emailed response to questions from Bloomberg.