December 5, 2018 / 3:26 AM / 6 months ago

Hong Kong fund Oasis fails to block takeover of Japan's Alpine

TOKYO, Dec 5 (Reuters) - Hong Kong-based fund Oasis Management said on Wednesday it failed to secure support from shareholders of Alpine Electronics Inc to block the purchase of the car navigation systems maker by Alps Electric Co .

Alpine shareholders approved the sale of the company to component maker Alps Electric Co at an extraordinary shareholders meeting on Wednesday, Oasis said.

Alps, which already owns 40 percent in Alpine, had offered to buy the shares it does not already own through a share swap. Oasis Management, Alpine’s No.2 shareholder with a 9.9 percent stake, had called on other shareholders to reject the deal arguing that it undervalued the firm. (Reporting by Junko Fujita; Editing by Chris Gallagher and Muralikumar Anantharaman)

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