TOKYO, March 13 (Reuters) - Alps Alpine Co said on Wednesday Hong Kong-based fund Oasis Management had sued it for 38.4 billion yen ($345 million) in damages and had asked the Tokyo District Court to nullify the merger that formed the Japanese company.
Alps Alpine was created in January through the combination of Alpine Electronics and Alps Electric Co. Oasis Management, a shareholder in car navigation system maker Alpine Electronics, had opposed the merger, saying the sale price was too low.
Alps Alpine said in a statement that the merger was conducted appropriately, and that Oasis’s claim that it was unfair was “groundless”.
$1 = 111.2900 yen Reporting by Junko Fujita Editing by Chang-Ran Kim