In January, start-up fund Ichigo Asset Management announced that it had acquired a 10.96% stake in Japanese steel maker Tokyo Kohtetsu along with its intention to “seek a dialogue with management” over the terms of a merger agreed last October with Osaka Steel Co. Ltd. That might seem like another western hedge fund hijacking the activist agenda for its own greenmail purposes. The reality, though, is quite different.
“The whole thing’s been a nightmare,” says Scott Callon, partner and CEO of Ichigo.
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