Orbis Responds to Public Statements by Tsuruha on Proposed Tsuruha-Welcia Merger and Subsequent Tender Offer by AEON
Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, notes the recent public statements by Tsuruha regarding its proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”), and the subsequent partial tender offer by AEON to take control of Tsuruha.
Opposition to Proposed Tsuruha-Welcia Merger Gains Momentum, Orbis Supports Glass Lewis and ISS Recommendations to Vote AGAINST the Merger
Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, is encouraged to see that opposition to the proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”) is gaining momentum with recommendations from both Glass, Lewis & Co., LLC (“Glass Lewis”) and Institutional Shareholder Services Inc. (“ISS”) that Tsuruha shareholders vote AGAINST the proposed transaction.
Orbis Supports ISS Recommendation for Tsuruha Shareholders to Vote Against Welcia Merger
Orbis Investments (“Orbis”), which held 9.7% of Tsuruha Holdings Inc. (“Tsuruha”) as of 28 February 2025 on behalf of its clients, today expressed strong support for the recommendation by Institutional Shareholder Services Inc. (“ISS”) that Tsuruha shareholders vote AGAINST the proposed merger with Welcia Holdings Co., Ltd. (“Welcia”), a company controlled by AEON Co., Ltd. (“AEON”).
Orbis Statement on Proposed Merger Between Tsuruha and Welcia and Proposed Tender Offer by Aeon
Orbis Investments (“Orbis”) is a global investment group founded in 1989. We are a significant investor in Japanese listed companies, and have been a shareholder in Tsuruha Holdings Inc. (“Tsuruha”) since 2000. As at 28 February 20251, funds and mandates managed by Orbis held 9.7% of Tsuruha’s outstanding issued share capital.
