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Activist fund pushes Kirin to accept two outside directors

FP says it is contacting other investors ahead of shareholders meeting

FP says that if Kirin accepts its two proposed outside directors and allows the board to independently review management's current strategy, it will withdraw its other demands.

TOKYO -- London-based Independent Franchise Partners (FP) on Wednesday changed tack in its efforts to convince Kirin Holdings to increase the value of its stock, giving the Japanese beverage group the names of two people it wants installed as outside directors.

"We offered to withdraw all of our proposals, including the proposal for a share buyback, subject to only two conditions," FP Managing Partner Hassan Elmasry said on a teleconference with reporters.

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