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Activist funds defeated at Kirin and Toshiba Machine

But Japan Inc will face similar moves, analysts say

Toshiba Machine managed to push through controversial anti-takeover measures to fend off a hostile bid by a fund backed by veteran activist investor Yoshiaki Murakami.

TOKYO (Reuters) -- Shareholders of Kirin Holdings and Toshiba Machine backed their managements on Friday in two closely watched votes, but analysts said activist investors were beginning to gain ground in Japan.

Kirin shareholders overwhelmingly rejected a proposal by London-based Independent Franchise Partners (IFP), which owns a 2% stake, that it exit businesses outside beer and use proceeds to repurchase shares worth 600 billion yen ($5.54 billion).

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