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Foreign fund 'not satisfied' after Kyushu Railway refuses proposals

Activist Fir Tree says shareholders are unhappy about undervalued shares

A Kyushu Railway bullet train in Kumamoto Prefecture, western Japan (Photo by Kosaku Mimura)

TOKYO -- New York-based hedge fund Fir Tree Partners says it is "not satisfied" with Kyushu Railway, after it refused the activist fund's shareholder proposals, which included a 10% buyback of company shares.

On Monday the investment firm held a media briefing regarding the proposals in Tokyo, once again explaining their reasoning behind the demands. Back in March, Fir Tree revealed they had increased their stake in Kyushu Railway to 6.1% and planned to submit a shareholder proposal for the company's annual general meeting, which will be held in June.

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