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Toshiba Machine's takeover defense backed by US proxy adviser

Institutional Shareholder Services sides against Murakami-linked fund

Toshiba Machine aims to win approval for a take-over defense measure at a shareholders meeting on March 27.

TOKYO -- U.S. proxy advisory firm Institutional Shareholder Services is endorsing Toshiba Machine's defense measure against a hostile takeover bid, Nikkei has learned, a move that will likely influence voting decisions by the industrial tool maker's institutional stockholders.

Toshiba Machine is seeking shareholder approval for its "poison pill" measure to beat back an unsolicited takeover offer by City Index Eleventh, a fund backed by activist investor Yoshiaki Murakami. 

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