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Equities

UK activist fund demands Tokyo broadcaster sells crossholdings

Asset Value Investors says it will present proposal at June annual meeting

Asset Value Investors CEO Joe Bauernfreund says TBS has no fundamental business relationship with 72% of its securities portfolio.   © Reuters
MASAYUKI YUDA, Nikkei staff writer | Hong Kong, Macau

TOKYO -- London-based activist fund Asset Value Investors says it is pushing Japan's key TV broadcaster Tokyo Broadcasting System Holdings to sell down crossholdings and return the cash to shareholders.

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