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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

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.

The fund plans to put forward an official proposal at TBS' annual meeting scheduled for June, if their current informal pitch is rejected, Asset Value Investors CEO Joe Bauernfreund told the Nikkei Asian Review recently.

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