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Markets

Japan's JAFCO battles takeover threat posed by activist Murakami

Venture capital firm adopts poison pill after funds buy major stake

One of Japan's largest venture capital firms says the Murakami-linked funds have never held "substantive discussions" with it and that the information they provided is insufficient. (Source photos by Kaisuke Ota and screenshot from Jafco's website)

TOKYO -- One of Japan's largest venture capital firms is facing calls from an activist investor to sell off assets, a sign of how the market downturn is not only threatening startups but also their backers.

JAFCO Group, whose shares are listed on the Tokyo Stock Exchange, said on Monday that activist investor Yoshiaki Murakami and others have informed the company that City Index Eleventh and other parties have accumulated a near 15% stake in JAFCO. Murakami's team has indicated the possibility of increasing their stake to 51%.

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