The Tokyo District Court on Friday ruled against a request by Internet mall Rakuten to examine the books of the TBS web for 2005 and 2006. Rakuten wants to show that TBS’ policy of boosting the holdings of so-called stable shareholders is depriving other TBS stock owners, including Rakuten, of profit opportunities.
The court ruled that TBS need only open its books “in the case of an emergency” — and the Rakuten request did not meet that criteria. Rakuten plans to appeal early this week.
In a related development, the TBS board decided on Thursday to ask a third-party panel whether TBS should implement poison pill measures to prevent Ra-kuten from acquiring a 20% or greater share of TBS stock. The panel will report to TBS within 90 days. Rakuten has been pushing for partnership talks while TBS wants Rakuten to unload its TBS shares before talks begin.