Eiken Chemical (TYO:4549) sent a draft agreement to Dalton Investments after the shareholder formally proposed six board candidates, raising the risk of control if all are elected, according to a Monday filing on the Tokyo Stock Exchange.
The diagnostics firm said Dalton's push ties into a potential buyout and warned of possible conflicts of interest.
Eiken also cited flaws in Dalton's financial model and said any Dalton-linked directors would be barred from votes on related-party matters.
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