GAM Multistock – Japan Special Situations Files Petition for Provisional Injunction to Halt Yutaka Giken Share Consolidation

Zurich / Tokyo - 2 March 2026PRESS RELEASE GAM Multistock – Japan Special Situations Files Petition for Provisional Injunction to Halt Yutaka Giken Share ConsolidationFund escalates shareholder protection efforts following two open letters to Yutaka Giken and Honda MotorGAM Multistock – Japan Special Situations (the "Fund"), a sub-fund of GAM Multistock, a Luxembourg-domiciled SICAV, announces that it has filed a petition with the Hamamatsu Branch of the Shizuoka District Court seeking a provisional injunction to halt the proposed share consolidation of Yutaka Giken Co., Ltd. (the "Company"). The consolidation is scheduled as a squeeze-out measure following the Company's board resolution of 6 February 2026.This action is taken by the Fund in the ordinary course of pursuing its investment objectives and protecting the interests of its shareholders. It does not represent a broader corporate initiative by GAM Investments.BackgroundThe Fund invested in Yutaka Giken as a long-term institutional shareholder in the ordinary course of portfolio management, based on its assessment that the Company was materially undervalued, supported by a strong balance sheet and substantial net cash position which exceeded market capitalisation. Following the announcement of a tender offer at JPY 3,024 per share – a price that in the Fund's view does not adequately reflect intrinsic value – the Fund concluded that judicial review was necessary. At the tender offer price, the market value of the Company stands at JPY 45bn, roughly equal to its cash holdings net of all debts. The transaction effectively values the operating business at zero.Prior EngagementThe petition follows sustained efforts by the Fund's portfolio managers to engage constructively with the Company and its controlling shareholder. Two open letters were published prior to this filing:22 December 2025 – Open letter to Yutaka Giken: The portfolio managers of the Fund, alongside the GAM Special Situations Fund and the GAM Global Opportunities Fund, wrote to the Chairman of Yutaka Giken calling for full transparency on the fairness analysis supporting the proposed transaction and urging the Company to either abandon the transaction or secure a materially higher price. The letter highlighted that a multiple criteria valuation approach implied a value at least 50–70% higher than the offer price. This letter was followed by a subsequent letter dated 21 January 2026, where the portfolio managers re-iterated their views on the proposed transaction and in particular demanded that the tender offer includes Majority of Minority conditions. 27 January 2026 – Open letter to Honda Motor: The portfolio managers wrote directly to Honda's Chairman questioning why Honda sold its controlling stake for less than half the price being offered to minority shareholders (JPY 1,470 per share versus JPY 3,024 per share). The letter demanded transparency on ancillary transactions referenced in the tender documentation, including SAMIL's purchases of Yutaka Autoparts India and an 11% stake in Shinnichi Kogyo directly from Honda. Furthermore, the portfolio managers demanded the cancellation of ...Full story available on Benzinga.com