Cases & Deals

Fursa successfully pursues appraisal rights in Japan

Clients Fursa Alternative Strategies LLC

Jones Day represented Fursa Alternative Strategies LLC in a landmark appraisal proceeding in Japan before the Tokyo District Court and Tokyo High Court, starting in April 2006 when this proceeding did not get much attention, with a successful outcome of getting the court decision of fair price at JPY360 per share (with statutory interest thereon) against the company's argument of JPY162 per share. The case was a joined proceeding with more than 500 individual shareholders, as co-petitioners, in addition to our client, and was among the first cases in Japan where appraisal rights and proceedings truly protected the interests of minority shareholders from the freeze-out by a controlling shareholder, consisting of a consortium of three domestic private equity funds.