Paltac Cancels Special Shareholders Meeting Due to Buyout Threshold Met

TOKYO, Jul 15 (Pulse News Wire) – PALTAC Corporation (8283.T) canceled its planned special shareholders meeting scheduled for July 15 due to the threshold being met for a share buyout request. On June 19, PALTAC had set a base date for convening the special meeting based on a tender offer initiated by Medipal Holdings Co., Ltd.

However, on July 8, Medipal Holdings' tender offer resulted in their holding of more than 90% of PALTAC's voting rights. Consequently, Medipal Holdings submitted a notice requesting the mandatory sale of shares under Article 179 of the Companies Act.

PALTAC’s board approved this request on July 15, leading to the cancellation of the special meeting.