Elliot Management Corp. Acquires Stake Worth USD 300M in Dai Nippon Priting Co.
By: Asia Business Outlook Team
A source familiar with the matter told that activist investor Elliott Management Corp has built a stake in Japanese conglomerate Dai Nippon Printing Co Ltd.
According to the sources, Elliott now has a stake worth $300 million, making it the conglomerate's third-largest external shareholder.
Elliott would not comment. When contacted, DNP, which confirmed Elliott's investment, said no one was immediately available for comment.
Elliott has made several investments in technology companies, including a multibillion-dollar investment in software firm Salesforce.
It also recently gained a board seat at Pinterest Inc, when Elliott portfolio manager Marc Steinberg was appointed as a director.Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.
It is a subsidiary of the American hedge funds Elliott Associates L.P. and Elliott International Limited. Paul Singer, the management company's CEO, founded the Elliott Corporation in New York City. Elliott's portfolio is worth more than $8 billion as of the first quarter of 2015.
Dai Nippon Printing is a Japanese printing company that was founded in 1876. Dai Nippon's printing operations are divided into three categories: information communications, lifestyle and industrial supplies, and electronics.
The company is involved in a wide range of printing processes, including magazines, shadow masks for display production, out-coupling enhancement structures for LCD displays, and scattering for display backlights. They have over 35,000 employees.