Activist investor Elliott Management takes stake in Dai Nippon Printing - FT
January 24, 2023 at 12:40 pm IST
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(Reuters) - Activist investor Elliott Management Corp has become one of the largest shareholders of Japanese conglomerate Dai Nippon Printing Co Ltd, the Financial Times reported on Tuesday.
Elliott has been increasing its investment in DNP for the past few months and now holds a stake little below 5% worth $300 million, making it the conglomerate's third-largest external shareholder, the report said, citing people familiar with the matter.
Elliott has invested in several technology-focused companies, including a multi-billion dollar investment in software firm Salesforce on Monday.
DNP, which confirmed Elliott's investment to FT, said no one was immediately available for comment when contacted by Reuters. Elliott did not immediately respond to request for comment.
(Reporting by Jyoti Narayan in Bengaluru; Editing by Dhanya Ann Thoppil)
Dai Nippon Printing Co. specializes in printing services. Net sales break down by activity as follows:
- printing of cards, books and business documents (54.1%): microchips, plastic cards, books, magazines, catalogs, administrative forms, brochures, indices, etc.;
- printing of flexible packages and decorative coatings (28.2%): bags, bottles, cardboard boxes, paint papers, wood and metal engraved plates, etc. The group also produces and sells optic films, ink ribbons, etc.;
- manufacturing of electronic components (13.7%): semiconductors components, photolithography masks, projection screens, protection filters for screens, color printers components, etc.;
- production of beverages (4%).
Net sales are distributed geographically as follows: Japan (83%), Asia (10.6%) and other (5.4%).