Dai Nippon Printing has said that Elliott Investment Management looks to have substantially reduced its position in the company, less than two years after the activist fund bought a stake. The news sent its share price down.
"There’s a possibility that they hold our shares under different names, but our understanding is that their holding now is almost nonexistent,” said an investment relations official at Dai Nippon Printing. Elliott declined to comment in an emailed response to questions from Bloomberg.
A half-yearly report filed by Dai Nippon Printing this month showed two Elliott-related entities — Elliott International and the Liverpool Limited Partnership — were not among its top 10 shareholders as of Sept. 30.
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