Nireco Corp., a high-tech control and measuring device manufacturer, said Wednesday it has scrapped plans to invoke what had been boasted as Japan's first poison pill scheme to ward off hostile takeover bids.
The decision follows a Tokyo High Court ruling earlier in the day rejecting the company's appeal against lower court orders on the issue, it said.
"It is truly regrettable that our argument has not been accepted, but we decided to respond to the ruling in a sincere manner," a Nireco spokesman said.