Hokuetsu Paper Mills Ltd., the nation's sixth-largest paper maker, said Wednesday it has asked an independent panel whether it should take measures to thwart a hostile takeover bid launched by Oji Paper Co. the same day.
Hokuetsu also asked shareholders not to sell their shares to industry-leader Oji.
The measure under consideration is the issuance of equity warrants that will allow Hokuetsu shareholders other than the bidder to double their shareholdings, which would dilute Oji's voting rights and make it difficult to take control of Hokuetsu.