Tokyo Broadcasting System Inc. scored a victory in a proxy fight Thursday with Rakuten Inc. as its shareholders approved the broadcaster's plan to introduce takeover-defense measures that could foil the Internet mall operator's attempt to increase its stake in TBS to more than 20 percent.
The annual TBS general shareholders' meeting endorsed the management proposal for a poison pill plan that could be invoked with support from a majority of shareholders with voting rights.
The plan was approved by a 77.1 percent majority in terms of voting rights at the meeting, held at a Tokyo hotel. About 427 shareholders attended the meeting.
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