Aeon Corp., the nation's largest supermarket chain, succeeded in blocking Ain Pharmaciez Inc.'s ¥11.1 billion takeover of drugstore chain CFS Corp., only the nation's second agreed deal to be scuttled by investors.
CFS shareholders rejected the takeover offer at an extraordinary shareholders' meeting Tuesday in Numazu, Shizuoka Prefecture, a CFS spokesman said.
Aeon, the biggest stakeholder in CFS, with 15 percent, lobbied other investors to oppose the takeover as it seeks to expand its own alliance with the Yokohama-based drugstore and supermarket chain. With the acquisition blocked, Aeon may raise its holding in CFS, analyst Koichiro Ogawa said.