Dissenting Shareholders Can and Will Block the Merger at an Unfair Price

The current merger price dramatically undervalues Alpine. But the merger at these proposed terms can be stopped and, we believe, will be stopped.

Only one-third of Alpine shareholders need to vote against the merger at the December 2018 EGM to stop it and there are more than enough dissenting shareholders to achieve this:

-          At the most recent AGM, almost 30% of shareholders voted against Alpine’s management and in favor of the Oasis proposals - these are tacit votes against the merger  

-          There has been a significant increase in the number of dissenting shareholders acquiring additional stakes in Alpine following the AGM

-          We believe that over 42% of Alpine’s shareholders will vote against the deal at the current at the current valuation

What can you do to help protect Alpine?

a.       Speak to your broker and/or custodian to register your shares in your own name before record date to ensure that you can vote at the EGM

b.       Send a letter to Alpine informing them of size of your shareholding, your opposition to the merger at the current valuation and, if possible, your fair value of Alpine

What is a fair price?

We asked two independent valuation experts, BVCJ and Zecoo Partners, to calculate a fair value range.

-          Zecoo Partners’ lowest valuation of Alpine was JPY3,774 per share

-          The BVCJ valuation as at November 1, 2017, prior to the final revision and higher earnings was between JPY3,965 and JPY6,734 per share

What can you do about it?

It is now time for Alpine’s minority shareholders to stand up to Alpine and Alps and demand a fair deal. We recommend the following:

  1. Send letters to Alpine and Alps telling them of your dissatisfaction with the offer price.

  2. Sign up for the latest updates from Oasis below to help stay informed.

  3. Attend the Alpine Investors’ Day Sponsored by Oasis on Nov. 7 in Tokyo to learn more.

  4. Attend the Alpine EGM in mid-December 2018 – ensure now through your broker or custodian that you own the shares in your own name so that you can attend the AGM.

  5. Talk to us. What do you think? We want to hear from you. We are reachable at protectalpine@oasiscm.com


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