Expanded afternoon edition — September 20, 2026.
Tokyo’s District Court blocked Toho Holdings from issuing dilutive warrants against 3D Investment Partners if it crossed a 24% stake. The fund wants 27%. A slim shareholder majority approved the defense in June, and Toho plans to challenge the injunction. Reuters, September 18
The disputed boundary is influence short of control. Treating a large minority holder as a takeover threat gives management a powerful way to constrain opposition. If the ruling survives, shareholder approval of a defense will not automatically settle whether its use is justified. For an activist considering Japan, the case matters through the practical room it leaves for building an influential position and demanding change.