Japanese internet upstart Livedoor has struck a legal blow in its campaign to take over radio company Nippon Broadcasting System.
Tokyo District Court has granted it an injunction to stop NBS from issuing a share warrant to its affiliate and preferred partner Fuji Television Network.
NBS's attempt to issue 47.2 million new shares and Fiuji TV's acquisition of them would have diluted Livedoor's stake in the radio company. Currently it has around 45% while Fuji TV controls 39%.
Takafumi Horie, Livedoor's young gun founder and ceo has his sights set on getting influence over Fuji TV, an aim which he believes will be achieved through control of NBS, the largest shareholder in the TV company.
Date sourced from Financial Times Online; additional content by WARC staff