Dai Nippon Printing Says Elliott Has Sold Its Stake

Dai Nippon Printing Co. announced that Elliott Investment Management has significantly reduced its stake in the company, less than two years after the activist fund first invested

.

A semi-annual report recently filed by Dai Nippon showed that Elliott International LP and the Liverpool Limited Partnership were no longer among its top 10 shareholders as of Sept. 30. I Photo: DNP Photo Imaging 

The news led to a decline in Dai Nippon’s share price, Bloomberg News reporters Hideyuki Sano and Ken McCallum reported.

“There’s a possibility that they hold our shares under different names, but our understanding is that their holding now is almost non-existent,” a Dai Nippon investor relations official said. Elliott declined to comment when contacted by Bloomberg.

A semi-annual report recently filed by Dai Nippon showed that Elliott International LP and the Liverpool Limited Partnership—both linked to Elliott—were no longer among its top 10 shareholders as of Sept. 30.

Six months earlier, Elliott International held nearly 6.5 million shares (2.7%), while Liverpool Limited Partnership owned over 3 million shares (around 1.3%).

Dai Nippon, which has shifted its revenue focus to products for electric vehicle batteries, OLED displays, and semiconductors, announced a significant share buyback program in March 2023, shortly after Elliott’s stake became public knowledge.