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Steel Partners wins landmark Japanese board ouster

Reuters- U.S. hedge fund Steel Partners helped oust the president and most of the board of Japanese wig maker Aderans Holdings on Thursday, the first time management of a Japanese firm has been ejected under pressure from an activist fund.

The news pushed Aderans shares up nearly 9 percent and marked a big win in Japan for U.S.-based Steel Partners, which owns 26.7 percent of the wig maker, one of the 30 or so Japanese companies it has been pressuring to improve shareholder returns.

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