Oasis repeatedly requested an opportunity to speak with PanaHome’s management and the independent committee regarding the flaws in the process and the valuation but our requests were ignored.

We were finally given access only after we had expressed our intention to offer ¥1,300 per share. PanaHome gave us strict instructions that the meetings were to discuss our tender offer only and were not allowed to ask the independent committee any questions. The independent committee’s refusal to even exchange business cards with Oasis and its lawyers raised suspicions that the committee cared little for the minority shareholders.

In the meeting with PanaHome’s management, we were again asked to only discuss our tender offer. At the very end of the meeting we were given little time to question management and were only given pre-scripted answers which were unsatisfactory at best.