Oasis Management Company Ltd. told Japan's Kanto Local Finance Bureau on September 9 that it now holds 11,244,001 shares of Kobayashi Pharmaceutical, or 14.41 percent of the 78,050,000 shares outstanding as of August 7. That is up from the 13.37 percent it reported previously. The Cayman Islands-based fund filed the amended report because its stated purpose for holding the shares changed, its plans for "material proposals" changed, and its stake rose by more than one percentage point, all of which trigger disclosure under Japan's large-shareholding rules.
| Metric | Disclosed figure |
|---|---|
| Current stake | 14.41% (11,244,001 shares) |
| Prior reported stake | 13.37% |
| Shares outstanding (basis) | 78,050,000 as of August 7, 2026 |
| Total acquisition funding | About ¥61.5bn, entirely fund money |
| Recent buying window | 18 market-purchase days, July 21 to September 2, 2026 |
| Further buying plan | More than 5 additional percentage points, conditional on valuation, targeted within 3 months of September 2 trigger |
The filing is notable less for the stake itself than for what Oasis says it might do with it. Within the next 12 months, Oasis states it may put proposals to Kobayashi Pharmaceutical covering the dismissal of the representative director, the appointment of specific individuals as officers, a material change to board composition, delisting from the Tokyo Stock Exchange, a material change to capital policy, and a transaction in which an outside party's acquisition of shares would push its voting rights above 50 percent. None of this is an announced plan or an agreed transaction: it is the menu of actions the fund is reserving the right to pursue, framed in the filing as ways to "protect and enhance" medium- to long-term corporate value and improve governance at the drugstore-shelf staple maker.
Oasis also disclosed the mechanics behind its recent buying. Between July 21 and September 2, it bought Kobayashi Pharmaceutical shares on the market on 18 separate days, including 39,300 shares on September 2 alone, the day its reporting obligation was triggered. The fund says the position is backed entirely by its own fund money, totalling about ¥61.5bn, with none of it borrowed.
The fund is not done buying. It disclosed plans, as part of what it calls a pure investment, to increase its holding by more than five percentage points through further market and off-market purchases. That plan is conditional: Oasis says it will only proceed if Kobayashi Pharmaceutical shares are trading at a level it considers undervalued, and it has not fixed price, volume or exact timing. The fund is targeting completion within three months of its September 2 trigger date but says the purchase could slip beyond that window, and notes the move may require notification to, or approval from, Japanese authorities.
What the filing does not say matters just as much as what it does. There is no disclosed slate of director nominees, no named buyer for any change-of-control transaction, and no target price or valuation case laid out in the document. The regulatory categories Oasis cites, drawn from the Financial Instruments and Exchange Act's disclosure ordinance, are broad enough to cover a governance campaign or a full takeover push, and the filing itself does not distinguish which outcome Oasis is actually working toward.