Oasis Management Company Ltd., the Cayman Islands-based activist fund, has raised its stake in M3, Inc. (TSE: 2413) to 7.40%, up from 6.26% previously, according to a Change Report No. 2 filed with the Kanto Local Finance Bureau on September 15, 2026. The filing was triggered because Oasis's holding crossed the one-percentage-point threshold that forces disclosure under Japan's large shareholding rules; the reporting obligation arose on September 8. Oasis now holds 50,287,300 shares of the 679,127,600 shares M3 has outstanding, and the filing lists Oasis as the sole filer, with no joint holders.
The stake was built through on-market buying across 26 trading days between July 17 and September 8, funded entirely from fund capital: the filing shows zero own funds and zero borrowings against a total cost of roughly ¥82.3bn. The pace was uneven. Oasis added 6,095,500 shares, or 0.90 percentage points, in a single session on August 7, then closed out the period with 1,739,300 shares, or 0.26 points, on September 8.
What Oasis has proposed, and what it may propose next
The filing draws a line between demands Oasis says it has already put to M3's management and a longer list it says it may raise over the next 12 months. Oasis states it has already proposed delisting M3's shares from the exchange and, as a separate matter, raised an item concerning the acquisition of M3 shares by a third party that would leave that party holding more than half of the voting rights. It also says it has already proposed a material change to M3's capital policy. It says those items, plus five more, are on the table for the coming year.
| Proposal | Status |
|---|---|
| Delisting M3 shares from the Tokyo Stock Exchange | Already proposed; also flagged for the next 12 months |
| Material change to M3's capital policy | Already proposed; also flagged for the next 12 months |
| Third-party acquisition of M3 shares resulting in majority voting control | Already proposed; also flagged for the next 12 months |
| Dismissal of the representative director | Possible within 12 months |
| Appointment of specific individuals as officers | Possible within 12 months |
| Material change to board composition | Possible within 12 months |
| Partial transfer, acquisition or suspension of a business | Possible within 12 months |
| Material change to dividend policy | Possible within 12 months |
Oasis frames the campaign as aimed at improving M3's corporate governance and raising shareholder value, language typical of activist filings, but backed here by specific board, business-disposal and dividend-related demands rather than vague engagement talk. The filing does not record any response from M3's management.
Oasis also disclosed plans to keep buying. As part of what it calls portfolio investment, it intends to raise its holding by more than five percentage points through market and off-market trades, but only if M3's share price looks undervalued and unspecified other conditions are met. Price, volume and timing remain under consideration, and a purchase of that size may require regulatory notification or approval. Oasis says it aims to complete the move within three months of the September 8 trigger date, though it acknowledges the timeline could slip.
That leaves M3 investors watching two clocks: a possible fresh five-point stake increase before year-end, and a governance agenda that has already put delisting and a third-party control matter in front of the board, with dismissal of the representative director and a dividend-policy overhaul flagged as possible next moves.