Oasis Management Company Ltd., the Cayman Islands-based activist fund, has raised its stake in M3, Inc. to 8.46% of outstanding shares, up from 7.40% in its previous disclosure, according to a Change Report No. 3 filed with the Kanto Local Finance Bureau on September 25, 2026. The one-percentage-point move triggered the filing requirement under Japan's large shareholding disclosure rules and put Oasis's position at 57,451,700 shares of the 679,127,600 shares M3 had outstanding as of September 15, 2026.
| Metric | Value |
|---|---|
| Prior reported stake | 7.40% |
| Current reported stake | 8.46% |
| Shares held | 57,451,700 |
| M3 shares outstanding (Sept 15, 2026) | 679,127,600 |
| Purchase funding | ¥94.6bn, entirely fund capital, no borrowings |
The filing shows a steady accumulation rather than a single sweep. Oasis bought M3 shares in the market repeatedly between July 21 and September 15, in sizes ranging from 600 shares on August 26 up to 6,095,500 shares on August 7 and 3,914,600 shares on the final day of the window, September 15. The fund put up roughly ¥94.6bn for the position, categorized entirely as fund capital rather than the manager's own funds or borrowed money; the disclosure records no self-funded contribution and no borrowings.
On intent, the filing says Oasis is already in dialogue with M3 over matters that could enhance the company's mid-to-long-term corporate value, and has made proposals to the company touching on delisting the shares from the Tokyo Stock Exchange and on matters covered by the large-shareholding ordinance's rules on material changes to capital policy and on any outside acquisition that would leave a third party holding a majority of voting rights. Oasis says the purpose of its proposals is to exchange views with M3's management on management policy and, through implementing some or all of the items it proposes, to raise M3's corporate value and improve governance. Separately, Oasis states it plans, over the next twelve months, to bring proposals covering the dismissal of M3's representative director, the appointment of specific individuals as officers, material changes to the board's composition, the transfer, acquisition or suspension of part of the business, changes to dividend policy, delisting, and a third-party acquisition that would push outside voting rights past a majority. The dismissal, officer-appointment, board-composition, business-transfer and dividend-policy items are proposals Oasis intends to raise within that window; only the delisting and capital-policy or majority-acquisition items are already before M3, according to the filing.
The report also discloses a further, conditional plan: Oasis says it intends to increase its holding by more than five additional percentage points through market and off-market trades, describing the move as part of a portfolio investment. Any such purchase depends on M3's stock trading at a level Oasis judges undervalued, plus other unspecified conditions, and the filing says the price, volume and timing remain under consideration. Oasis is aiming to complete that purchase within roughly three months of the September 15 reporting date, but notes the timeline could slip if regulatory notification or approval is required first.