Oasis Management has raised the stakes in its campaign against Nidec, disclosing in a filing dated September 16 that its stake in the electric-motor and machinery maker has grown to 7.97%, up from 6.78% at its previous report. The Cayman Islands-based activist fund holds 95,067,750 shares out of Nidec's 1,192,568,936 shares outstanding, and states it holds this position alone, with no joint holders behind it.
The filing was triggered by three disclosed reasons: a change in Oasis's stated purpose for holding Nidec shares, a change in its slate of important proposals, and a stake increase of one percentage point or more since its last report. Oasis says its purpose for holding the stock has not changed at its core: it holds Nidec shares exclusively to profit from changes in share value or from dividends. As a means toward that end, however, it says it is now actively pressing five proposals on Nidec: new director appointments, a material change to the board's composition, delisting Nidec's shares from the Tokyo Stock Exchange, a material change to the company's capital policy, and an acquisition of Nidec shares by an outside party that would leave someone other than Nidec holding a majority of the company's voting rights.
Oasis is not done. Over the next 12 months, the fund says it plans to put forward additional proposals covering the disposal or acquisition of significant company assets, the election or dismissal of Nidec's representative director, the transfer, suspension or discontinuation of all or part of the business, and a change to dividend policy, on top of the delisting, capital-policy and majority-voting-rights acquisition demands it has already raised.
| Timeframe | Proposals Oasis has raised |
|---|---|
| Already proposed (as of this filing) | New director appointments; a material change to board composition; delisting Nidec's shares from the Tokyo Stock Exchange; a material change to capital policy; and an outside-party acquisition of Nidec shares that would leave someone other than Nidec holding a majority of voting rights |
| Planned within the next 12 months | Disposal or acquisition of significant assets; election or dismissal of the representative director; new director appointments; a material change to board composition; transfer, suspension or discontinuation of all or part of the business; a change to dividend policy; plus the delisting, capital-policy and majority-voting-rights acquisition proposals above |
None of this is settled. The filing records what Oasis intends to put to Nidec's management and board, not what either has agreed to. There is nothing in the disclosure indicating how Nidec has responded to the demands.
Oasis has also flagged a further stake-building plan that would deepen its position materially. Describing the move as part of ordinary portfolio investing, the fund says it intends to buy more than five additional percentage points of Nidec stock through market and off-market trades, and that it aims to do so within roughly three months of September 9, 2026, the date its reporting obligation arose. The plan comes with conditions: the purchases depend on Nidec's share price sitting at a level Oasis judges cheap, on unspecified other factors, and on the fund securing any notification or approval regulators might require. Price, volume and exact timing remain, in Oasis's own words, under consideration, and the three-month window could slip.
The filing also shows how Oasis financed the position it already holds: the entire ¥216.5bn outlay came from fund money, with no borrowed capital. Its 60-day trading record includes a run of large off-market block purchases in the run-up to the filing: 2,878,576 shares at ¥2,773 each on September 7, 1,975,630 shares at ¥2,485 on September 3, and 1,900,000 shares at ¥2,604 on September 9, the day the reporting threshold was crossed.
The Kanto Local Finance Bureau received the filing on September 16, one week after the reporting obligation arose. What is still missing from the record is any word from Nidec on the proposals already on the table, or from Oasis on the price and size of the next purchase it says it is weighing.