Tsuruha Shares Drop After Shareholders Back Aeon Plan (1)

Shares of Japanese drugstore firm Tsuruha Holdings Inc. reversed earlier gains after its holders backed a proposal that would effectively lead to supermarket operator Aeon Co.acquiring the company.

Tsuruha dropped as much as 3.3% to 11,225 yen, slipping from the day’s high of 12,050 yen, after its annual general meeting (AGM) approved a merger with Welcia Holdings Co., a part of Aeon’s plan to make the two firms its subsidiary. The company announced the results in a statement. It was reported earlier by Japanese business daily Nikkei.

The planned deal has been criticized by major investors including Orbis ...