Activist Commentary: Oasis Management is a global hedge fund management firm headquartered in Hong Kong with additional offices in Tokyo, Austin and the Cayman Islands. The hygiene and living care segment provides fabric, kitchen, home, sanitary and pet care products. Kao Corp is a global fast-moving consumer goods company with a diversified portfolio of products spanning from hair and skin care to cosmetics and chemicals. Oasis has proven to be a value-creating activist in many situations and would likely be a valuable board member here, but this is not a typical Oasis activist campaign. On the contrary, the day after Oasis launched its campaign, Kao stated that the firm lacked sufficient understanding of its portfolio management and restructuring plans.

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Persons: Seth Fischer, Molton Brown, Kao, Kao's ROE, Beiersdorf, Aoki, Tsuruha, Oasis, ROE, Ken Squire Organizations: Oasis Management, Oasis, Business, Kao Corp, Tokyo Stock Exchange, onboarding, Kao, 13D Locations: Hong Kong, Tokyo, Austin, Cayman Islands, Asia, Europe, Japan