Dalton Investments, a major shareholder in Fuji Media Holdings, has joined with other investors to pressure the company to spin off its real estate arm. Dalton has proposed an alternative slate of 12 board candidates, including Yoshitaka Kitao, chairman and CEO of SBI Holdings, for the upcoming shareholder meeting on June 25. Fuji Media Holdings held a board meeting on May 28 and has rejected Dalton's proposals, stating it has engaged sincerely with shareholders through 64 instances of dialogue, including emails, phone calls, and meetings. The company maintains that spinning off the real estate business is not the optimal strategy and has not included any of Dalton's nominees in its new board proposal. Dalton's co-founder, Rosenwald, has publicly criticized Fuji Media's leadership, stating, "Fuji Media Holdings needs a leader for its renewal," and expressing disappointment with current management. Dalton is seeking support from other shareholders to advance its proposals. Separately, Dai-ichi Life Holdings announced a strategic partnership with British insurer M&G, under which the Japanese insurer will acquire a 15% stake in M&G for over 150 billion yen (approximately $1 billion). M&G is listed on the London Stock Exchange. The agreement grants Dai-ichi Life the right to appoint one director to M&G's board, includes a two-year lock-up period, and restricts Dai-ichi Life from increasing its stake above 19.99%. M&G will be treated as an affiliate under Japanese accounting standards. The partnership will make M&G Dai-ichi Life's preferred asset management partner in Europe, with plans to jointly develop and distribute insurance products in Japan and other Asian markets. M&G manages assets totaling £345.9 billion across 39 global locations as of the end of last year, and the alliance is expected to generate $6 billion in new business flows over the next five years.