TOKYO, Nov 16 (Reuters) - Hong Kong-based Oasis Management could go to court to seek a higher price for trading house Itochu's $2.7 billion acquisition of a subsidiary through a so-called appraisal process, the founder of the activist fund said Thursday.

Oasis emerged as a major shareholder with a 6.42% stake in Itochu Techno-Solutions (CTC) after Itochu completed a tender offer that raised the parent's stake from 61.24% to about 86%. Itochu plans to take CTC private in December.

The appraisal process is designed to protect investors who oppose a buyout by allowing them to ask a judge to determine fair value of a stock.

"We do have rights to pursue when transactions are not fair, including pursuing our appraisal rights, so we most likely will proceed that way," Seth Fischer, Oasis founder and chief investment officer, told reporters.

"I understand the benefits of the merger, but those benefits belong to all shareholders, not just Itochu," he said, arguing that Itochu's offer price failed to factor in the full benefits of its absorption of CTC.

Itochu offered to pay 4,325 yen per CTC share, an 18.7% premium over the closing price from the day before the tender offer was announced on Aug. 2.

Fischer said there is "a lot more to be done" to hold buyers accountable and protect minority shareholders.

In another fight for higher value, Oasis last month appealed to the Supreme Court to nullify the merger that formed Alps Alpine after losing in lower courts, arguing the merger ratio was unfair to Alpine shareholders.

Alps Alpine was created in 2019 when Alps, which had owned 40% in car navigation systems maker Alpine, bought the remaining Alpine shares through share swaps.

Oasis, the No.2 shareholder with a 9.9% stake Alpine at the time, had opposed the merger.

The Alpine case is "very important" in terms of setting a precedent in finding an appropriate price, Fischer said. (Reporting by Makiko Yamazaki; Editing by David Dolan)