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The Poison Pill In Japan: The Missing Infrastructure, Ronald J. Gilson
The Poison Pill In Japan: The Missing Infrastructure, Ronald J. Gilson
Faculty Scholarship
The coming of hostile takeovers to Japan has been anticipated, and anticipated, and anticipated. Each report of a reduction in the size of crossholdings among Japanese companies and in the size of Japanese bank stockholdings in their clients has given rise to an expectation that now, at last, hostile offers would emerge. It is not surprising that commentators looked forward, optimistically, to the arrival of a potentially disruptive takeover technique. The extended Japanese recession, together with management resistance to internally implemented restructurings and the barriers to externally imposed restructurings, has created the potential for substantial private and social gain from …
Prescribing The Pill In Japan?, Curtis J. Milhaupt
Prescribing The Pill In Japan?, Curtis J. Milhaupt
Faculty Scholarship
Contrary to popular belief, corporate Japan is changing incrementally, to be sure, but changing nonetheless. One of the areas of greatest potential change is the legal and business environment for mergers and acquisitions ("M&A"), including hostile M&A. Recent amendments to Japan's Commercial Code in the areas of stock swaps and divestitures are helping to facilitate M&A transactions.1 At the same time, the constellation of shareholders in Japanese firms is changing as cross-shareholding declines and foreign investment increases. M&A activity in Japan has increased significantly in recent years.2