Takeovers and Corporate Governance: Three Years of Tensions *
Livedoor's audacious takeover bid for Nippon Broadcasting System Inc. (NBS) in 2005 precipitated a flurry of judicial, legislative, administrative, and management actions, which have strongly influenced thinking and practice related to corporate control in Japan. This chapter considers a number of statutory changes in the area of company law and securities regulations governing takeovers and analyses a series of judicial rulings, specifically involving Livedoor‐NBS and Steel Partners‐Bull‐Dog Sauce, and the contested use of poison pills and similar defense measures in these cases. It further looks at the recommendations and influence of the Corporate Value Study Group, before considering management responses. The chapter highlights a shift (as well as continuity) in perceptions about management control and legitimate defenses against takeovers, and predicts continued evolution, along a “Japanese” trajectory.
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.