Big year for activism, hostile takeovers, and activist-driven governance buy-ins/buybacks in Japan.
I ripped on King Street's efforts on Toshiba in March.
I ripped on King Street's efforts on Toshiba in March.
The overwhelming presence of active foreigners on the register won a new slate of directors, including more independents - a win.
I should have spared a few minutes to rip on Fir Tree's efforts on Kyushu Rail (9142) because while perhaps warranted, they were un-good.
I should have spared a few minutes to rip on Fir Tree's efforts on Kyushu Rail (9142) because while perhaps warranted, they were un-good.
We saw multiple hostile Corporate actions on other corporates this year. Itochu had owned 25% of Descente for years and had relations for 50yrs, but for 5yrs the founder's descendent CEO had been pulling away. So Itochu went hard.
In summer, Yahoo Japan and Plus Corp teamed up to oust the CEO of Askul. YJ owned 43%. Plus (the parent from which Askul spun out 20+yrs ago) owned 11%. Some board spill. Askul threatened to unwind the relationship. Eventually relented.
Also in summer, travel agent HIS launched a deal to buy 40% of office bldg and hotel owner UNIZO at a 50+ premium to undisturbed, which led to an agreed deal at 100% of undisturbed, then UNIZO threw them under the bus, and now we have a deal at 150% of undisturbed.
We had Hikari Tsushin buy up shares in Mystar Engineering, then founder's son launched an MBO to get them out, and Hikari Tsushin kept on buying, so son lifted the TOB Price 22%.
Famed activist Murakami-san has been on the tape, in the news, and winning. He "won" Kosaido in spring when the lowball MBO was defeated and the ShinMaywa buyback. He is in Leopalace, Toshiba Machine, Nuflare Tech, Fuji Earth, and a half dozen others.
The FSA/TSE are trying to promote better governance and unwind of cross-holdings. Record buybacks are the result. And there are "good governance buy-ins" at Toshiba and Honda in the last two months...
There's more English coverage on twitter/etc than in past. @Urbandirt and @KanaInagaki at the FT and @GearoidReidy and others at Bloomie/WSJ (@leeminjeong83, @shoko_oda, @kurt_schussler and @kosakunarioka at WSJ) are #FF here. Sorry if I missed anyone!
Whether it be on activism, hostile corporate activity, or governance issues like the Carlos Ghosn/Nissan/Renault situation, which is alternately improving and falling apart.
Leo Lewis (@UrbanDirt) with the ongoing scoops
Leo Lewis (@UrbanDirt) with the ongoing scoops
Japan remains the cheapest major market globally in many multiples. And there are governance roadmaps which companies are following. This has led to record buybacks, record activist proposals at AGMs, etc.
And good procedure meant when Hitachi wanted to sell its 50% stake...
And good procedure meant when Hitachi wanted to sell its 50% stake...
in Hitachi Chem, it put it out for bid. Something like two-dozen-plus bidders showed up. A multi-round beauty contest saw the stock more than double in 9mos. 
And deals are coming left and right and I personally have my eye on more than a dozen minority takeouts or stake sales become Takeovers for 2020.
And now I am going to get a pizza.
