TOKYO -- Corporate Japan has new fodder for debate over corporate defenses after Toshiba Machine's spur-of-the-moment move to block an activist investor -- a potential test case that is being closely watched.
After a fund linked to activist Yoshiaki Murakami notified the industrial tool maker of its tender offer plan in January, the company quickly announced its intention to counter with a "poison pill" defense. Toshiba Machine scrapped its anti-takeover mechanisms last year, but its board lost no time in adopting an "emergency" measure to protect itself.
