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Business deals

No more backroom deals, Japanese M&A hunts for best offers

Unizo taps SoftBank Group white knight to avoid hostile takeover

Japanese companies are opting to hold merger talks in the open, shunning secret deal-making. (Photo by Eriko Wada)

TOKYO -- Japanese companies are increasingly opting to hold merger and acquisition talks out in the open, shunning the backroom negotiations that were once the norm, as vocal investors demand deals reflecting corporate value.

Many of deals used to be made behind close doors, often based on personal connections between corporate chiefs, with shareholders kept in the dark. But as corporate governance takes hold, the process is becoming more transparent.

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