ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Opinion

First hostile takeover of Japan restaurant chain no reason to cheer

Weak links in shareholder protections being exploited to buy smaller targets

| Japan
The entrance of Ootoya in Tokyo, pictured on Sep. 8: the gambit would not be possible in jurisdictions like the U.S. that are more protective of general shareholders.   © Reuters

Stephen Givens is a corporate lawyer based in Tokyo.

Restaurant chain operator Colowide's successful tender offer earlier this month for effective control of its smaller rival Ootoya Holdings -- despite bitter opposition by Ootoya management -- brings Japan one step closer to the establishment of an effective takeover market.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more