Japan's poison-pill rules face test as Murakami moves on JAFCO

Courts need to explain how shareholders can be disqualified from votes

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Yoshiaki Murakami could call JAFCO's bluff and demand a meeting himself. (Source photos by Kaisuke Ota and screenshot from JAFCO's website)

Stephen Givens is a corporate lawyer based in Tokyo.

The looming faceoff between Yoshiaki Murakami, Japan's original activist investor, and venture capital management company JAFCO Group will reveal a lot about the feasible parameters of hostile corporate takeovers in Japan today.

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