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Poison pill the wrong medicine when shady companies come knocking

Regulators must carefully assess threat posed by Asia Development Capital

| Japan
Tokyo Stock Exchange should focus on potential harm not only to shareholders of the target company but to acquirer's remaining general shareholders as well.   © Reuters

Stephen Givens is a corporate lawyer based in Tokyo.

The announcement in August that Tokyo Stock Exchange Second Section listed Asia Development Capital and an affiliated fund had accumulated 32% of First Section listed printing equipment supplier Tokyo Kikai Seisakusho -- with the objective of taking control -- could not have come at a worse time.

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