Time for a requiem to Japan's poison pill takeover defense

Cosmo Energy's implicit surrender to Murakami marks a turning point

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All Cosmo Energy shareholders will be eligible to vote on a management proposal to deploy a poison pill at December's special stockholder meeting. (Photo by Kosuke Imamura)

Stephen Givens is a partner with the corporate law firm JLX Partners in Tokyo.

Buried in the 83 pages of fine print of a notice Cosmo Energy Holdings sent to shareholders last month is a paragraph that can be read as a requiem for the once-feared Japanese poison pill.

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