Activism is seeing a little renaissance in Japan.
The most prominent case has been Danile Loebs interference with Sony, demanding a break-up.
Loeb's Sony Plan Is a Test for Abenomics
Hedge Fund’s Letter to Sony
As far as I am aware Loeb is new to the game, trying to shake- up the cozy atmosphere in corporate japan's boardrooms. I have to admit that I was a little puzzled by Sony's warm welcome to Loeb's proposals, especially as the letter was published all over the web as soon as Hirai- San got it in his mailbox. Usually that doesn't go down well with corporate Japan. But it seems that Sony is getting (a little) serious contemplating Loebs ideas.
Sony Said to Work With Morgan Stanley, Citigroup on Loeb Plan
I almost can sense the excitement in the offices of Wall Street and London about this news. Mouthwatering news?
I've seen this play manytimes before (anyone remembers Steel Partners/ TCI!?). This can turn ugly pretty fast. But if he succeedes it could be a sign that Corporate Japan is seriously contemplating to change their Tokugawa mindset and opening up.
Anyways, to tame the excitement a little down and get you guys sober again let's look to some other activist battle in Japan, which isn't covered that extensively.
Cerberus vs. Seibu: Board Games
Apparently activism isn't working out smoothly for Cerberus.And just as a reminder: Cerberus bought into Seibu after they commited accounting fraud and had to delist from the TSE!
(...)in a little-noticed move earlier this month, Seibu issued a press release
— in Japanese only — announcing that it is moving to effectively
eliminate Cerberus representation from the board of its hotels division
following its June shareholders meeting. (...)
Looks like the Gaijins are not welcome on the mainland anymore and Seibu's board does all in their power to send them back to Dejima.
No comments:
Post a Comment