Global Players, Western Tactics, Japanese Outcomes: The New Japanese Market For Corporate Control.

The presents a composite sketch of a future Japanese takeover battle which portrays a Japanese market for corporate control. The author believes that future Japanese markets will feature global players and Western tactics, but will retain distinctly Japanese outcomes. He also feels that future Japanese merger and acquisition activity will differ in the roles played by both foreign and domestic bidders. Unlike current U.S. activity, these bidders will begin and end their roles only as agents of change, and rarely ever become victors in open, competitive bidding for the target company. The comparative absence of an active market for corporate control in Japan is attributed to the locking up of shares, self-serving entrenchment of management, and government prohibition.