“With the exception of the occasional high-profile campaign, such as Third Point's recent criticism of Seven & i Holdings, we anticipate shareholder activists will primarily target small- and nano-cap companies in Japan in the near-term as the strategy gains momentum.”
Paul Marriott, Senior Managing Director
Country:
Japan
Average % of insider ownership:
Activism
Threat Level
To learn more about this country, please click on the tabs below
Persuading Japanese companies to change was unthinkable five years ago, however activist investors are finally making some inroads in Japan. In 2015, the Japanese government introduced a new corporate governance code aimed at making Japanese companies more attractive to investors by requiring firms to appoint at least two outside directors and give those boards explicit duties to scrutinize the work of managers and communicate with shareholders.
Shareholders reaching or exceeding the 5% and 10% threshold must disclose their ownership. Foreign investors will face anti-trust laws when intending to buy stakes in excess of 10% in certain industries.
Japan allows large-scale share purchasing procedures, whereby activists could face dilution if they fail to comply.
Top Campaigns by Type
1. Amend Bylaw
2. Bubble
3. Sell/Retain Assets
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Third Point Partners
• Oasis Management Company
• Horseman Capital Management
Recent activism campaigns
| Cyberdyne Inc | VS. |
Citron Research |
| SMC Corporation | VS. |
Well Investments Research |
| Sagami Co. Ltd. | VS. |
New Horizon Capital Co. Ltd. |
Total Active
Campaigns
Contact FTI Consulting
Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com
Senior Managing Director
+852-3768 4537
Cara.Obrien@fticonsulting.com