1. Activists Get Their Moment in Japan With $20 Billion Toshiba Bid

    Activists Get Their Moment in Japan With $20 Billion Toshiba Bid

    (Bloomberg) -- The surprise takeover bid for Toshiba Corp. is a palpable demonstration of the growing influence in corporate Japan of activist investors, who have gone from largely impotent onlookers to kingmakers in the space of just a few years. The offer from CVC Capital Partners, while still in the early stages, comes just weeks after Toshiba Chief Executive Officer Nobuaki Kurumatani lost a landmark shareholder vote, forcing an independent investigation into alleged issues with voting at its annual general meeting last year. That loss has piled pressure on Kurumatani, who barely won re-election at last year’s meeting and is ...

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    1. There have been false dawns before.
    2. Any successes of this nature will probably snowball and lead to more activity, There is a sense that a large part of Japan's industrial base is being run inefficiently, resulting in apparent undervaluation of Japanese conglomerates.
    3. This could simply be an attempt to buy time for Kurumatani.
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