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A Landmark Vote in Japan: Shareholders Just Say No
TOKYO -- When U.S. companies announce plans for a merger, shareholders occasionally derail the deal over price or other issues. In Japan, people couldn't remember that ever happening -- until yesterday.
INVESTMENT FUND ICHIGO won a shareholder vote to block small steel firm Tokyo Kohtetsu from being taken over by Nippon Steel and giant trading firm Mitsui & Co., in a rare shareholder derailing of a deal in Japan. An investment fund led by an American, Scott Callon, rallied shareholder support and won a vote to block a small Tokyo steel company from being taken over. Mr. Callon bested two of Japan Inc.'s biggest guns: the nation's top steelmaker, Nippon Steel Corp., which owns a majority of the would-be acquirer; and trading giant Mitsui & Co., which backed the deal as the small company's biggest shareholder. In the first place the exchange ratio of Japanese mergers and acquisitions is decided too much on a chief shareholder profitably. In the case of Tokyo Kohtetsu and Osaka Steel, it is 0.228 stocks Osaka Steel for one stock of Tokyo Kohtetsu. The premium had it of 6% by stock prices comparison just before that, but it seems to have been a discount of 7% by few 0.3%, 1 in the past one month. I think that this is a symbolic event to the new mergers and acquisitions times in japan.
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