In today’s briefing:
- Make Us Consider the Issues on Anti-Takeover in a Company with Reduced Stake of Founding Family
Make Us Consider the Issues on Anti-Takeover in a Company with Reduced Stake of Founding Family
- Eisai, which had more than 30% of foreign shareholdings, had retained anti-takeover measures while incorporating the opinions of foreign shareholders, and has background of seeking reconciliation through enhancing its governance.
- While foreign shareholders had voted against Mr. Naito, president who retained anti-takeover provision, most Japanese shareholders had voted in favor, showing “support” him at the shareholders’ meeting.
- It’s likely that Eisai will retain “contingency” anti-takeover, but if the founding family will use it to retain its position, this isn’t consistent with the goal of maximizing corporate value.
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