Steel partners: hedge fund activism in Japan
Author: Hillion, Pierre ; Wee, JeanINSEAD Area: FinancePublisher: Fontainebleau : INSEAD, 2010.Language: EnglishDescription: 28 p.Type of document: INSEAD CaseNote: Latest version available via https://publishing.insead.eduAbstract: Activist hedge fund Steel Partners entered Japan to take major stakes in underperforming companies and actively press for corporate changes. Seven years later, however, its takeover attempts remain unsuccessful, thwarted by poison-pill defences and cross-shareholdings. Whether corporate governance as a strategy could work in Japan looks increasingly questionable.Pedagogical Objectives: The case can be used to discuss how hedge funds use corporate governance as a strategy, the state of corporate governance in Japan, the defences used by companies against takeovers, associated agency problems, and the cost to shareholders.| Item type | Current location | Collection | Call number | Status | Date due | Barcode | Item holds |
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Asia Campus Archives | Consultation only | |||||
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Europe Campus INSEAD Publications Display | Consultation only | BC009038 |
Latest version available via <a href=https://publishing.insead.edu>https://publishing.insead.edu</a>
Activist hedge fund Steel Partners entered Japan to take major stakes in underperforming companies and actively press for corporate changes. Seven years later, however, its takeover attempts remain unsuccessful, thwarted by poison-pill defences and cross-shareholdings. Whether corporate governance as a strategy could work in Japan looks increasingly questionable.
The case can be used to discuss how hedge funds use corporate governance as a strategy, the state of corporate governance in Japan, the defences used by companies against takeovers, associated agency problems, and the cost to shareholders.
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