Activist investing in Japan is on the rise, a gradual but marked change for a country long hostile to 'foreign vultures.'
Jeffrey Ubben's ValueAct will soon have a representative on camera company Olympus and Daniel Loeb's Third Point is reportedly reinvested at entertainment giant Sony.
A Kyushu Railway Co. 800 series Shinkansen bullet train arrives at Kurume Station in Kurume City, Fukuoka Prefecture, Japan, Oct. 11, 2016.Activist investing in Japan is on the rise, a gradual but marked change for a country long hostile to "foreign vultures" thought to be solely motivated by short-term profit.
Though the activist's bid for a board shake-up — as well as a 10% buyback — may seem unremarkable to an average American investor familiar with longtime Wall Street personalities like Starboard Value's Jeff Smith and Pershing Square's Bill Ackman, even glacial progress in Japan represents a big shift in the Land of the Rising Sun.
There were only 323 women in total on the boards of TOPIX 500 companies in 2018, which represents 0.6 women on an average 11-person board, Jefferies analysts found. Those in favor of changes at the company say it's unclear how its investments in noncore hotel and hospitality businesses add long-term value, especially in geographies beyond the Japanese island of Kyushu. In addition to serving as train stations, the company's large transit hubs often include a wide range of commercial real estate, including shopping centers, office buildings and hotels.
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