JAPAN PREPARES FOR A TAKEOVER SPLURGE Contrary to received wisdom, mergers and acquisitions have long been a feature of the Japanese business scene. The local business landscape is littered with the debris of takeover coups — some successful, others not — by predatory Japanese companies. Predictably, no foreign company has so far succeeded in taking over a listed Japanese corporation. The recent bid by the Trafalgar Holdings and Glen International consortium to acquire Minebea — an aggressive Japanese ball bearing and electronics manufacturer — illustrates graphically some of the barriers which must be overcome to succeed in such a venture.
Trafalgar/Glen’s takeover strategy was to accumulate Minebea warrants and convertible bonds issued in the Euromarkets.
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