By Chris Wright
Softbank/Vodaphone
Japan is becoming familiar with some unexplored concepts recently. There’s been the audacious leveraged buyout (Softbank/Vodafone); the blue-chip hostile takeover bid (Oji Paper/Hokuetsu); the Japanese company making transformational acquisitions overseas (Toshiba/ Westinghouse). And now the Tokyo Stock Exchange is about to discover something equally uncharted: being sued.
In December 2005, a trader at Mizuho Securities made a big mistake. Wishing to sell one share in cable TV and telecoms business J-Com for ¥610,000, he accidentally entered a sale of 610,000 shares at ¥1 – more than the outstanding stock of the entire company.
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