Change is coming – but not in a rush
HOSTILE TAKEOVERS ARE hardly life-changing events for investment bankers but Oji Paper’s aggressive bid for rival Hokuetsu Paper Mills in July 2006, arguably Japan’s first ever hostile takeover attempt, was different.
“It was one of the most exciting days of my life,” says the head of M&A at a US bulge-bracket bank, “I really thought it would be the start of hostile bids in Japan.”
Alas for bankers in the Tokyo M&A departments of other global investment banks, it was not to be.
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