Freshfields Bruckhous Deringer has produceda useful short memo summarizing the impact of the decision by the Japanese Supreme Court earlier this year regarding the appraisal rights (to receive a fair price) of an objecting shareholder in a demerger.
http://bdti.mastertree.jp/f/7lkd6me9
The decision illustrates that shareholdes who object to a transaction that does not increase corporate value will generally not receive a premium. This contrasts with squeeze outs following a takeover bid, in which case compensation may include a premium. For further information on squeeze-outs, please see our June 2009 briefing, New Supreme Court case on squeeze out compensation in Japan. http://www.freshfields.com/publications/pdfs/2009/jun09/26063.pdf
The Board Director Training Institute (BDTI) is a "public interest" nonprofit in Japan dedicated to training about directorship, corporate governance, and related management techniques. It is certified by the Japanese government to conduct these activities as a regulated nonprofit. Read a summary about BDTI here, and see a menu of its services for both corporations and investors here.