Conclusion paragraph:
“We believe that Toshiba Machine’s implementation of its New Buyout Defense Mechanism that does not take into account (but rather opposes) shareholder opinions hinders the development of corporate governance in Japan, which has been built on the efforts of various parties including governmental agencies and self-regulation organizations such as the Ministry of Economy, Trade, and Industry, Ministry of Justice, the Tokyo Stock Exchange, and the Financial Services Agency, market participants, and experts, and insults the hard work of these parties to date.”
Read the full opinion memo about Toshiba Machine’s use of takeover defenses here.