Poison Pill: Still Relevant After All These Years

Abstract

After 40 years of its introduction in the United States and after 20 years of importation to Japan, poison pills have developed in very different ways in both countries. For the last couple of years, both the US Delaware pill (D-Pill) and Japanese pill (J-Pill) have entered their new stages and moving towards some convergence although there are still a lot of differences between them. In this interesting time in the history of D-Pill and J-Pill, we held an international conference on poison pills in the United States and Japan and had a lot of interesting discussions. This is the transcript of the conference.

Keywords: poison pill; anti-takeover pill; anti-activist pill; Japanese pill; Delaware Pill; shareholder activism; ESG activism; hostile takeover