Poison Pill: Still Relevant After All These Years

62 Pages Posted: 15 Apr 2024

See all articles by Gen Goto

Gen Goto

University of Tokyo - Graduate School of Law and Politics

Jeffrey N. Gordon

Columbia Law School; European Corporate Governance Institute (ECGI)

Akio Hoshi

Gakushuin University

Hidefusa Iida

University of Tokyo - Faculty of Law

Manabu Matsunaka

Nagoya University, Graduate School of law; Nagoya University, Graduate School of law

Curtis J. Milhaupt

Stanford Law School; European Corporate Governance Institute

Masakazu Iwakura

Independent

Zenichi Shishido

Hitotsubashi University Graduate School of Law

Wataru Tanaka

Institute of Social Science, the University of Tokyo

Akira Tokutsu

Hitotsubashi University, Graduate School of Law, Department of Business Law; Hitotsubashi University

Date Written: March 20, 2024

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

Suggested Citation

Goto, Gen and Gordon, Jeffrey N. and Hoshi, Akio and Iida, Hidefusa and Matsunaka, Manabu and Matsunaka, Manabu and Milhaupt, Curtis J. and Iwakura, Masakazu and Shishido, Zenichi and Tanaka, Wataru and Tokutsu, Akira, Poison Pill: Still Relevant After All These Years (March 20, 2024). Columbia Law and Economics Working Paper No. 4766870, Northwestern Law & Econ Research Paper Forthcoming, Available at SSRN: https://ssrn.com/abstract=4766870 or http://dx.doi.org/10.2139/ssrn.4766870

Gen Goto

University of Tokyo - Graduate School of Law and Politics ( email )

7-3-1 Hongo Bunkyo-Ku
Tokyo, 113-0033
Japan

Jeffrey N. Gordon

Columbia Law School ( email )

435 West 116th Street
Ctr. for Law and Economic Studies
New York, NY 10027
United States
212-854-2316 (Phone)
212-854-7946 (Fax)

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Akio Hoshi

Gakushuin University ( email )

1-5-1 Mejiro
Toshima-ku Tokyo 171-8588
United States

Hidefusa Iida

University of Tokyo - Faculty of Law ( email )

7-3-1 Hongo Bunkyo-Ku
The University of Tokyo, Faculty of Law
Tokyo, 113
Japan

Manabu Matsunaka

Nagoya University, Graduate School of law ( email )

Furocho, Chikusa-ku
Nagoya, 4600024
Japan

Nagoya University, Graduate School of law ( email )

Furo-cho, Chikusa-ku
Nagoya, 464-8601
Japan

Curtis J. Milhaupt

Stanford Law School ( email )

559 Nathan Abbott Way
Stanford, CA 94305-8610
United States

European Corporate Governance Institute ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Masakazu Iwakura

Independent ( email )

Zenichi Shishido (Contact Author)

Hitotsubashi University Graduate School of Law ( email )

2-1-2 Hitotsubashi
Chiyoda-ku, Tokyo 101-8439
Japan
81-(0)3-4212-3148 (Phone)
81-(0)3-4212-3149 (Fax)

Wataru Tanaka

Institute of Social Science, the University of Tokyo ( email )

7-3-1 Hongo
Bunkyo-ku
Tokyo, 113-0033
Japan

Akira Tokutsu

Hitotsubashi University, Graduate School of Law, Department of Business Law ( email )

2-1-2 Hitotsubashi, Chiyoda-ku
Inter-University Research Institute Corporation
Tokyo 101-8439
Japan

HOME PAGE: http://https://www.law.hit-u.ac.jp/eng/bl/

Hitotsubashi University ( email )

2-1 Naka Kunitachi-shi
Tokyo 186-8601
Japan

HOME PAGE: http://https://researchmap.jp/tokutsu

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