Institutional Shareholder Services -- Corporate Governance Blog: ISS Releases New Report on Poison Pills in Japan, U.S., Canada and FranceSubmitted by: Stephen Deane, Director, ISS Center for Corporate Governance:
"Even as takeover barriers are falling in the United States, they are rising in Japan, France and elsewhere in Europe. European and Japanese companies are seeking to insulate themselves from unsolicited offers by adopting new takeover defenses such as poison pills....I guess time to redo my notes ;)
Poison pills are popping up in Japan and France for the first time. France adopted legislation last year that legalizes poison pills,...In Japan, poison pills were as unknown as hostile bids until two years ago. Takeover defenses last year trumped Japan's only hostile bid by a domestic blue-chip company....To protect themselves from that possibility, hundreds of companies likely will place management proposals on proxy ballots in the coming weeks asking shareholders to approve poison pills"