Contesting "Corporate Value" Through Takeover Bids in Japan

Livedoor’s attempted takeover of Nippon Broadcasting System in February 2005 marked a watershed in the history of mergers and acquisitions in Japan. The drama was played out in public, changing popular perceptions, influencing policy makers and sending managers scurrying to debate and erect legitimate defence measures in case they themselves should be targeted. Tensions on the investor relations interface were not subsequently reversed by Livedoor’s equally dramatic demise. The article considers the rise of takeover bids in Japan, responses to it, and their significance for corporate control and governance, as well as for the “community firm”.