id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-3016	Milhaupt, Curtis J.	Prescribing the Pill in Japan? Foreword to the Hostile M&A Conference Issue	2004	10	.pdf	application/pdf	2827	102	44	The U.S. experience with hostile takeover defenses is thus relevant not only for what it might suggest for Japan on the narrow topic of hostile acquisitions, but for the development of Japanese corporate law and governance more generally. The two primary legal obstacles to implementation of the pill in Japan are (1) that stock acquisition rights are formally separate from shares of stock, so it is difficult to ensure that the two financial instruments are automatically distributed together under a rights plan, and (2) discrimination against the hostile bidder that is central to the operation of a poison pill may conflict with the deeply engrained principle of equal treatment of shareholders (kabunushi by~d6 gensoku) under Japanese corporate law.	cache/cblr-3016.pdf	txt/cblr-3016.txt