Dining Out: Japan Takes its Appetite for M&A Overseas

Recently, the mention of Japanese M&A activity conjured up images of Steel Partners, Ripplewood and Cerberus feeding on undervalued Japanese assets, often to the consternation of the target firm’s directors. Thanks to the credit crisis, the tables have turned swiftly and dramatically. A strong yen and limited access to capital now deter would-be U.S. and European buyers from targeting Japanese firms, and depressed foreign share values have cleared the way for cash-rich Japanese firms to make major strategic and opportunistic acquisitions. While domestic and out-in M&A figures involving Japan are down, in-out M&As have hit record volumes, notably in the healthcare and financial sectors. Our experts examine the current trend and future outlook for Japanese M&A, and contrast present activity with previous ill-fated real estate and technology buying sprees in the 1980s and ’90s.

Panelists:
Michael Braun, Partner, Morrison & Foerster LLP
Richard S. Kelly Jr., Senior Managing Director, The Bridgeford Group, Inc.
Nobuhiko Masuto, Managing Director, GCA Savvian Advisors, LLCModerator:
Herbert Lash, Global Markets Correspondent, Reuters Register here