More Japanese firms opt to go private as activist clout grows

135 companies delisted last year, almost triple than compared with 10 years ago. Read more at straitstimes.com.

TOKYO – A growing number of publicly listed companies in Japan are going private, as regulatory shifts clear the way for activist investors to step up scrutiny and demand changes.

Reforms in corporate governance guidelines and regulators’ increasing emphasis on equity returns and profitability are further spurring a level of activism that is driving a surge in privatisations, Mr Thomas said. Prominent delistings on the horizon include Toshiba, whose long-delayed US$15 billion buyout began Tuesday, as well as semiconductor materials maker JSR, which is slated for a US$6.3 billion take-private bid.

Mr Thomas of Carlyle said the surge in privatisations of publicly traded companies is part of a global move worldwide that started in the US and other developed-market economies as much as two decades ago.

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