This book reviews the past 116 Japanese outbound acquisitions in three decades and determines success and failure, with the goal of explaining what works. Dr. Matsumoto emphasizes that such acquisitions are part of a long-term strategy and should not be judged based short-term gains and losses, especially short-term changes in company stock prices. The book also highlights common pitfalls hidden within the expected benefits of these overseas acquisitions. Dr. Matsumoto provides valuable insights for executives, corporate managers working on strategy, finance and overseas development, practitioners, researchers and MBA students trying to succeed in cross border merger and acquisitions using 16 case studies and careful investigation.

This is a reprint of a previously published work. It deals with japanese mergers and acquisitions which reached a zenith in the 1980s.

Acquisitions by Japanese corporations are on the rise, a dramatic departure from their traditional aversion to such activity. Loaded with cash, they are formidable players in the new global contest for corporate control. Are the Japanese about to engage in a wave of aggressive corporate takeovers, or are they more likely to act merely as "white samurai" in battles initiated by others? Will their growing familiarity with the mergers-&-acquisitions business lead to more takeovers inside Japan itself & give Western companies a realistic shot at acquiring a Japanese corporation? By exploring the economic logic underlying business relationships, Japanese Takeovers provides a fresh interpretation of Japanese behavior in the global market. Carl Kester argues there has not been an active market for corporate control in Japan because Japanese companies prefer to build & manage long-term relationships with other firms rather than own those firms' corporate assets. This is true even overseas. Japanese cross-border takeovers have been triggered more by the need to defend valuable business relationships than by their tremendous bidding power. Current trends will further integrate Japan into the global market for corporate control & increase Japanese use of Anglo-American takeover tactics. But successful M&A deal-making with Japanese use of Anglo-American takeover tactics. But successful M&A deal-making with Japanese corporations will hinge more on extensive knowledge of the history & current status of relationships among various stakeholders than on financial acumen. It is imperative that foreigners wishing to be significant players in the Japanese market understand the economic purpose behind the subtle but powerful ties among Japanese corporate stakeholders.

This book is one of the very few published investigations of international business in a Japanese context, based on an up-to-date overview of the Japanese mergers and acquisitions (M&A) market in particular. The author explicates recent developments in Japanese business and shows how Japanese firms drastically change to reach out to become more globalized. The book can serve as a foundation in a teaching module for any Japan-related class in international business. Specifically, this publication reveals the inner workings of the Japanese business system. M&A activities covered here include those of foreign firms in Japan as well as Japanese firms investing domestically and in cross-border ventures. Illustrated by carefully chosen examples and supported by extensive data analyses, this book is highly recommended to readers who seek an in-depth understanding of the Japanese M&A market. The volume is enriched by case studies that explicitly illustrate the objectives of specific firms and how they successfully manage their M&A. The author brings to this work his 14 years of experience in Japan and has relied not only on English literature but also on original Japanese sources in creating this highly valuable contribution to the field.