Activist Pushback in Japan's MBOs Drives Higher Bids and Share Gains

Wednesday, Dec 17, 2025 6:21 pm ET1min read

Activist funds are disrupting Japanese privatizations, pushing for better protection of minority investors and driving up share prices with higher bids and counteroffers. Mandom Corp. shares jumped 11% after KKR floated an offer above the management buyout bid, following buying by activist Yoshiaki Murakami. Similar dynamics played out at Soft99 Corp. and Toyota Industries Corp., with analysts saying management often sets offer prices conservatively, inviting activist pushback. Transparency on privatization prices has increased, making it easier for activists to voice objections.

Activist Pushback in Japan's MBOs Drives Higher Bids and Share Gains

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