This comes from the FTC document leak. source

Archive link: https://archive.ph/NF2r0

At some point, getting Nintendo would be a career moment and I honestly believe a good move for both companies. It’s just taking a long time for Nintendo to see that their future exists off of their own hardware. A long time… :-)

Email chain between Phil Spencer, Chris Capossela, and Takeshi Numoto discussing the potentially hostile purchase of Nintendo, ZeniMax, WB Games, and TikTok

  •  sub_o   ( @sub_@beehaw.org ) English
    24•9 months ago

    Japan’s first successful hostile takeover only happened in June 2019

    Many companies in Japan have keiretsu style cross shareholding,

    • vertical keiretsu: with manufacturing industry largely comprises of parent company holding shares of their suppliers, distributors, etc, and in return those suppliers / distributors / sub companies hold some amount of shares of the parent company. These sort of shield them from market fluctuations.
    • horizontal keiretsu: when the relationships between companies are more horizontally sliced, e.g. you often see Mitsubishi UFJ, Mitsubishi Electronics, Mitsubishi Materials, etc.

    These cross shareholding systems create a resistance towards hostile takeover, which have both its up and down sides, but at least it has resisted the likes of corporate raiders, e.g. Carl Icahn, where they acquire companies for asset stripping. Corporate raiders don’t create values for society, it’s to fatten payouts.

    Sorry for the long reply, it’s just for other users to get a glimpse on why hostile takeover is extremely rare in Japan, and probably doubly so when it comes to foreign hostile takeover.