Highlights: May 2006 Issue
Better Opportunities in Medical Equipment: The Stryker Japan Story
One of the world's leaders in orthopaedic replacement bones and joints is putting renewed emphasis on selling medical and hospital equipment in Japan. And that says something not only about the market for orthopedic surgery in Japan, which has become very crowded, but also the once-in-a-generation opportunity to sell equipment to Japanese hospitals and clinics. Japanese hospitals are getting serious about distinguishing themselves, and are investing in equipment, systems, technology and infrastructure that will allow them to survive a trend towards consolidation which is all but inevitable. Read this profile of Stryker Japan and the viewpoint of its Japan chief to see how a global leader in medical devices and equipment ranks its Japan opportunities.
A Specialist Offers Advice: "The Evolution of 'Japan-Style M&A'" (Part Two)In recent years, Japanese companies have become more savvy and active in using M&A. In the process, traditional 'Japanese-style M&A' practices are starting to evolve into their modern form, complete with Western buzzwords and a mix of overt and covert ways of approaching and negotiating with targets. In Part One of a two-part specialist contribution, our writer, a specialist practitioner of M&A in Japan and a leader in identifying key emerging trends in deal styles and structures, offered his opinion on how we got to this point. And in Part Two this month, he debunks the view that hostile M&A in Japan is really all that threatening or inevitable. Because there are institutional barriers to truly hostile M&A in Japan that market overseers have not yet even begun to tackle.
Japan Insight: Ripplewood Unveils Its Secret Sauce for Sourcing Japan Deals
Only a few investors knew of an invitation-only Goldman Sachs investor conference recently held, in which Ripplewood's RHJI entity offered its current view on its Japan holdings, including Asahi Tec, Columbia Music Entertainment, D&M Holdings, Niles, Shaklee, and Phoenix Seagaia Resort. We were among them. Read our analysis of the current status of Ripplewood's Japan holdings and learn more details about how this high-profile firm sources Japan deals using key members of an extensive network of domestic CEOs, former government officials, non-profit executives, academics and other advisors.
Riding the Individual Travel Boom in Japan: The Hertz Japan Story
When we profiled Hertz in our June '99 issue, it had just started working with Toyota Rent-a-car in Japan in an effort to build its brand and win more overseas bookings from Japanese traveling abroad. But alot has changed. Turns out Toyota has gotten as much, if not more, from the relationship than has Hertz. Now under new private equity ownership from a group of PE firms led by Clayton, Dubilier and Rice, Hertz Japan still faces obstacles to individual rental car bookings from the large Japanese travel agencies and their legacy of preference for packaged tours. Hertz Japan's managing director gives his wide-ranging and candid view on the Japanese travel market, Japan's domestic rental car market, and how Hertz Japan intends to grow in the coming years.
From the Editors
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