With all this activity, Unizo’s stock has soared 128%, and short-sellers have started circling. Under that acquisition guideline, a new owner will not be able to restructure or dissolve Unizo without the consent of employees. In its first open letter to management in Japan, the hedge fund asked pointedly why Unizo had such a change of heart. This marked a departure from the polite approach taken by foreign activist shareholders that has seemed to get things done in Japan. Originally an affiliate of Mizuho Financial Group Inc., Unizo issued new shares – annually, in recent years – to distance itself from the megabank.

Source: Washington Post October 13, 2019 22:52 UTC