A practical guide explaining, through methods and case studies, how to handle unlisted cross-shareholdings held for policy purposes that hinder the capital efficiency of listed companies has been published. The authors are Yutaka Yamanaka (山中 裕) and 2 others, and 少数株ドットコム株式会社 served as supervisor.
The book “Good Policy-Held Shares, Bad Policy-Held Shares” is a practical guide focused on unlisted cross-shareholdings held for policy purposes that remain unresolved even as the unwinding of cross-shareholdings in listed shares advances. It distinguishes between holdings that impair capital efficiency and those that create business synergies or future options, and systematically explains the procedures for evaluating and selling them.
Drawing on case studies from Japan and around the world, the book provides detailed coverage of selecting buyers for unlisted shares, price determination, negotiations, and the exercise of rights under the Companies Act, together with valuation methods including discounted cash flow analysis, comparable company analysis and the adjusted net asset method. It compares multiple exit options, including sales to the issuing company, M&A and waiting for an IPO.
The author biographies include profiles of Yutaka Yamanaka (山中 裕) and the role of 少数株主ドットコム株式会社 as supervisor. Target readers include CFOs and finance and legal personnel at listed companies, outside directors and owner-managers. The publication date, price and ISBN information are also provided, along with related URLs.
The book is positioned as a practical guide for systematically learning about the valuation, sale and negotiation of unlisted shares and the practical application of company law, with the aim of providing an on-the-ground perspective for advancing capital-cost management.