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Crown Jewel Defense





AN EXAMPLE FROM JAPAN

In 2005, Japan ’s Livedoor warned the Nippon Broadcasting System Inc against the adoption of a “crown jewel” takeover defense. Livedoor called upon the target company to retain the key assets of the radio broadcast station while it battled Fuji Television for takeover bids; the assets included major stakes in Fuji TV, Japan’s top television network, and music label Pony Canyon .


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