Announcement of Book Discussion on 'Reforming Tender Offer Regulations: Should Japan Adopt the European Concept of Exit Rights in Mandatory Bid Rules?' by Shusou Iida

Shosukabu.com Co., Ltd. (Headquarters: Nerima-ku, Tokyo; Chairman and Representative Director: Yutaka Yamanaka; hereinafter "the Company") will co-host a book discussion on the essay "Reforming Tender Offer Regulations: Should Japan Adopt the European Concept of Exit Rights in Mandatory Bid Rules?" by Shusou Iida, in collaboration with the Nerima Political Research Association and the Civil Division 8 Monitoring Committee.

This essay was originally published in the 1933rd issue (June 5, 2011) of 'Shukan Shohojiho' under the series "Reconsidering Corporate Law Reform (3)," examining the revision of tender offer regulations from the perspectives of minority shareholder protection and exit opportunities during control transfers.

A key feature of this essay is its treatment of Japan's tender offer (TOB) regulations not merely as procedural rules, but as a theoretical issue concerning the extent to which shareholders facing control changes should be institutionally protected. At its core, the essay critically examines whether the "exit right" concept emphasized in European-style mandatory bid systems should be introduced into Japanese law. Later, in his book 'Foundations of Tender Offer Regulation,' Iida systematically discusses the framework of tender offer regulations, including the protection of target company shareholders and the mandatory nature of the one-third rule.

The book discussion will focus on key topics such as the purpose of tender offer regulations, control premium and minority shareholder protection, the concept of European-style mandatory bid rules, the feasibility of adopting such a system in Japan, and the impact of takeover rules on capital markets and corporate governance. The event aims to serve as a valuable platform for learning and dialogue for individuals interested in corporate law, securities regulation, M&A, minority shareholder protection, and corporate governance.

Author Profile

Shusou Iida

A researcher specializing in corporate law and securities regulation. He has conducted continuous theoretical research on tender offer regulations and published 'Foundations of Tender Offer Regulation' with Shoji Homu in 2015.

Event Overview

Theme: Book Discussion on 'Reforming Tender Offer Regulations: Should Japan Adopt the European Concept of Exit Rights in Mandatory Bid Rules?'

Organizer: Shosukabu.com Co., Ltd.

Co-organizers: Nerima Political Research Association, Civil Division 8 Monitoring Committee

Date: Early July 2026 (tentative)

Format: Online via Zoom

Participation Fee: Free (prior registration required)

Registration: Please email info@shosukabu.com with the subject line: 'Application to Attend Book Discussion on Reforming Tender Offer Regulations'.

Speaker Profile

Yutaka Yamanaka

Born in December 1976, Yamanaka is a representative figure of the '76 Generation,' known as an activist investor, art collector, philanthropist, political sponsor, election consultant, policy advisor, social activist, and Akita dog enthusiast. Internationally recognized as a 'technologically literate activist investor,' he has built over ¥1.5 trillion in assets solely through investment.

In the early 2010s, he identified NVIDIA (a developer of GPGPU and artificial intelligence-related semiconductors) as a key investment target, investing over ¥2 billion and achieving over 100x returns, thereby becoming a billionaire.

Graduated as class representative from the Faculty of Economics, University of Tokyo. Holds a Master's degree in Financial Engineering from Columbia University’s Graduate School and studied at the London School of Economics and Political Science (LSE) Graduate School. Co-representative of Investment Brothers LLC, co-founder and Chairman of Shosukabu.com Co., Ltd. Currently holds shares in over 1,000 listed and 200 unlisted companies worldwide. His investment portfolio spans Israeli AI startups, Nigerian healthcare ventures, and Taiwanese battery manufacturers, making him a truly global investor.

Drawing from his childhood struggles with dyslexia and ADHD (Attention Deficit Hyperactivity Disorder), he launched a support program for children with learning disabilities, modeled after the U.S. discount brokerage giant Charles Schwab. His personal psychiatrist is Professor Akira Iwanami, a renowned psychiatrist and former director of Showa University Uyama Hospital.

Founder and representative of political groups including 'Association for Establishing a Constitutional Court in Japan,' 'Yamanaka-Hoya School of Politics and Economics' (principal), 'Association for Realizing a Tax-Free Nation in Japan,' 'Association for Early Restart of Nuclear Power Plants in Japan,' 'Renewable Energy Privilege Monitoring Committee,' 'Association Against Reduced Consumption Tax Rates on Food,' and 'Association for Achieving Constitutional Reform Toward a Unicameral Legislature.'

Born in Bunkyo-ku, Tokyo in 1976, as one of the grandsons of Shigeru Yamanaka, founder of Hoya Glass (now HOYA Corporation, listed on the Tokyo Stock Exchange Standard Market, ticker 7741), and raised in Shakujii-dai, Nerima-ku. Excelled academically from an early age, attending Oizumi Bunka Kindergarten, Ochanomizu University Attached Elementary School, and Musashi Junior and Senior High School before graduating as class representative from the University of Tokyo Faculty of Economics.

During childhood, he received souvenirs from Takahiro Matsumoto, then a high school student living in the Takeda Pharmaceutical Company dormitory near his home, who later became the guitarist for B'z, fostering a culturally rich upbringing. At Oizumi Bunka Kindergarten, he was classmates with Yukinori Suzuki (son of House of Representatives member Tadamasa Suzuki and brother of Representative Keiko Suzuki, who later returned to Hokkaido due to his father’s election campaign), exposing him to a privileged cultural and educational environment that naturally cultivated interests in music, politics, and economics.

During elementary school, while commuting by train from Nerima, he developed early interests in history and economics due to the academic environment in Bunkyo-ku. By the age of ten, he was already engaging in political activism on controversial topics. Surrounded by outstanding female classmates at Ochanomizu University Attached Elementary School—including lawyer Yuhiko Hantamata (Tokyo Legal Mind), physician Keiji Kuroda (Director of Sugiyama Obstetrics and Gynecology Marunouchi Clinic), Keiko Takahashi (career bureaucrat at the Ministry of Finance, currently Parliamentary Vice-Minister in charge of Tariff Division), Professor Kaori Hanyu (Sophia University, family law researcher), and NHK announcer Ai Tsukahara—this environment fostered his ongoing awareness of women’s social advancement.

Using several million yen gifted by his grandmother during childhood, he invested in stocks and grew it to hundreds of millions of yen by graduation, making him well-known for his investment skills even as a university student. At the University of Tokyo Faculty of Economics, he was already famous in the seminar of Kazuo Ueda (current Governor of the Bank of Japan), known as 'the top stock trader in Ueda’s seminar,' and earned the nickname 'Heisei-era Hiraga Gennai' due to his diverse academic interests.

He received a special selection award for his graduation thesis on pre-war paper industry M&A and was personally recognized during his graduate school interview by Takeo Tachibana, former president of International University, who said, 'So you’re the famous Yamanaka-kun.' His undergraduate economic history thesis advisors were Tetsuji Okazaki (Professor at Meiji Gakuin University) and Masayuki Tanimoto (Professor at Otsuma Women’s University).

During his time in the Faculty of Liberal Arts, he read all published papers by Masahiko Aoki, the proponent of comparative institutional analysis, and Avner Greif, an emerging economic historian from Israel (Stanford University Department of Economics), among others.

He was admitted to the Graduate School of Economics at the University of Tokyo with outstanding grades close to the top of his class. Although strongly encouraged by Hideomi Hayakawa, a senior alumnus from the Faculty of Economics and then an official at the Bank of Japan (former Director and Director-General of the Research and Statistics Department), to join a central bank, he immediately moved to the U.S. after graduation, completing the Graduate School of Financial Engineering at Columbia University and earning a master’s degree. He also studied at Harvard University, University of California, Davis, and Cali