June 2025 | Case
Assessing the Offers for Seven & i Holdings
By: Benjamin C. Esty, Nobuo Sato, Akiko Kanno
In the fall of 2024, the board of Seven and i Holdings Company (7&i, the parent company of 7-Eleven convenience stores in the US, Japan, and other countries) received multiple offers to buy the company. Two successive (and unsolicited) offers came from Alimentation Couche-Tard (ACT), a Canadian company with convenience stores in both the US and Canada under the Circle K brand name. A third, and the highest offer to date, came from insiders proposing what would be the largest management buyout (MBO) in global corporate history if it were consummated. Consistent with the recommended process described in Japan’s new merger guidelines (METI’s Guidelines for Corporate Takeovers published in 2023), 7&i formed a special committee to assess the bids. The offers can be analyzed using a variety of valuation methods illustrated in the case. But the special committee, as directed by the merger guidelines, must also assess the feasibility of the offers (i.e., probability of closure). On the one hand, ACT’s bid will face antitrust scrutiny in the US; and on the other hand, the MBO bid will require an unprecedented level of borrowing. In addition, there is the possibility a third bidder could emerge with an even higher or potentially different kind of offer. As the chair of the special committee of one of Japan’s most iconic companies, Stephen Dacus must decide how to proceed and what to do. As one investor commented, “The game is now on, and there is a good chance that Japan becomes the M&A deal center of the world for the next 10 years.”
May 2025 | Case
A Decade of Corporate Governance Reform in Japan (2013-2023)
By: Charles C.Y. Wang, Akiko Kanno
This case study provides a historical account of Japan's unprecedented corporate governance transformation from 2013-2023. Through extensive interviews with more than 15 Japanese professionals across government, finance, and industry, the case traces the evolution from Abenomics' "third arrow" reforms through recent market pressures, examining both the rationale behind each intervention and its practical implementation. Although aspects of public companies' governance have measurably improved, some remain skeptical about the extent of the transformation. Drawing on candid assessments from practitioners who implemented and experienced these reforms firsthand, the case examines whether these changes represent genuine transformation or sophisticated compliance theater. What are the implications for portfolio managers, Japanese firms, and the Japanese people? This decade represents Japan's most significant corporate governance reform since WWII, with implications extending beyond compliance to fundamental questions about stakeholder capitalism, labor mobility, and competitive positioning in global markets.
November 2024 | Case
Grand Seiko - The Sleeping Lion
By: Rohit Deshpande, Nobuo Sato, Akiko Kanno
In 2024, Akio Naito, President of Seiko Watch Corporation, reflected on the global expansion of Grand Seiko, the company’s luxury watch brand. Originally created more than 60 years ago as the luxury model of Seiko watches in Japan, Grand Seiko struggled to differentiate itself internationally due to Seiko’s strong association with affordable quartz watches. After years of restructuring and investment, Grand Seiko gained recognition, notably winning the 2022 Chronometry Prize at the Grand Prix d'Horlogerie de Genève. The brand further expanded with the opening of its largest flagship boutique in New York in 2024. As Seiko sought to further expand Grand Seiko’s presence in the U.S. and beyond, Naito considered whether the brand should continue to use the brand name, Grand Seiko, rebrand as "GS," or use a completely different brand name to strengthen its luxury positioning. How important was it to have “Seiko” as part of the brand name “Grand Seiko”?
October 2024 | Case
GLIN Impact Capital
By: Ethan Rouen, Akiko Saito
In 2024, the co-founders of the venture capital fund GLIN Impact Capital face a critical inflection point as they consider launching a second, significantly larger impact investment fund in Japan. Founded in 2021 by the three Harvard Business School alumni, GLIN is one of Japan’s pioneering impact and ESG-focused venture capital firms. With a $9.2 million first fund partially deployed and one portfolio company IPO behind them, they aim to raise up to $200 million for their second fund. However, the founders must navigate challenges including a limited track record, resource constraints, and strategic tensions between investment, consulting, and ecosystem-building work. Set against the backdrop of a rapidly evolving Japanese impact investing landscape, the case explores GLIN’s origin, growth, influence on policy and market development, and the complex decisions the founders must make to scale sustainably and retain their edge.