The season for general shareholders' meetings is just around the corner, and a growing number of companies plan to use them to propose measures against hostile takeovers.
Many corporate managers were apparently frightened into action by the specter of Internet startup Livedoor Co.'s failed but aggressive bid earlier this year to take over radio broadcaster Nippon Broadcasting System Inc. -- perceived by some as a boardroom nightmare.
But overseas investors and others generally have a negative view of the sudden stampede for cover, saying excessive defenses may only serve to protect management at the expense of shareholders.