The Japanese pharmaceutical company is grappling with a scandal, and Oasis thinks it can help right the ship.
manufactures and sells pharmaceuticals and consumer products in Japan and internationally. The company operates in three segments: The Domestic Business and International Business segments offer health care, household, skin care and other products. The Company recently merged its mail-order segment into its domestic business segment, which is engaged in the mail-order sale of dietary supplements, skin care and other products.
In May, Oasis Management highlighted the opportunity at Kobayashi. At that time, Oasis highlighted that this was not a case of an extraordinary or unimaginable crisis. At the time, Oasis said that they could step in if there was no"self-improvement" and that the company would stand to gain if it implemented improved crisis management protocols and improved corporate governance to better hold management accountable and root out nepotism.
Kobayashi would be wise to overhaul much of its board and auditors, and at minimum invite a representative of Oasis onto the board. It would imbue the company with a sense of urgency to improve operational performance, corporate governance and shareholder value maximization. Moreover, Oasis has an extensive history of working to improve corporate governance at its Japanese portfolio companies, delivering an average 31.
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