Matsumoto explores the history of Japanese outbound acquisitions over the past 30 years. The author discusses why management may pursue an overseas acquisition by analyzing both the process of overseas M&As and the reasons a firm would move forward with an acquisition. Matsumoto goes on to examine three instances of large-scale acquisition, Takeda, Softbank, and Suntory, that each cost more than 1 trillion yen. He looks at these cases in-depth to determine their level of success. Finally, he looks at the essential factors behind the success or failure of an outbound acquisition.