"I have sympathy for Taiwanese regulators," says Jack Huang,
partner at Jones Day in Taipei. "They don't know what to think
and they don't know what do about private equity bids."
The same could be said about private equity firms in Taiwan,
who are spending more and more time second-guessing a befuddled
regulator with neither a policy view, nor experience in dealing
with foreign bids.
Taiwan has been mooted as Asia's new private equity paradise
for nearly four years. Its thriving technology sector would
attract huge US bids. They would buy up, de-list, restructure,
and sell on. And with foreign bidders in the region galled by
China's obstruction to private equity, Taiwan was expected to
be the perfect antidote.
No way in US investors are certainly buzzing around. But the
country's Financial Services Commission (FSC) and cabinet-level
Investment Commission (IC) often won't let them in. Approvals