Takeover Response Policy with Information, an Evaluation Period and a Special Committee
First written in FY2016. 11 of 15 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2026: 1 of 6 companies on the "Worse" side.
6 other companies' latest entry also says "Dropped".
- FY2025DroppedAnnual report
「Even after the effective period of this response policy expires, if a large-scale purchase or proposal that could impair the Company's corporate value or the common interests of shareholders is made, the Company intends to secure the necessary and sufficient time and information for shareholders to make an appropriate decision on its merits and to take all measures considered appropriate and available at that time.」
While the Company will not renew its advance large-scale purchase rules, it has shifted to a policy of securing the necessary information and time when a proposal is made in the future and taking appropriate measures available at that time. - FY2022AdvancedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases, and will make recommendations in response to consultations from the Board of Directors.」
The revised rules, including the provision of purchase information, 60- or 90-day evaluation periods, an extension of up to 30 days, and a Special Committee comprising independent outside directors, were described as the framework established following shareholder approval. - FY2020-Q3RestatedAnnual report
「The Special Committee will determine that it has received all information sufficient for the large-scale purchase from the large-scale purchaser, and will use the date on which that fact is publicly announced as the starting date. It will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases, and will make recommendations in response to consultations from the Board of Directors. The Special Committee Evaluation Period may be extended by up to 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2020-Q2RestatedAnnual report
「The Special Committee will determine that it has received all information sufficient for the large-scale purchase from the large-scale purchaser, and will use the date on which that fact is publicly announced as the starting date. It will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases, and will make recommendations in response to consultations from the Board of Directors. The Special Committee Evaluation Period may be extended by up to 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2020-Q1RestatedAnnual report
「The Special Committee will determine that it has received all information sufficient for the large-scale purchase from the large-scale purchaser, and will use the date on which that fact is publicly announced as the starting date. It will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases, and will make recommendations in response to consultations from the Board of Directors. The Special Committee Evaluation Period may be extended by up to 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2019RestatedAnnual report
「The Special Committee will determine that it has received all information sufficient for the large-scale purchase from the large-scale purchaser, and will use the date on which that fact is publicly announced as the starting date. It will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases, and will make recommendations in response to consultations from the Board of Directors. The Special Committee Evaluation Period may be extended by up to 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2019-Q3RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2019-Q2RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2019-Q1RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The provision of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and provision for an extension of up to 30 days were reconfirmed. - FY2018-Q2RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The Special Committee's 60- or 90-day evaluation period, provision for an extension of up to 30 days, and information evaluation framework were reconfirmed. - FY2018-Q1RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The Special Committee's 60- or 90-day evaluation period and provision for an extension of up to 30 days were reconfirmed. - FY2017-Q3RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The submission of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and the provision for an extension of up to 30 days have been reconfirmed. - FY2017-Q2RestatedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases. The period may be extended to the extent reasonably necessary, subject to a maximum extension of 30 days.」
The submission of large-scale purchase information, the Special Committee's 60- or 90-day evaluation period, and the provision for an extension of up to 30 days were reconfirmed. - FY2017-Q1AdvancedAnnual report
「The Company's Board of Directors received approval for its rules concerning large-scale purchases at the 105th Annual General Meeting of Shareholders held on 23 June 2016. The Company also established a Special Committee to administer the implementation of defensive measures and related matters.」
The acquisition response policy was approved at the shareholders' meeting, and a Special Committee was established to administer defensive measures. - FY2016First statedAnnual report
「The Special Committee will use the date of the relevant public announcement as the starting date and will conduct its review, evaluation and deliberations during a "Special Committee Evaluation Period" of 60 days for an offer to purchase all of the Company's share certificates and other securities where the consideration consists solely of cash (Japanese yen), and 90 days for other large-scale purchases.」
The rules provide for the submission of large-scale purchase information, 60- or 90-day evaluation periods by the Special Committee, and the gratis allotment of stock acquisition rights depending on the circumstances.