Large-Scale Purchase Rules and Countermeasures Using Stock Acquisition Rights
First written in FY2017-Q1. 1 of 4 entries say "Restated". Latest entry: FY2018-Q1.
The whole theme swung hardest in 2026: 1 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- FY2018-Q1ReframedAnnual report
「Even after the termination of this plan, with respect to any party seeking to make a large-scale purchase of the Company's shares, the Company will take appropriate measures to the extent permitted under the Financial Instruments and Exchange Act, the Companies Act, and other applicable laws and regulations, including requesting the provision of necessary and sufficient information, disclosing the opinions of the Company's board of directors, and endeavoring to secure sufficient time for shareholders to make an appropriate decision on whether to accept the large-scale purchase.」
After the termination of the takeover defense measures, the explanation has shifted from this plan, which used stock acquisition rights and other instruments, to responses within the scope of applicable laws and regulations, including requests for information, disclosure of the board of directors' opinion, and securing time for shareholders to make a decision. - FY2017DroppedAnnual report
「The Company also resolved at a board of directors meeting held on 23 May 2017 to abolish this plan upon the conclusion of the 147th annual general meeting of shareholders, when the plan's effective period expired.」
Regarding the takeover defense measures, the Company resolved to abolish them upon the conclusion of the annual general meeting of shareholders and explicitly stated its policy of not renewing them. - FY2017-Q3RestatedAnnual report
「Under this plan, the Company has established large-scale purchase rules requiring a large-scale purchaser proposing a large-scale purchase transaction that would result in a holding ratio or ownership ratio of 20% or more of the Company's shares or other equity securities to provide shareholders with sufficient information to consider whether to accept the proposal, and requiring that the large-scale purchase transaction commence only after the evaluation period prescribed by the Company's board of directors has elapsed, up to 60 days or 90 days depending on the method and terms of the transaction, with an extension in principle limited to once and a maximum of 30 days, or after a resolution rejecting the implementation of defensive measures at a general meeting of shareholders held to confirm shareholders' intentions, as defined below.」
The same procedures for information provision, an evaluation period, confirmation of shareholder intentions, and defensive measures continued to apply to transactions involving 20% or more. The effective period of the plan was stated to run until the conclusion of the annual general meeting of shareholders scheduled for June 2017. - FY2017-Q1First statedAnnual report
「Under this plan, the Company has established large-scale purchase rules requiring a large-scale purchaser proposing a large-scale purchase transaction that would result in a holding ratio or ownership ratio of 20% or more of the Company's shares or other equity securities to provide shareholders with sufficient information to consider whether to accept the proposal, and requiring that the large-scale purchase transaction commence only after the evaluation period prescribed by the Company's board of directors has elapsed, up to 60 days or 90 days depending on the method and terms of the transaction, with an extension in principle limited to once and a maximum of 30 days, or after a resolution rejecting the implementation of defensive measures at a general meeting of shareholders held to confirm shareholders' intentions, as defined below.」
For purchase transactions involving 20% or more, the plan establishes procedures for information provision, an evaluation period, confirmation of shareholder intentions, and defensive measures. Its effective period was stated to run until the conclusion of the annual general meeting of shareholders scheduled for June 2017.