Large-Scale Purchase Rules and Countermeasures
First written in FY2016. 10 of 14 entries say "Restated". Latest entry: FY2020.
The whole theme swung hardest in 2023: 1 of 6 companies on the "Worse" side.
35 other companies' latest entry also says "Dropped".
- FY2020DroppedAnnual report
「The Response Policy was effective until the conclusion of the first Board meeting held after the Company's Annual General Meeting of Shareholders on 29 June 2020. At a Board meeting held on 29 June 2020, the Company resolved not to continue the Response Policy and to abolish it.」
The company described a new response policy for dealing with a tender offer, but the Board resolved on 29 June 2020 not to continue it and to abolish it. The gratis allotment of stock acquisition rights was also cancelled on 7 April 2020. - FY2020-Q3ReframedAnnual report
「We believe that the decision whether to accept a large-scale purchase or similar transaction should ultimately be made by our shareholders. Accordingly, if approval is obtained at a general meeting to confirm shareholders' intentions and the large-scale purchase or similar transaction is not withdrawn, we will implement the prescribed defensive measures to maximize our corporate value and the common interests of our shareholders, while giving the utmost consideration to the opinion of the Independent Committee.」
In place of the former large-scale purchase rules, which were abolished at the end of the fiscal year ended March 2019, the company introduced a response policy triggered by a tender offer. The new framework covers transactions resulting in a voting-rights ratio of 20% or more and combines a general meeting to confirm shareholders' intentions, an Independent Committee, and the gratis allotment of stock acquisition rights. - FY2019DroppedAnnual report
「The rules were effective until the conclusion of the Annual General Meeting of Shareholders for the fiscal year ended March 2019. *The rules described are those in effect at the end of the fiscal year under review. The rules were effective until the conclusion of the Company's 96th Annual General Meeting of Shareholders held on 21 June 2019. At a Board meeting held on 16 May 2019, the Company resolved not to continue the rules and to abolish them.」
Regarding the large-scale purchase rules, the company describes the system in effect at the end of the fiscal year and expressly states that the Board resolved on 16 May 2019 not to continue the rules and to abolish them. - FY2019-Q3RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the large-scale purchase rules, including a letter of intent, information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and defensive measures. The rules were effective until the conclusion of the Annual General Meeting of Shareholders for the fiscal year ended March 2019. - FY2019-Q2RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the large-scale purchase rules, including a letter of intent, information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and defensive measures. The rules were effective until the conclusion of the Annual General Meeting of Shareholders for the fiscal year ended March 2019. - FY2019-Q1RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the large-scale purchase rules, including a letter of intent, information provision, a review period generally set at 60 business days, an Independent Committee, and defensive measures. - FY2018RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the large-scale purchase rules, including a letter of intent, information provision, a review period generally set at 60 business days, and defensive measures involving an Independent Committee and stock acquisition rights. The rules were effective until the conclusion of the Annual General Meeting of Shareholders for the fiscal year ended March 2019. - FY2018-Q3RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and the timing for commencing a purchase. - FY2018-Q2RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and the timing for commencing a purchase. - FY2018-Q1RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and defensive measures. - FY2017-Q3RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, the possibility of extending that period to a maximum of 90 business days, and the timing for commencing a purchase. - FY2017-Q2RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, and defensive measures. - FY2017-Q1RestatedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The company continues to maintain the framework of the large-scale purchase rules, including information provision, a review period generally set at 60 business days, and defensive measures. - FY2016First statedAnnual report
「The Board of Directors will notify a large-scale purchaser that the provision of information is complete and will then evaluate and consider the information provided by the purchaser during a Board review period of 60 business days, which may be extended to a maximum of 90 business days. The large-scale purchase may commence only after the Board review period has elapsed.」
The rules were effective until the conclusion of the Annual General Meeting of Shareholders for the fiscal year ended March 2019, and provided for recommendations by an Independent Committee and the gratis allotment of stock acquisition rights, among other measures.