Rules on Information Disclosure, Evaluation Periods and Countermeasures for Large-Scale Purchase Transactions
First written in FY2016-Q3. 1 of 2 entries say "Dropped", first in FY2016. Latest entry: FY2016.
- FY2016DroppedAnnual report
「At a meeting of the board of directors held on 11 November 2016, the company resolved not to submit the continuation of its "Policy for Responding to Large-Scale Purchases of the Company's Shares" to the 43rd Annual General Meeting of Shareholders held on 20 December 2016, and abolished the policy upon the conclusion of that meeting.」
The takeover defense measures covering purchases of 20% or more were abolished upon the conclusion of the annual general meeting of shareholders. Following their abolition, the company intends to ensure shareholders have time and information to consider proposals, disclose the board's opinion, and take appropriate measures in accordance with applicable laws and regulations. - FY2016-Q3First statedAnnual report
「The company established rules requiring any party seeking to purchase its shares so that a particular shareholder group would hold 20% or more of voting rights to (a) provide sufficient information to the company's board of directors before the purchase, and (b) allow a period thereafter for the board to evaluate and negotiate the purchase, issue its opinion, and formulate alternatives.」
For purchases of 20% or more, the company has adopted takeover defense measures that include advance information provision, an evaluation and negotiation period for the board of directors, and defensive measures in the event of noncompliance with the rules. It also describes a mechanism for respecting recommendations by the special committee.