Takeover Defense Measures Against Large-Scale Acquisitions
First written in FY2022. 2 of 3 entries say "Restated". Latest entry: FY2024.
- FY2024RestatedAnnual report
「If a large-scale acquisition of the company's shares is undertaken in a manner that could damage the company's corporate value and, consequently, the common interests of shareholders, the company will require the large-scale acquirer to provide the time and information necessary and sufficient for shareholders to make an appropriate judgment on the merits of the acquisition. In addition, while respecting the opinions of independent outside directors, the company will take any measures, including so-called takeover defense measures, that are considered available and appropriate at that time, to the extent permitted under the Financial Instruments and Exchange Act, the Companies Act, and other applicable laws and regulations.」
The basic takeover defense policy remains in place: requiring large-scale acquirers to provide information, respecting the opinions of outside directors, and taking necessary countermeasures. - FY2023RestatedAnnual report
「This plan establishes procedures necessary to achieve the objectives described above, including requiring any party seeking to acquire 20% or more of the company's shares or other equity securities to provide information in advance.」
The takeover defense measures requiring information from acquirers of 20% or more of the shares and other measures remained in place. - FY2022First statedAnnual report
「This plan establishes procedures necessary to achieve the objectives described above, including requiring any party seeking to acquire 20% or more of the company's shares or other equity securities to provide information in advance.」
A takeover defense measure was described to protect corporate value and the common interests of shareholders, requiring acquirers of 20% or more of the shares to provide information and, in certain cases, providing for a gratis allotment of share acquisition rights.