Response measures for large-scale acquisitions
First written in FY2016. 5 of 7 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2023: 1 of 6 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「We have not introduced specific measures to prevent inappropriate large-scale purchases, or a takeover defense measure.」
The company continues its policy of not introducing takeover defense measures and making efforts to provide necessary information, disclose the Board of Directors’ opinion and ensure shareholders sufficient time to consider the matter. - FY2020RestatedAnnual report
「We have not introduced specific measures to prevent inappropriate large-scale purchases, or a takeover defense measure. Accordingly, if a party seeking to make a large-scale purchase of our shares emerges, within the scope permitted by law we will request the necessary and sufficient information for shareholders to make an appropriate judgment on the merits of the purchase, disclose the opinions of the Board of Directors and other relevant information, and work to secure sufficient time for shareholders to consider the matter. In addition to taking these appropriate measures, we will work further to protect and enhance corporate value and the common interests of shareholders.」
The company reaffirmed its policy of not introducing takeover defense measures and responding by providing information, disclosing the Board of Directors’ opinion and ensuring shareholders sufficient time to consider the matter. - FY2020-Q1RestatedAnnual report
「We have not introduced specific measures to prevent inappropriate large-scale purchases, or a takeover defense measure. Accordingly, if a party seeking to make a large-scale purchase of our shares emerges, within the scope permitted by law we will request the necessary and sufficient information for shareholders to make an appropriate judgment on the merits of the purchase, disclose the opinions of the Board of Directors and other relevant information, and work to secure sufficient time for shareholders to consider the matter. In addition to taking these appropriate measures, we will work further to protect and enhance corporate value and the common interests of shareholders.」
The company reaffirmed its policy of not introducing takeover defense measures, identifying the provision of necessary information, disclosure of the Board of Directors’ opinion and ensuring shareholders sufficient time to consider the matter as its response measures. - FY2017DroppedAnnual report
「At a Board of Directors meeting held on 27 April 2017, we resolved not to continue the Policy. Accordingly, the Policy expired at the conclusion of the 38th Annual General Meeting of Shareholders held on 9 June 2017.」
The Board of Directors resolved not to continue the takeover defense measures, and their validity expired upon the conclusion of the Annual General Meeting of Shareholders held on 9 June 2017. - FY2017-Q3RestatedAnnual report
「As a measure to give concrete form to this view, with the approval of shareholders at the 36th Annual General Meeting of Shareholders held on 12 June 2015, we introduced the “Policy for Responding to Large-Scale Purchases of Our Shares, etc. (Takeover Defense Measure)” (the “Policy”) as a policy for responding to large-scale purchases. The Policy primarily provides for the gratuitous allotment of stock acquisition rights as a countermeasure when a large-scale purchaser fails to comply with the large-scale purchase rules or the purchase would significantly impair the corporate value of our group and the common interests of shareholders, while giving maximum respect to recommendations by an independent committee separate from the Board of Directors.」
The company maintains takeover defense measures under which it respects recommendations from the independent committee and makes gratis allotments of stock acquisition rights when necessary. - FY2017-Q1RestatedAnnual report
「As a measure to give concrete form to this view, with the approval of shareholders at the 36th Annual General Meeting of Shareholders held on 12 June 2015, we introduced the “Policy for Responding to Large-Scale Purchases of Our Shares, etc. (Takeover Defense Measure)” (the “Policy”) as a policy for responding to large-scale purchases. The Policy primarily provides for the gratuitous allotment of stock acquisition rights as a countermeasure when a large-scale purchaser fails to comply with the large-scale purchase rules or the purchase would significantly impair the corporate value of our group and the common interests of shareholders, while giving maximum respect to recommendations by an independent committee separate from the Board of Directors.」
The company continues to maintain takeover defense measures under which it respects recommendations from the independent committee and makes gratis allotments of stock acquisition rights when necessary. - FY2016First statedAnnual report
「With the approval of shareholders at the 36th Annual General Meeting of Shareholders held on 12 June 2015, the company introduced the “Response Policy for Large-Scale Purchases of the Company’s Shares, etc. (Takeover Defense Measures)” as a response policy for large-scale purchases, under which the recommendations of an independent committee separate from the Board of Directors are given the utmost respect...」
A response framework combining requests for information from large-scale purchasers, evaluation and negotiations by the Board of Directors, recommendations from an independent committee and, where necessary, the gratis allotment of stock acquisition rights.