The Ministry of Economy, Trade and Industry (METI) has compiled and published new guidelines on actions to be taken by stakeholders in the event of a corporate acquisition. In this context, since an acquisition may increase corporate value, the management of the proposed company is urged to consider it seriously.
In recent years, the Ministry of Economy, Trade and Industry (METI) has compiled and published new guidelines on actions to be taken by related parties regarding the invocation of takeover defense measures and the suspension of corporate acquisitions.
Since the value of a company may increase due to the improvement of inefficient management due to acquisitions, the management of the company should, in principle, seriously consider the proposal when it is received.
In addition, the Company requires the introduction and implementation of takeover defense measures to respect the will of shareholders, such as obtaining approval at the General Meeting of Shareholders, and although there have been cases where interested parties have been excluded in resolutions at the General Meeting, such measures may hinder desirable acquisitions and should be limited to extremely exceptional cases.
On the other hand, investment funds and other acquisitions should disclose appropriate information about their objectives and allow shareholders time to fully consider whether to accept the acquisition.
Expert: "It may lead to economic revitalization"
Manabu Asbestos, who was involved in the formulation of the guidelines, said, "It is becoming an era in which it is not surprising for companies to have acquisitions without consent at any time, and it is very important for management to increase corporate value on a daily basis, but at the same time, if acquisitions that improve companies are actively carried out, it will lead to the revitalization of the Japan economy."