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ARTICLE · 30 SEPTEMBER 2008

Recent Developments In Takeover Defense Discussions In Japan

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The corporate value study group, comprising leading scholars and practitioners and orchestrated by the Ministry of Trade, Economy and Industry of Japan ("METI"), has recently issued a report on takeover defense measures (the "2008 Report").

JapanCorporate/Commercial Law
Scott Jones
Scott Jones
Jotaro Yokoyama
Jotaro Yokoyama
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The corporate value study group, comprising leading scholars and practitioners and orchestrated by the Ministry of Trade, Economy and Industry of Japan ("METI"), has recently issued a report on takeover defense measures (the "2008 Report"). The 2008 Report, issued on June 30, 2008, is neither a document with any legally binding effect nor a formal report of a government agency. However, it is expected to have a great impact on M&A activities in Japan because the 2008 Report reflects the views of both leading practitioners and academia and, above all, is intended to lay a foundation for a level playing field in M&A activities in Japan. This Commentary summarizes the discussions on takeover defense measures and the 2008 Report, with our comments on the expected impact on market practices.

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