• JPN METI published the Guidelines for corporate takeovers, based on discussions at the study group on fair acquisitions, which was established in November 2022.

Guidelines

• Describe principles, best practices to be shared for formation of fair rules regarding M&A, focus on how parties should behave re acquisitions of corporate control.
• Present rationale, scope (Ch. 1), 3 principles to be respected in acquisitions, basic perspectives (Ch. 2), code of conduct for directors re acquisition proposals (Ch. 3).
• Also measures to improve transparency in acquisitions by acquiring party and target company (Ch. 4), takeover response policies and countermeasures (Ch. 5).
• Public comments, responses from JPN METI re the draft guidelines were also posted.