Japan Ministry Opens Door to Taboo Corporate Takeovers
Tokyo, Jan. 29 (Jiji Press)--Guidelines issued by Japan's industry ministry in 2023 have opened the door for companies to launch takeover bids without the consent of the companies being acquired, which was widely considered taboo in the country.
The guidelines for action on corporate takeovers require companies to consider any "serious" takeover proposals that could improve their corporate value. The term "non-consensual takeovers" is used, rather than "hostile takeovers," in an apparent bid to reduce the sense of a taboo.
In Japan, it used to be common for takeover bids to be launched after both sides reached an agreement in behind-the-scenes negotiations. The number of non-consensual takeover bids has started to rise, however.
In 2023, Dai-ichi Life Holdings Inc. offered to buy employee welfare service firm Benefit One Inc. without its consent and during a similar offer by another company, and succeesfully acquired Benefit One.
In December 2024, motor manufacturer Nidec Corp. announced its takeover bid for machine manufacturer Makino Milling Machine Co. without first making a proposal to Makino Milling.
(2025/01/29-15:53)
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