Japan: Publication of Guidelines for Corporate Takeovers (Draft)

On June 8, 2023, the Ministry of Economy, Trade and Industry (“METI”) published and invited public comment on the “Guidelines for Corporate Takeovers (Draft) – Enhancing Corporate Value and Securing Shareholders’ Interests” (the “Draft Guidelines”). The Draft Guidelines have been prepared based on the discussions held by the Fair Acquisition Study Group established by METI in November 2022. Their purpose is to present principles and best practices that should be shared throughout the economy and to develop fair rules regarding M&A transactions, specifically with regard to how parties should behave when acquiring control of a listed company. The public comment period will end on August 6, 2023, and it is expected that the final guidelines will be formulated based on the comments submitted. The following is a summary of the Draft Guidelines.