JAPAN
Russia
China
N. Korea
Japan
S. Korea
Law and Practice Contributed by: Hajime Tanahashi, Takayuki Kihira, Kenichi Sekiguchi and Akira Matsushita Mori Hamada
Tokyo
Contents 1. Trends p.677
7. Disclosure p.687 7.1 Making a Bid Public p.687
1.1 M&A Market p.677 1.2 Key Trends p.677 1.3 Key Industries p.677 2. Overview of Regulatory Field p.677 2.1 Acquiring a Company p.677 2.2 Primary Regulators p.678 2.3 Restrictions on Foreign Investments p.678 2.4 Antitrust Regulations p.679 2.5 Labour Law Regulations p.679 2.6 National Security Review p.679 3. Recent Legal Developments p.679 3.1 Significant Court Decisions or Legal Developments p.679 3.2 Significant Changes to Takeover Law p.680 4. Stakebuilding p.680 4.1 Principal Stakebuilding Strategies p.680 4.2 Material Shareholding Disclosure Threshold p.680
7.2 Type of Disclosure Required p.687 7.3 Producing Financial Statements p.687 7.4 Transaction Documents p.688 8. Duties of Directors p.688 8.1 Principal Directors’ Duties p.688 8.2 Special or Ad Hoc Committees p.688 8.3 Business Judgement Rule p.689 8.4 Independent Outside Advice p.689 8.5 Conflicts of Interest p.689 9. Defensive Measures p.689 9.1 Hostile Tender Offers p.689 9.2 Directors’ Use of Defensive Measures p.690 9.3 Common Defensive Measures p.691 9.4 Directors’ Duties p.691 9.5 Directors’ Ability to “Just Say No” p.691 10. Litigation p.692 10.1 Frequency of Litigation p.692 10.2 Stage of Deal p.692 10.3 “Broken-Deal” Disputes p.692 11. Activism p.692 11.1 Shareholder Activism p.692 11.2 Aims of Activists p.692 11.3 Interference With Completion p.693
4.3 Hurdles to Stakebuilding p.680 4.4 Dealings in Derivatives p.681 4.5 Filing/Reporting Obligations p.681 4.6 Transparency p.681 5. Negotiation Phase p.681 5.1 Requirement to Disclose a Deal p.681
5.2 Market Practice on Timing p.682 5.3 Scope of Due Diligence p.682 5.4 Standstills or Exclusivity p.682 5.5 Definitive Agreements p.682 6. Structuring p.682 6.1 Length of Process for Acquisition/Sale p.682 6.2 Mandatory Offer Threshold p.683 6.3 Consideration p.684 6.4 Common Conditions for a Takeover Offer p.684 6.5 Minimum Acceptance Conditions p.685 6.6 Requirement to Obtain Financing p.685 6.7 Types of Deal Security Measures p.686 6.8 Additional Governance Rights p.686 6.9 Voting by Proxy p.686
6.10 Squeeze-Out Mechanisms p.686 6.11 Irrevocable Commitments p.686
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