Three pricing precedents
SUPPLEMENT - THE 2010 GUIDE TO JAPAN - February 17, 2010
Anderson Mori & Tomotsune
Address
Izumi Garden Tower, 6-1
Roppongi 1-chome,
Minato-ku
Tokyo 106-6036
Japan
Telephone
+81 3 6888 1000
Fax
Visit Website
There has been a remarkable increase in squeeze-out transactions such as management buyouts (MBOs) or delisting of listed subsidiaries in Japan in recent years. However, rules that govern such transactions have been unclear. To address this, regulations governing disclosure requirements on MBOs were amended and certain guidelines for MBOs (the MBO Guidelines) were published in 2007 by a study group hosted by the Ministry of Economy, Trade and Industry. The courts have also become more active in this area by resolving cases concerning the acquisition price of shares in squeeze-out transactions. These cases include the Rex Holdings case (Tokyo High Court decision of September 12 2008 and Supreme Court decision of May 29 2009), the Sunstar case (Osaka High Court decision of September 1 2009) and the Cybird case (Tokyo District Court decision of September 18 2009).
In recent squeeze-out transactions in Japan, "class shares subject to wholly call" (CSWC)...
The rest of this article is available to subscribers only. Subscribe today for full access to this article.
Alternatively take a free trial, giving you access for 48 hours*.
If you are already a subscriber, please log in below to access the rest of this article.
*some articles may be excluded.