Guidelines issued by the 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 "nonconsensual 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 nonconsensual takeover bids has started to rise, however.
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