The corporate governance panel of the Liberal Democratic Party issued recommendations Thursday for reforming rules on corporate takeovers, including extending the period for open bidding.

The current length for open bidding, in which a bidder buys shares of a targeted company for a specific price open to the public, now ranges from 20 to 60 days.

A longer period would give the targeted company more chances to take countermeasures and negotiate with the bidder, the panel said.