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Clifford Chance

Clifford Chance
Briefings

Briefings

The Tokyo stock exchange intends to toughen MBO rules in Japan

21 January 2025

The Tokyo Stock Exchange (TSE) intends to introduce more stringent regulations for management buyouts (MBOs) by spring 2025 to safeguard minority shareholder interests and ensure equitable acquisition prices. This initiative addresses concerns that major shareholders, such as founding families, might acquire companies at unfairly low prices, thereby disadvantaging minority stakeholders.

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