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Article: New law to help shield firms.
- Article from:
- Yomiuri Shimbun
- Article date:
- June 30, 2005
CopyrightCOPYRIGHT 2005 The Yomiuri Shimbun. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jun. 30--TOKYO--Wednesday's enactment of the Business Organization Law will allow companies to employ enhanced defensive measures against hostile takeover bids, which have drawn public attention in the wake of the battle between Livedoor Co. and Fuji Television Network Inc. over Nippon Broadcasting System Inc.
The new law, which will go into effect in fiscal 2006, will allow companies to utilize poison pill defense tactics more easily.
However, the benefits of the new law are expected to be limited for listed companies because of the reluctance on the part of the Tokyo Stock Exchange and others to allow companies to issue golden shares--special shares ...