{
  "docId": "019dd923-622b-71dc-a6dd-47ef716cd202",
  "docSlug": "74b90876aab8",
  "documentTitle": "N/A (Japanese M&A regulatory guidelines; Alps Alpine cited as precedent)",
  "authorId": "25_Oasis_Management",
  "authorName": "Norie Hata",
  "documentKindSlug": "other",
  "documentKindLabel": "Other",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4148802,
  "pageNumber": 4,
  "pageCount": 6,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "other",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a text-heavy news summary page.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-47ef716cd202/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-47ef716cd202",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-47ef716cd202.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-47ef716cd202#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We’re supportive of the new draft MBO guidelines which increase minority shareholder protection.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870b-84cc7e74e7ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.44
      },
      "kind": "paragraph",
      "text": "If the majority of the minority conditions are not in place in a transaction, it is important to secure the overall fairness of the deal using other types of measures designed to ensure fairness, according to the draft guidelines.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "041ac814-9b9b-411c-82cd-97d5576192eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "The majority of the minority conditions are in place for in many cases of MBO in Japan today, but the effectiveness of such conditions is a complex subject in cases of the acquisition of a controlled company by its controlling shareholder.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "283556f7-b726-4297-a612-22a93ff071a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "The most important issue after the special committee is the enhanced disclosure of various information. The guidelines encourage the disclosure, in full, of valuation reports and fair opinion reports obtained by the third-party committee as well as the disclosure, in full, of the backgrounds of all special committee members and as well as full details of payments to all parties among other things.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bf181dd-2bcf-47d8-acb1-7807273620e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "The guidelines said, however, in a transaction where a large controlling shareholder is acquiring a company, the target company's board and special committee are urged to study, in a comprehensive manner, the necessity of the majority of the minority condition.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61fd2f18-be13-472d-9be3-fe1d3090a943",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "Oasis, in its first public comments submitted to the Meti in January, suggested that in acquisitions by related parties, any non-votes should be considered votes against the merger, and any related party to the offeror should not be considered a minority shareholder.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c1b38c8-4fcf-41fd-bb98-59a0d0442264",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.64
      },
      "kind": "quote",
      "text": "\"We're supportive of the new draft MBO guidelines which increase minority shareholder protection. We believe these guidelines and other such measures focused on improving corporate governance will improve Japan's capital markets as an investment destination,\" Seth Fischer, Chief Investment Officer of Oasis Management in Hong Kong, told this news service.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69c2b16e-5a22-4992-a2fc-32b2db4341d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We’re supportive of the new draft MBO guidelines which increase minority shareholder protection. We believe these guidelines and other such measures focused on improving corporate governance will improve Japan’s capital markets as an investment destination,” Seth Fischer, Chief Investment Officer of Oasis Management in Hong Kong, told this news service. — Seth Fischer",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870b-8bbabd6a0d6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "https://www.dealreporter.com/intelligence/view/prime-2849416",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3644dc6-de2d-4c18-82ad-46d65f8b46ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Japan's new Meti driven M&A guidelines boost special committee, independent directors roles | Dealreporter",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d95b1799-a0f3-4824-bec5-2556f98ba0c0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "950ef088-1e9c-4484-96c5-2db6e16ffbf4",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document provides evidence and details about the guidelines.",
      "position": 1,
      "confidence": 0.7,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}