Shibusawa Warehouse renews takeover defense amid governance changes

Shibusawa Warehouse (TSE:9304) today announced the renewal of its takeover response policy aimed at preventing inappropriate control of the company's financial and business decisions. The renewal is contingent on shareholder approval at the General Meeting scheduled for June 27, 2025. This renewal aligns with the company’s anticipated transition to a company with an audit and supervisory committee. The company noted that all directors, including three outside directors, support the renewal, and all auditors have expressed no objections. The plan is designed to ensure that any potential acquirer provides sufficient information and time for shareholders to assess the merits of a large-scale acquisition. The company emphasizes its commitment to enhancing corporate value and protecting the common interests of shareholders. If a large-scale acquisition occurs under circumstances the company deems inappropriate, it intends to implement a gratis allotment of share options, potentially diluting the acquirer's holdings by up to 50%. The current countermeasures were set to expire at the closing of the 178th Annual General Shareholders' Meeting and this renew is based on recent court rulings and practice trends in takeover response policies.