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ACGA Response to METI consultation on Guidelines for Corporate Takeovers

On Friday 17 July 2026, ACGA submitted its feedback on METI’s consultation paper regarding “Key Points of the Guidelines for Corporate Takeovers” (published June 2026), which build upon and aim to clarify the 2023 Guidelines. Our response welcomes the reaffirmation of the 2023 Guidelines’ core principles, particularly the focus on shareholder interests, timely disclosure of useful information, and the ultimate authority of shareholders to accept or reject acquisition proposals.

However, we expressed concern over the increased emphasis on non-quantitative factors in assessing corporate value, urging that corporate value should remain primarily understood as a quantitative concept, with any management discretion in this area narrowly prescribed.

The full response can be viewed here.