MOLITEC STEEL CO.,LTD. [5986.T]
TOKYO, May 14 (Pulse News Wire) – Molitec Steel CO.,LTD. (5986.T) announced today that its board of directors has decided to extend the existing share buyout defense plan until the conclusion of the regular shareholders' meeting scheduled for June 24, 2026.
The plan was initially approved during the extraordinary general meeting held on June 28, 2023, and subsequently ratified by shareholders on May 26, 2023. The revised plan, known as the "New Plan," includes measures aimed at ensuring fair information provision and sufficient time for evaluation by shareholders when faced with large-scale share acquisitions. It also mandates independent committee consultations for significant decisions related to the plan's implementation.
Under the New Plan, if a potential acquirer complies with the outlined procedures, the company’s board will generally refrain from taking countermeasures against the acquisition. However, should the board determine that such actions would harm the company's value or shareholder interests, appropriate countermeasures may still be taken. The plan remains effective until June 30, 2029, subject to renewal or termination by shareholders.
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