ＴＯＢ制度の対象拡大　実施義務、「３０％超」に引き下げ―金融審

　金融庁の金融審議会（首相の諮問機関）は１９日、作業部会を開き、ＴＯＢ（株式公開買い付け）制度の見直しに関する報告書案を大筋でまとめた。現在は株主総会で特別決議を否決できる「３分の１超」の株式を取得する際にＴＯＢの実施を義務付けているが、これを「３０％超」へ引き下げる。議決権行使の実態を踏まえ、制度の対象を拡大する。
　ＴＯＢ制度の大幅な見直しは２００６年以来となる。金融庁は来年の通常国会に金融商品取引法の改正案を提出する方針。（2023/12/19-15:24）

Japan's Financial System Council plans to revise the regulation for stock acquisitions through a tender offer, it was learned Tuesday.
   Currently, it is required to make a tender offer to acquire over one-third of outstanding shares in a company to reject a special resolution at a general shareholders' meeting.
   The regulation is aimed at securing transparency of the process to obtain such an influential voting power, as the tender solicitor is obliged to clarify the acquisition price and purpose.
   The Financial Services Agency's council, which advises the prime minister, drafted a proposal at a working group meeting Tuesday that a shareholder seeking to obtain over 30 pct of outstanding shares launch a tender offer.
   The council finds it necessary to expand the scope of application of the tender offer regulation, the first major change in the regulation since 2006, at a time when a holder of a 30 pct stake can vote down a special resolution on a key corporate management matter, such as a merger, because only around 60 pct of voting rights are exercised at shareholders' meetings of listed firms on average.