東証、ＭＢＯルール厳格に　安価な買収阻止、少数株主保護

　経営陣による自社買収（ＭＢＯ）で、東証が買い付け価格の根拠に関する説明を上場企業に義務付けるルールを今年春にも導入する方針を固めたことが８日、分かった。創業家の大株主が不当に安い価格で非上場化することを阻止し、少数株主の利益を守るのが狙いだ。
　東証は、上場企業の規則を定める「企業行動規範」を改める。これまではＭＢＯについて「適時開示は必要かつ十分に行う」などの規定にとどまっていた。新ルール案では、社外取締役らで構成する特別委員会の設置を求め、少数株主が正当な利益を得られるか、取締役会が特別委から意見を得ることを義務付ける。特別委の議事録公表を求めることなども検討する。（2025/01/08-17:46）

The Tokyo Stock Exchange plans to tighten its management buyout, or MBO, rules for listed companies as early as this spring to protect the interests of minority shareholders, informed sources said Wednesday.
   The TSE will revise its Code of Corporate Conduct to require listed companies to explain MBO prices to prevent major shareholders, such as founding family members, from buying shares at unreasonably low prices.
   Currently, the code only calls for "necessary and sufficient" disclosure of MBO-related information.
   Under the new rules, listed companies will be required to set up a special committee of outside directors and seek its opinions, including on whether minority shareholders will receive fair value. They could also be required to disclose the minutes of the special committee.
   The move comes amid calls for ensuring fair MBO procedures as the number of MBO cases increases in response to the TSE's market reform and growing demand from activist shareholders.