Capcom’s Takeover Defense Ends After Shareholder Vote, Open to Buyout

By on June 17, 2014 at 5:42 pm
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At a shareholder meeting held yesterday, June 16, Capcom shareholders did not approve a proposal that would renew the company’s existing takeover defense. The countermeasure, which was originally adopted in 2008, kept Capcom from being bought out through a hostile takeover.

Very little is known as to how this will affect the company in the near future, but they are now open to a buyout from external entities should a majority of its stock be purchased.

According to Capcom’s official statement, they “will continue to focus on further preserving and enhancing corporate value and common interests of its shareholders” despite the non-approval and, if Capcom shares are acquired by a large-scale purchaser, they are ready “to make necessary measures within the admissible limits of applicable laws and regulations.”

Capcom’s full press release has been included below.

Press Release

The 35th Ordinary General Meeting of Shareholders of Capcom Co., Ltd. was held today, June 16, 2014. At this meeting, the shareholders did not approve our third proposal: Renewal of Countermeasures in response to a Large-Scale Purchase of Shares of the Company (Takeover Defense). Capcom made an announcement concerning this proposal in a press release dated May 16, 2014.

1. Result of voting

The takeover defense proposal was not approved because this proposal did not receive majority of voting rights as required.

2. Upcoming actions

Despite of non-approval of Renewal of Takeover Defense at the 35th Ordinary General Meeting of Shareholders, Capcom will continue to focus on further preserving and enhancing corporate value and common interests of its shareholders. If there is any large-scale purchaser of Capcom stock, we will react to make necessary measures within the admissible limits of applicable laws and regulations. In addition, we will react to take steps to ensure disclosure of the position of the board of directors and other information and that there is sufficient time for shareholders to examine the proposed large-scale purchase and reach a decision.

Source: Capcom via Gamasutra, Destructoid, IGN (via UltraDavid)