Business News
Introduction of Countermeasures to Large-Scale Acquisitions of Seiko Epson Shares (Takeover Defense Measures)
Wednesday 30. April 2008 - Seiko Epson Corporation (the "Company") decided at its board of directors meeting held on April 30, 2008 to establish a basic policy regarding the persons who control decisions on the Company's financial and business policies (defined in the main text of Article 127 of the Enforcement Regulations of the Corporation Law
Seiko Epson Corporation (the “Company”) decided at its board of directors meeting held on April 30, 2008 to establish a basic policy regarding the persons who control decisions on the Company’s financial and business policies (defined in the main text of Article 127 of the Enforcement Regulations of the Corporation Law; the “Basic Policy”) and to introduce its plan for countermeasures to large-scale acquisitions of the shares in the Company (takeover defense measures) (the “Plan”) for the purpose of ensuring and enhancing the Company’s corporate value and, in turn, the common interests of its shareholders as a measure to prevent decisions on the Company’s financial and business policies from being controlled by persons viewed as inappropriate under the Basic Policy (Article 127, Item (ii)(b) of the Enforcement Regulations of the Corporation Law). The introduction will be subject to shareholder approval at the 66th ordinary general meeting of shareholders of the Company to be held on June 25, 2008 (the “Shareholders Meeting”).
All five of the Company’s statutory auditors including the three outside auditors were in attendance at the meeting of the Company’s board of directors to establish the Plan, and the implementation of the Plan was unanimously approved subject to the specific operation of the Plan being carried out appropriately.
Major shareholders of the Company as of March 31, 2008 are listed in the exhibit. Please note that the Company has not received any notice or proposal of a large-scale acquisition of shares in the Company from a specific third party to date.