M&A

wata Godo has been involved in many cases in the area of mergers, acquisitions and integrations of corporations since the time when so-called M&A was far less prevalent in Japan. As such, we have proven track record of experience dealing with various cases in this area including (i) friendly acquisition and integration of business, (ii) restructuring of group companies, (iii) M&A of a listed company through a takeover bid, (iv) “going-private” cases including MBO, (v) a case of hostile takeover bid (including introduction and execution of defence measures against it) and (vi) responding to a litigation demanding purchase of shares filed by dissenting shareholders and to a filing for decision of purchase price for shares held by minority shareholders who were to be squeezed out.

Today M&A cases have become much more complex and specialized and, as a result, we are requested to advise or represent clients in various positions such as a party intending an M&A (including an arranger thereof), a target company of an M&A and a financier of an M&A. We provide wide range of comprehensive legal advice from (i) drawing up the scheme, (ii) conducting due diligence, (iii) representing the client in contract negotiation to (iv) filing notifications and reporting to the supervising authorities that are required by such laws as the Antimonopoly Act and the Financial Instruments and Exchange Act, in accordance with requirements in each case which in turn depend on, among others, the position of the client in the M&A procedure in question. We further offer comprehensive legal services covering such areas as (i) the closing of M&A, (ii) handling of legal issues arising in the process of PMI (Post Merger Integration) related to the Intellectual Property Law and the Labour Law and (iii) responding to the litigation demanding purchase of shares brought by dissenting shareholders and filing for decision for purchase price of the shares. We take pride in the range of legal services we offer as one of the manifestations of our comprehensive capability.

Given the fact that tax effects are of essential importance in planning M&A, Iwata Godo advises on the structuring of M&A taking tax aspects into full consideration and assist the clients through the M&A process in cooperation with audit corporations and tax accountants.

Recently we have seen increase in cases involving MBO and other “going-private” or squeezing out of minor shareholders where we provide advice, as legal counsellor to the party either intending an acquisition or being a target thereof, on such issues as examination of the scheme and measures to prevent conflict of interests. We also have experiences being involved in M&A process in various capacities other than the party intending an acquisition, such as, for example, being appointed as members of “special committee”, “independent committee”, “third party committee”, “committee for evaluation of the company value” where we were consulted on the adequacy of the M&A itself and/or its conditions.

In addition to our accomplishments in domestic M&A cases, Iwata Godo is also experienced in cross-border M&A cases through assisting our clients in processes of acquisition of overseas business basis and cooperation with companies located in the country in which cases we conducted due diligence in cooperation with local foreign law firm and attended contract negotiations. We are sharply expanding our international practice in this area as our clients expand their business abroad. (Please refer to the section on international practice for details.)

Publications Related to M&A

  • 2021.03

    Ito Hiroki, Tomita Yusuke, Yamada Kohei, and Matsuhashi Sho co-authored an article titled "Points to be Noted in Dealing with Shareholders' Meetings Based on the Amended Companies Act (II)" which appears in No. 443 issue (February 2021 issue) of Shoji Homu.

  • 2021.01

    Ito Hiroki, Mori Shunsuke, Fukatsu Haruno and Noguchi Daisuke co-authored an article titled "Pointes to be Noted in Dealing with Shareholders' Meetings Based on the Amended Companies Act (I)" which appears in No. 442 issue (January 2021 issue) of Shoji Homu.

  • 2020.12

    Sato Shuji's commentary titled "Outline of the 2021 Tax Reform Proposals Drafted by the Ruling Parties" is available on the Shoji Homu Portal Site.

    Author:
    SATO Shuji 
  • 2020.06

    Sato Shuji, Hamasaki Yuki, and Noguchi Daisuke co-authored the article titled "Cross-border In-kind Contribution and Taxation of Foreign Partnership Interests - Considering the Judgement Made for the Case of SHIONOGI & CO., LTD at Tokyo District Court", which appears in 837 issue of T&Amaster.

  • 2020.04

    Sato Shuji supervised the article titled "Case Commentary - Tax Lawyer Teaches Legal Affairs and Tax Affairs in the Succession of Business", which was published by Nihon Kajo Publishing Co., Ltd.

    Author:
    SATO Shuji 

Lectures, Seminars and Conferences Related to M&A

  • 2018.05

    Sato Shuji delivered a lecture concerning taxation on reorganization in the Advanced Course (54th) of training in National Tax College of National Tax Agency.

    Speaker: SATO Shuji 

  • 2018.03

    Ito Hiroki, Kakuno Shu, Mori Shunsuke and Yamada Kohei jointly delivered a lecture entitled "Seminar on Interim Proposal Concerning the Revision of Corporate Law System (Related to Corporate Governance, etc.)" at Iwata Godo.

  • 2016.09

    Motomura Takeshi, Ito Hiroki delivered a lecture entitled "Points to Consider in Business Succession from Business Law Perspective" on September 6, 2016, at FP Business Study Group held by Kinzai, Co., Ltd.

    Speaker: MOTOMURA Takeshi  ITO Hiroki 

Practice Areas