Tokyo Bourse Pressed for More Disclosure on Management Buyouts

The Tokyo Stock Exchange remains under pressure to do more to protect minority shareholders during management buyouts, just weeks after requiring more disclosures on such deals.

Pacific Industrial Co., a supplier for Toyota Motor Corp., and car-care products maker Soft99 Corp. are among companies that have announced plans to go private in management buyouts, since new rules came into effect on July 22.

The bourse requires companies exiting the market through MBOs or acquisitions by controlling shareholders to provide explanations regarding procedures and price fairness, with the intention of protecting investors from losses due to delistings at excessively low ...