Capcom announced today that is has not renewed the company’s takeover defense, a countermeasure instated in 2008 to prevent Capcom from falling under another company’s control should a third party buy up a large amount of its stock.
The practice of blocking stock purchase takeovers is common among companies; Capcom’s six-year-old countermeasure was instated after a shareholder vote to block third parties from gaining control by putting stock purchases through a meticulous approval process.
Today’s decision, made during Capcom’s most recent investor meeting due to a lack of votes in its favor, opens the company to buyout, should another party acquire a majority of Capcom stock.
A press statement from Capcom notes that the company will continue to try and enhance its corporate value and the interest of its shareholders. In the event of a large-scale stock purchase, Capcom’s management promises to “react to make necessary measures within the admissible limits of applicable laws and regulations.” In lieu of such a purchase, Capcom will also give enough time for the board of the directors and shareholders to examine the purchase and react accordingly.
Just yesterday, Street Fighter series executive producer and head of consumer games development at Capcom Yoshinori Ono resigned from his position as director of Capcom Vancouver.