Sumitomo Metals' Board of Directors believes that the rules regarding corporate takeover must be of service to all stakeholders including shareholders, customers, and employees, on a long-term basis. We believe that shareholders should make the final decisions as to whether or not a takeover proposal contributes to create value to stakeholders.
At the ordinary general shareholders meeting held in June 2009, the shareholders approved our policy and rules for when a takeover proposal is made to Sumitomo Metals. The purpose is not to “defend,” but to provide an opportunity for Sumitomo Metals' shareholders to receive information necessary to make their judgments, and to secure the period of time necessary for the provision of such information. If necessary, the Board of Directors may offer management’s plan as an alternative plan to shareholders. If a party who has proposed a takeover does not comply with the rules, Sumitomo Metals' Board of Directors may take countermeasures against it.
