Democratic Party lawmaker Oh Gi Hyoung and 10 colleagues have formally submitted an amendment to the Capital Markets Act to tighten takeover rules and bolster minority shareholder protection as part of a special committee effort to tackle the so-called Korea discount. The draft would require target company boards to publish an independent opinion on takeover offers, including whether the offer serves the interests of all shareholders. It would also expand mandatory disclosure beyond items affect

Democratic Party lawmaker Oh Gi Hyoung and 10 colleagues have formally submitted an amendment to the Capital Markets Act to tighten takeover rules and bolster minority shareholder protection as part of a special committee effort to tackle the so-called Korea discount. The draft would require target company boards to publish an independent opinion on takeover offers, including whether the offer serves the interests of all shareholders. It would also expand mandatory disclosure beyond items affecting company assets or management to any corporate decisions that materially affect shareholder interests, bringing M&A proposals likely to affect shareholder value under disclosure obligations.