The Tokyo Stock Exchange is encountering demands to bolster protection for minority shareholders in the context of management buyouts, just weeks after introducing a requirement for greater disclosure in such transactions. Since the implementation of this new regulation on July 22, several companies, including Taiheiyo Cement, a supplier to Toyota, and Soft99, a producer of car care products, have announced their intentions to go private through management buyouts (MBOs). To shield investors from potential losses stemming from delisting, the exchange has mandated that these companies provide detailed explanations regarding the acquisition process and the fairness of the prices involved. Nonetheless, certain deals are still perceived as inequitable towards investors. A spokesperson for the Tokyo Stock Exchange has stated that they will continue to monitor the situation closely and consider further measures following the rule revision.