[Last updated: 1 January 2025, unless otherwise noted]

Upon expiration of the tender offer period but before the completion of the acquisition act, if the distribution of shares of the target company does not meet the listing conditions then shareholders who still hold shares in the target company have the right to sell their shares to the purchaser within a reasonable period as specified in the tender offer. No other rule allows squeeze-out of the minority shareholders after the completion of the takeover.