The current length for open bidding, in which a bidder buys shares of a targeted company for a specific price open to the public, now ranges from 20 to 60 days.
A longer period would give the targeted company more chances to take countermeasures and negotiate with the bidder, the panel said.
Requests for reforms on takeover rules surged after a high-profile battle between Internet services company Livedoor Co. and Fuji Television Network Inc. for control of Nippon Broadcasting System Inc. earlier this year.
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