# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十七条の十一 (Article 27-11) - Law: 金融商品取引法 (Financial Instruments and Exchange Act), 昭和二十三年法律第二十五号 - English title "Financial Instruments and Exchange Act": Ministry of Justice translation - Kind: Act — the distinction between 法律 (Act), 政令 (Cabinet Order), 省令 (Ministerial Order) and 条例 (local ordinance) decides who may issue it and what it may say. - Provision: 第二十七条の十一 (Article 27-11)（公開買付者による公開買付けの撤回及び契約の解除） — address `art-27-11` - Text in force since: 2026-08-12 - URL (the page that opens at this provision): https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-27-11 - Every provision below carries its address and both URLs on the line under it. - Japanese text: e-Gov 法令検索, Digital Agency (デジタル庁). English: as marked on each line below. Only the Japanese as published by the government has legal effect; the text below is a copy of it. Every English rendering below is a translation and says which kind: the Ministry of Justice's translation, or this site's machine translation, whose model and date the Sources list names. They are never merged and never substituted for one another. --- ### 第二十七条の十一（公開買付者による公開買付けの撤回及び契約の解除） — (Tender Offer Withdrawal and Cancellation of Contracts by the Tender Offeror) caption: Ministry of Justice translation — Japanese Law Translation Database System art-27-11 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11 · https://japanlaw.org/l/323AC0000000025/art-27-11 **第一項** 公開買付者は、公開買付開始公告をした後においては、公開買付けに係る申込みの撤回及び契約の解除（以下この節において「公開買付けの撤回等」という。）を行うことができない。ただし、公開買付者が公開買付開始公告及び公開買付届出書において公開買付けに係る株券等の発行者若しくはその子会社（会社法第二条第三号に規定する子会社をいう。）の業務若しくは財産に関する重要な変更その他の公開買付けの目的の達成に重大な支障となる事情（政令で定めるものに限る。）が生じたときは公開買付けの撤回等をすることがある旨の条件を付した場合又は公開買付者に関し破産手続開始の決定その他の政令で定める重要な事情の変更が生じた場合には、この限りでない。 art-27-11/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-1 A tender offeror may not withdraw offers or cancel contracts in connection with a tender offer (hereinafter collectively referred to as "tender offer withdrawal, etc." in this Section) after having issued public notice of the commencement of the tender offer; provided, however, that this does not apply if the tender offeror states as one of the terms of purchase, etc. in the public notice of the commencement of the tender offer and in the tender offer statement that the tender offer may be withdrawn if a material change occurs in the business or property of the issuer of the share certificates, etc. that are involved in the tender offer or in its subsidiary (meaning a subsidiary as defined in Article 2, item (iii) of the Companies Act) or any other circumstance occurs that would significantly compromise its ability to achieve the purpose of the tender offer (limited to circumstances specified by Cabinet Order), or if an order to commence bankruptcy proceedings is issued against the tender offeror or any other material change in circumstances specified by Cabinet Order occurs. Ministry of Justice translation — Japanese Law Translation Database System **第二項** 前項ただし書の規定による公開買付けの撤回等を行おうとする場合には、公開買付期間の末日までに、政令で定めるところにより、当該公開買付けの撤回等を行う旨及びその理由その他の内閣府令で定める事項を公告しなければならない。ただし、公告を当該末日までに行うことが困難である場合には、当該末日までに当該公告に記載すべき内容を、内閣府令で定めるところにより、公表し、その後直ちに公告を行うものとする。 art-27-11/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-2 If the tender offeror seeks to effect a tender offer withdrawal, etc. under the proviso to the preceding paragraph, the tender offeror must issue a public notice indicating that it will effect a tender offer withdrawal, etc., the reason for this, and other particulars specified by Cabinet Office Order by the last day of the tender offer period, pursuant to the provisions of Cabinet Order; provided, however, that if it is difficult for the tender offeror to issue such a public notice by the last day of the tender offer period, the tender offeror is to issue a public announcement of the details that are required to be stated in the public notice, pursuant to the provisions of Cabinet Office Order, and issue the public notice immediately following. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 前項の規定による公告又は公表を行つた者は、内閣府令で定めるところにより、当該公告又は公表を行つた日に、前項に規定する公告の内容その他の内閣府令で定める事項を記載した書類（以下この節並びに第百九十七条及び第百九十七条の二において「公開買付撤回届出書」という。）を内閣総理大臣に提出しなければならない。 art-27-11/par-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-3 A person issuing a public notice or public announcement under the preceding paragraph must submit a document to the Prime Minister, pursuant to the provisions of Cabinet Office Order, in which it states the details that are required to be stated in the public notice provided for in the preceding paragraph and other particulars specified by Cabinet Office Order (hereinafter referred to as a "written tender offer withdrawal notice" in this Section and Articles 197 and 197-2) on the day on which that person issues the public notice or public announcement. machine translation, not official **第四項** 第二十七条の三第四項の規定は、公開買付撤回届出書について準用する。この場合において、同項中「発行者（当該公開買付届出書を提出した日において、既に当該発行者の株券等に係る公開買付届出書の提出をしている者がある場合には、当該提出をしている者を含む。）」とあるのは、「発行者」と読み替えるものとする。 art-27-11/par-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-4 The provisions of Article 27-3, paragraph (4) apply mutatis mutandis to a written tender offer withdrawal notice. In this case, in Article 27-3, paragraph (4), the phrase "the issuer of the share certificates, etc. involved in the tender offer is made (and to any person that has already submitted a tender offer statement for the share certificates, etc. of that issuer as of the day on which the tender offeror submits the tender offer statement)" is deemed to be replaced with "the issuer of the share certificates, etc. involved in the tender offer". Ministry of Justice translation — Japanese Law Translation Database System **第五項** 公開買付けの撤回等は、第二項の規定により公告をした場合に限り、その効力を生ずる。この場合において、その効力を生ずる時期は、当該公告を行つた時（同項ただし書の規定により公表及び公告を行つたときにあつては、当該公表を行つた時）とする。 art-27-11/par-5 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-5 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-5 A tender offer withdrawal, etc. comes into effect only if public notice is given pursuant to paragraph (2). In this, the tender offer withdrawal, etc. comes into effect at the time at which the public notice is given (or at the time when the public announcement is made, if the public announcement and the public notice are given pursuant to the proviso to paragraph (2)). Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-27-11/par-1: 会社法第二条第三号 → 会社法 第二条第一項第三号 (Article 2, paragraph (1), item (iii)), art-2/par-1/item-3 — https://japanlaw.org/ja/companies-act/art-2/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-2/par-1/item-3 - art-27-11/par-2: 前項 → 金融商品取引法 第二十七条の十一第一項 (Article 27-11, paragraph (1)), art-27-11/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-1 - art-27-11/par-3: 前項 → 金融商品取引法 第二十七条の十一第二項 (Article 27-11, paragraph (2)), art-27-11/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-2 - art-27-11/par-3: 第百九十七条 → 金融商品取引法 第百九十七条 (Article 197), art-197 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197 · https://japanlaw.org/l/323AC0000000025/art-197 - art-27-11/par-3: 第百九十七条の二 → 金融商品取引法 第百九十七条の二 (Article 197-2), art-197-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197-2 · https://japanlaw.org/l/323AC0000000025/art-197-2 - art-27-11/par-4: 第二十七条の三第四項 → 金融商品取引法 第二十七条の三第四項 (Article 27-3, paragraph (4)), art-27-3/par-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-4 - art-27-11/par-5: 第二項 → 金融商品取引法 第二十七条の十一第二項 (Article 27-11, paragraph (2)), art-27-11/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-2 ## Cited by 19 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二十七条の十一第二項（公開買付者による公開買付けの撤回及び契約の解除） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-2 - 金融商品取引法 第二十七条の十一第三項（公開買付者による公開買付けの撤回及び契約の解除） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-3 - 金融商品取引法 第二十七条の十一第五項（公開買付者による公開買付けの撤回及び契約の解除） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-11/par-5 · https://japanlaw.org/l/323AC0000000025/art-27-11/par-5 - 金融商品取引法 第二十七条の十三第一項（公開買付けに係る応募株券等の数等の公告等及び公開買付報告書等の提出） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-13/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-13/par-1 - 金融商品取引法 第二十七条の十三第四項（公開買付けに係る応募株券等の数等の公告等及び公開買付報告書等の提出） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-13/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-13/par-4 - 金融商品取引法 第二十七条の十四第三項（公開買付届出書等の公衆縦覧） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-14/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-14/par-3 - 金融商品取引法 第二十七条の二十二の二第二項（発行者による上場株券等の公開買付け） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-2 - 金融商品取引法 第二十七条の二十二の二第四項（発行者による上場株券等の公開買付け） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-4 - 金融商品取引法 第二十七条の二十二の二第八項（発行者による上場株券等の公開買付け） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-8 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-8 - 金融商品取引法 第二十七条の三十の二第一項（開示用電子情報処理組織の定義） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-30-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-30-2/par-1 - 金融商品取引法 第二十七条の三十の六第一項（金融商品取引所等に対する書類の写しの提出等に代わる通知等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-30-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-30-6/par-1 - 金融商品取引法 第二十七条の三十の十一第二項（電子情報処理組織を使用する方法等による親会社等状況報告書記載事項の提供等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-30-11/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-30-11/par-2 - 金融商品取引法 第百六十七条第四項（公開買付者等関係者の禁止行為） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-167/par-4 · https://japanlaw.org/l/323AC0000000025/art-167/par-4 - 金融商品取引法 第百九十七条第一項第二号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-197/par-1/item-2 - 金融商品取引法 第百九十七条第一項第三号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197/par-1/item-3 · https://japanlaw.org/l/323AC0000000025/art-197/par-1/item-3 - 金融商品取引法 第百九十七条の二第一項第二号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197-2/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-197-2/par-1/item-2 - 金融商品取引法 第百九十七条の二第一項第五号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197-2/par-1/item-5 · https://japanlaw.org/l/323AC0000000025/art-197-2/par-1/item-5 - 金融商品取引法 第百九十七条の二第一項第九号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197-2/par-1/item-9 · https://japanlaw.org/l/323AC0000000025/art-197-2/par-1/item-9 - 金融商品取引法 第二百条第一項第一号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-200/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-200/par-1/item-1 --- ## Sources - e-Gov 法令検索, Digital Agency (デジタル庁) — 金融商品取引法 — the text in force from 2026-08-12 (https://laws.e-gov.go.jp/law/323AC0000000025/20260812_508AC0000000064), retrieved 2026-10-22 - Japanese Law Translation Database System, Ministry of Justice (法務省) — Financial Instruments and Exchange Act — Ministry of Justice translation (https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb), retrieved 2026-10-22 - claude-sonnet-5-5 — Machine translation, batch financial-instruments-and-exchange-act-20261023T035921-002, translated 2026-10-23 - This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22