On February 8, 2005, the internet company Livedoor announced that it had acquired about 35 percent of the radio broadcaster Nippon Broadcasting. It had bought the shares outside trading hours through ToSTNeT-1, not through a public tender offer.
The method became a public issue, and the rules were changed. On June 22, 2005, the Diet passed an amendment to the Securities and Exchange Law. From July 9, 2005, a purchase of this kind that takes the buyer above one third of the shares falls under the tender offer rules.