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TRANSCRIPT
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M&A .
M&A M&A
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, , 2000
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M&A .
.
M&A
(private buy-out fund) .
PEF(private equity fund),
SPAC(special purpose acquisition company) .
2013 5
(investment bank) , (prime brokerage)
(hedge
fund) .
M&A
.1) M&A
.
1) , (, 2006.11), 7
, 13.
.
M&A M&A
. M&A
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2000 2012
10 .2) , M&A
2000
,
5% 41%
.3)
1/3 5) 6)
(partial bids) M&A
. ,
(shadow voting) 2015
.
(proxy solicitation)
, ,
2) , 2012-33(2012.8.14-8.20), 37.
3) , 2012-33, 38 ; 2007
, 6 ; 2009 , 3.
4) City Code 30% 30% 50%
(City Code on Takeovers and Mergers, Rule §9.1).
5) 1/3 , , 60
10 3 1
.
6) (
) 3 2
. ,
, 26 2( ,
2013. 6), 146 .
:
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.
.
M&A .
M&A ,
(LBO, leveraged buy-out)
.
’90
M&A 2000 M&A
.
LBO
LBO(financial LBO, LBO), LBO(merger
LBO) . LBO 7) LBO
,8) LBO .
LBO , LBO
M&A
LBO .
.
M&A .
M&A
. ,
M&A
M&A , M&A
.9)
M&A(bust-up M&A) .10)
7) 2006.11.9, 20047027 ; 2008.2.28, 20075987 ; 2012.6.14. 20121283( LBO)
8) 2010.4.15, 20096634( LBO)
9) 1984 1986 M&A 3
. Ronald. J. Gilson & Bernard S. Black, The Law of Finance
of Corporate Acquisitions(Foundation Press, 1995), p.358
10) , Bust-up M&A , 8 2(
M&A
68 201310 73
LBO
. M&A
,11) ( , bust-up proxy
fight) .
, M&A
, (going
private) .
,
.
M&A
, M&A
.
, M&A
.
(freeze-out) .
M&A
.
.
(1)
.
()
( ) ,
() .
(straight or forward triangular merger), (reverse
triangular merger) . ,
, 2007), 347 .
11) John C. Coffee, Jr., Shareholders versus Managers : The Strain in the Corporate Web, 85
Mich. L. Rev. 1, 2(Oct. 1986).
:
74 68 201310
().
.
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M&A .
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,
(5223 1).
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()
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(cash-out merger)
(523
4). .
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() .
(2)
.
.
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. .
.
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(freeze-out)
.
.
. , (bona fide
business purpose) ,
. , (fair dealing)
:
76 68 201310
. .
(4)
. ,
. ,
,
. ,
.
95%
(right of buy-out) (right of sell-out)
(mandatory purchase of minority shares)
( 36024∼26).
(absolute control)
,
.
(freeze-out, squeeze-out) , ,
13) 14)
.
, ( 23)
15) .
.
13) , -
, 6 1(, 2005), 1
14) §327 a, §327 b, §327 c, §327 d, §327 e, §327 f
15) , 2011 -( , 2011), 127. ,
, 26 1(, 2012.3) .
M&A
68 201310 77
.16)
, ,
17) ,
18). (doctrine
of fairness)
.19)
24 1). 95%
( 36024 1). 95%
, 50%
,
(36024 2).
.
(95% ) .
(b)
( 36024 1).
.20)
16) BVerGE, ZIP 2000, S.1670, 1671 ff. , Squeeze-out
, 14(, 2003), 495-496 .
17) European Convention on Human Rights, Protocol 1, art 1.
18) Bramelid v. Sweden(application 8588 and 8589/79)(1982 5 EHRR 249). Derek French,
Stephen Mayson & Christopper Ryan, Company Law(2008-2009)(Oxford, 2008), p. 228 ;
, , 2011 ·
(2011.10.15), 48-49.
19) , , 8-13 .
20) : James D. Cox & Thomas L. Hazen & F. Hodge O'neal, Corporations(Aspen
Law & Business, 1997), p.611 ; William J. Carney, Mergers and Acquisitions(Foundation
Press, 2000), pp. 423-424. : , -
, 30 2(, 2011.8), 32
; , 2011 ( , 2011.12), 108 ; ,
:
78 68 201310
(business purpose) .21)
.
.22)
,
. .
.23)
(c)
(36024 3).
.24)
,
,
,
( 36024 4).
,
.
, 1
,
,
( 36024 5).
, 52.
21) (financial interest) (corporation's
interest) . Alpert v. 28 Williams St. Corp., 63
N.Y. 2d 557, 483 N.Y.S. 2d 667, 473 N.E.2d 19(1984).
22) , , 11.
23) Weinberger v. UOP, 457 A. 2d(Del. 1983)
24) , ,
24 3(, 2005), 93. : , , 433-434.
M&A
68 201310 79
(d)
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.
1
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2
. 2 . 2
.26)
,
.
.
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26) 2011.4.28. 20092667 ( )
:
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( 36025 1).
(compulsory acquisition) (right of sell-out) ,
(mandatory bids)
.
.
.
, .
, .
.
(b)
2
( 360242). ‘2
’ .
, 30
( 36025 3 4).
( 36025 5).
(c)
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.
( 36026 2).
.
(1)
,
.
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68 201310 81
,
M&A .
.
2000
.
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10
( 152 2, 161).
,
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155).
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1), 2
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27)
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.
,
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27) RMBCA §11.02(c)(3).
28) : , , 25 4(,
2011), 94 ; , , 25
4( , 2012), 261 ; , ,
2013 (2013.4.26), 24.
:
84 68 201310
29)
.
. 2006
,30)
(triangular stock exchange) . ,
.
.
(1)
20 60
( 134 3, 146 3).
(20) ,
.
60
.
20 (business day)
(calenda day) (pressure to sell)
, 60
. 20
29) , (non-assignable franchise, ),
(long-term lease), (trademarks), 3
(non-transferable contracts rights without third-party approval)
3
. Tad Ravazzini, Note, The Amalgamating
Reorganization Provisions : The Asymmetry in Treatment of Forward and Reverse
Triangular Mergers and Other Problems, 26 Golden Gate U. L. 541, 569(1996).
30) 749 1 2, 751 1 3, 758 4, 760 5, 768 1
, 770 1 3. , 4(, 2008), 87 .
M&A
68 201310 85
,
.
.
, ,
.
.
, 20, 40
.31)
(partial bids) .
,
.
, 2
.
.
(speculation) (coercion)
. 30%
(mandatory takeover bids)
. 1971
, 1990
1/3 1/3
.
60 10 ( , )
3 1
.32)
32) 272 1 2, 62 3.
:
86 68 201310
, ( ) ,33)
10%
5% 3 1
34) . 1/3
,
,
,
.35)
,
,
.
,
1/3
.36)
. LBO
LBO M&A
. LBO M&A
, ,
, M&A LBO
.
, M&A LBO
LBO .
LBO 2006 2008
. LBO LBO
33) 272 1 3.
34) 272 1 4, 7 3, 4, 42
1.
58-1( , 2008.6), 23.
36) , , 160-164
.
M&A
68 201310 87
LBO
. ,
.37)
2.
.
2011 4
( 3443) ,
( 341).
, ,
,
.
,
. 1997 1
(
23 4) ,
. ,
(
5-21).
M&A ,
.
.
.
, ,
, .
37) , LBO -
, 56(, 2011.10), 112 .
:
88 68 201310
M&A M&A
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. .
M&A
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.
,
.
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.
.
.
. (stock purchase
warrant) . 39)
.
(call option) .
, ,
.40)
.
. ,
38) , M&A ( , 2009), 199-231 .
39) 2010 20112013 .
40) , (Warrant) (
, 2010.10), 19-67 .
M&A
68 201310 89
,
.
,
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.
.
.
,
.41)
, .
, ,
.
,42)
.
.
41) , , 26 4
(, 2008), 265 ; , , 58 .
42) , , No. 1267(2004. 5), 110.
:
90 68 201310
.
,
95% .
(compulsory acquisition)
90%
(right to buy-out,
right to squeeze-out), (right to
sell-out) .43) ,
. ,
3 2
.
, .
2
.44)
. ,
. ,
.
,
95%
,
.45)
.
43) 2006 Company Act, S. 979(1)(2), S. 983(2)(b),(3)(b). Derek French, Stephen Mayson &
Christopher Ryan, Company Law(25th edition)(Oxford, 2008), pp. 228-233.
44) , , 216.
45) , , 170-171.
M&A
68 201310 91
.
M&A .
, , M&A
M&A
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M&A
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.
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M&A M&A
,
.
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.
M&A .
:
92 68 201310
, , 24 3,
, 2005
, , 25 4, , 2011
, , 26 4,
, 2008
, 30 2, , 2011.8
, ,
26 2, , 2013. 6
, Bust-up M&A , 8 2,
, 2007
, 6 1, ,
2005
, 2012.3
, 56, , 2011.10
, M&A , , 2009
, , ,
2006.11
, , 2011 ·
, 2011.10.15
, , 2013
, 2013.4.26
, Squeeze-out , 14, , 2003
, 2011 , , 2011.12
, , , 2009
, (Warrant) , , 2010.10
, , 25 4,
, 2012
, , , 2007
, 58-1, , 2008.6
, , No. 1267, 2004. 5
Derek French, Stephen Mayson & Christopper Ryan, Company Law(2008-2009),
Oxford, 2008
James D. Cox & Thomas L. Hazen & F. Hodge O'neal, Corporations, Aspen Law &
Business, 1997
John C. Coffee, Jr., Shareholders versus Managers : The Strain in the Corporate Web,
85 Mich. L. Rev. 1(Oct. 1986)
Ronald. J. Gilson & Bernard S. Black, The Law of Finance of Corporate Acquisitions,
Foundation Press, 1995
in Treatment of Forward and Reverse Triangular Mergers and Other
Problems, 26 Golden Gate U. L. 541(1996)
William J. Carney, Mergers and Acquisitions, Foundation Press, 2000
. M&A
<>
2011 4 2013 5
, M&A
.
M&A ,
.
M&A
. M&A
. , M&A
M&A M&A
,
.
* , [email protected]
M&A
68 201310 69
M&A ,
.
, ,
.
, M&A
. M&A
. M&A
.
M&A
, M&A
.
’90 , M&A
. 2011 4
2013 5 ,
M&A
.
M&A ,
. M&A
.
,
. ,
.
:
70 68 201310
,
,
.
M&A
, M&A
.
1. M&A
M&A .
M&A M&A
. 1980 M&A
, , 2000
. M&A
M&A .
.
M&A
(private buy-out fund) .
PEF(private equity fund),
SPAC(special purpose acquisition company) .
2013 5
(investment bank) , (prime brokerage)
(hedge
fund) .
M&A
.1) M&A
.
1) , (, 2006.11), 7
, 13.
.
M&A M&A
. M&A
,
.
2000 2012
10 .2) , M&A
2000
,
5% 41%
.3)
1/3 5) 6)
(partial bids) M&A
. ,
(shadow voting) 2015
.
(proxy solicitation)
, ,
2) , 2012-33(2012.8.14-8.20), 37.
3) , 2012-33, 38 ; 2007
, 6 ; 2009 , 3.
4) City Code 30% 30% 50%
(City Code on Takeovers and Mergers, Rule §9.1).
5) 1/3 , , 60
10 3 1
.
6) (
) 3 2
. ,
, 26 2( ,
2013. 6), 146 .
:
72 68 201310
.
.
M&A .
M&A ,
(LBO, leveraged buy-out)
.
’90
M&A 2000 M&A
.
LBO
LBO(financial LBO, LBO), LBO(merger
LBO) . LBO 7) LBO
,8) LBO .
LBO , LBO
M&A
LBO .
.
M&A .
M&A
. ,
M&A
M&A , M&A
.9)
M&A(bust-up M&A) .10)
7) 2006.11.9, 20047027 ; 2008.2.28, 20075987 ; 2012.6.14. 20121283( LBO)
8) 2010.4.15, 20096634( LBO)
9) 1984 1986 M&A 3
. Ronald. J. Gilson & Bernard S. Black, The Law of Finance
of Corporate Acquisitions(Foundation Press, 1995), p.358
10) , Bust-up M&A , 8 2(
M&A
68 201310 73
LBO
. M&A
,11) ( , bust-up proxy
fight) .
, M&A
, (going
private) .
,
.
M&A
, M&A
.
, M&A
.
(freeze-out) .
M&A
.
.
(1)
.
()
( ) ,
() .
(straight or forward triangular merger), (reverse
triangular merger) . ,
, 2007), 347 .
11) John C. Coffee, Jr., Shareholders versus Managers : The Strain in the Corporate Web, 85
Mich. L. Rev. 1, 2(Oct. 1986).
:
74 68 201310
().
.
M&A ,
M&A .
.
(2)
,
, 3 ()
.
. ,
(522), (5275),
(5222, 5276), (5223)
.
100 90 , ( )
(5272 2).
.
.
.
, ( )
.
.12)
, 3 418
2
, ,
().
12) , ( )( , 2013), 594 ; 800 1.
M&A
68 201310 75
,
(5223 1).
.
()
, , ,
,
. ,
( 1655 3).
(cash-out merger)
(523
4). .
,
() .
(2)
.
.
, ,
. .
.
(3)
(freeze-out)
.
.
. , (bona fide
business purpose) ,
. , (fair dealing)
:
76 68 201310
. .
(4)
. ,
. ,
,
. ,
.
95%
(right of buy-out) (right of sell-out)
(mandatory purchase of minority shares)
( 36024∼26).
(absolute control)
,
.
(freeze-out, squeeze-out) , ,
13) 14)
.
, ( 23)
15) .
.
13) , -
, 6 1(, 2005), 1
14) §327 a, §327 b, §327 c, §327 d, §327 e, §327 f
15) , 2011 -( , 2011), 127. ,
, 26 1(, 2012.3) .
M&A
68 201310 77
.16)
, ,
17) ,
18). (doctrine
of fairness)
.19)
24 1). 95%
( 36024 1). 95%
, 50%
,
(36024 2).
.
(95% ) .
(b)
( 36024 1).
.20)
16) BVerGE, ZIP 2000, S.1670, 1671 ff. , Squeeze-out
, 14(, 2003), 495-496 .
17) European Convention on Human Rights, Protocol 1, art 1.
18) Bramelid v. Sweden(application 8588 and 8589/79)(1982 5 EHRR 249). Derek French,
Stephen Mayson & Christopper Ryan, Company Law(2008-2009)(Oxford, 2008), p. 228 ;
, , 2011 ·
(2011.10.15), 48-49.
19) , , 8-13 .
20) : James D. Cox & Thomas L. Hazen & F. Hodge O'neal, Corporations(Aspen
Law & Business, 1997), p.611 ; William J. Carney, Mergers and Acquisitions(Foundation
Press, 2000), pp. 423-424. : , -
, 30 2(, 2011.8), 32
; , 2011 ( , 2011.12), 108 ; ,
:
78 68 201310
(business purpose) .21)
.
.22)
,
. .
.23)
(c)
(36024 3).
.24)
,
,
,
( 36024 4).
,
.
, 1
,
,
( 36024 5).
, 52.
21) (financial interest) (corporation's
interest) . Alpert v. 28 Williams St. Corp., 63
N.Y. 2d 557, 483 N.Y.S. 2d 667, 473 N.E.2d 19(1984).
22) , , 11.
23) Weinberger v. UOP, 457 A. 2d(Del. 1983)
24) , ,
24 3(, 2005), 93. : , , 433-434.
M&A
68 201310 79
(d)
( 36024 4 3, 4),
.
1
( 36024 7), 2
30
( 36024 8).
( 3742)
.
, , ,
.25)
(e)
2
( 36024 6).
2
. 2 . 2
.26)
,
.
.
( 36026 1).
(3) -
26) 2011.4.28. 20092667 ( )
:
80 68 201310
( 36025 1).
(compulsory acquisition) (right of sell-out) ,
(mandatory bids)
.
.
.
, .
, .
.
(b)
2
( 360242). ‘2
’ .
, 30
( 36025 3 4).
( 36025 5).
(c)
( 36026 1).
.
( 36026 2).
.
(1)
,
.
M&A
68 201310 81
,
M&A .
.
2000
.
.
( 152 1).
10
( 152 2, 161).
,
. ,
( 154),
( 152 6, 163)
( 156 1), ,
( 154).
(
155).
(3)
.
(a)
( 316 )
,
( 1522
:
82 68 201310
1), 2
( 1522 2).
.
,
. ,
2
.
(b)
. 5(
, , )
, 2 ( 153).
. ( 156 1)
( 1582, 166)
.
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1.
.
M&A
68 201310 83
,
.
, , , ,
, , ,
27)
.
.
(2)
,
.
.28)
,
. ,
( 161
1 6) .
(3)
merger, )
.
,
. ,
27) RMBCA §11.02(c)(3).
28) : , , 25 4(,
2011), 94 ; , , 25
4( , 2012), 261 ; , ,
2013 (2013.4.26), 24.
:
84 68 201310
29)
.
. 2006
,30)
(triangular stock exchange) . ,
.
.
(1)
20 60
( 134 3, 146 3).
(20) ,
.
60
.
20 (business day)
(calenda day) (pressure to sell)
, 60
. 20
29) , (non-assignable franchise, ),
(long-term lease), (trademarks), 3
(non-transferable contracts rights without third-party approval)
3
. Tad Ravazzini, Note, The Amalgamating
Reorganization Provisions : The Asymmetry in Treatment of Forward and Reverse
Triangular Mergers and Other Problems, 26 Golden Gate U. L. 541, 569(1996).
30) 749 1 2, 751 1 3, 758 4, 760 5, 768 1
, 770 1 3. , 4(, 2008), 87 .
M&A
68 201310 85
,
.
.
, ,
.
.
, 20, 40
.31)
(partial bids) .
,
.
, 2
.
.
(speculation) (coercion)
. 30%
(mandatory takeover bids)
. 1971
, 1990
1/3 1/3
.
60 10 ( , )
3 1
.32)
32) 272 1 2, 62 3.
:
86 68 201310
, ( ) ,33)
10%
5% 3 1
34) . 1/3
,
,
,
.35)
,
,
.
,
1/3
.36)
. LBO
LBO M&A
. LBO M&A
, ,
, M&A LBO
.
, M&A LBO
LBO .
LBO 2006 2008
. LBO LBO
33) 272 1 3.
34) 272 1 4, 7 3, 4, 42
1.
58-1( , 2008.6), 23.
36) , , 160-164
.
M&A
68 201310 87
LBO
. ,
.37)
2.
.
2011 4
( 3443) ,
( 341).
, ,
,
.
,
. 1997 1
(
23 4) ,
. ,
(
5-21).
M&A ,
.
.
.
, ,
, .
37) , LBO -
, 56(, 2011.10), 112 .
:
88 68 201310
M&A M&A
. M&A
. .
M&A
,
.
,
.
.38) ,
.
.
.
. (stock purchase
warrant) . 39)
.
(call option) .
, ,
.40)
.
. ,
38) , M&A ( , 2009), 199-231 .
39) 2010 20112013 .
40) , (Warrant) (
, 2010.10), 19-67 .
M&A
68 201310 89
,
.
,
, M&A ,
.
.
.
,
.41)
, .
, ,
.
,42)
.
.
41) , , 26 4
(, 2008), 265 ; , , 58 .
42) , , No. 1267(2004. 5), 110.
:
90 68 201310
.
,
95% .
(compulsory acquisition)
90%
(right to buy-out,
right to squeeze-out), (right to
sell-out) .43) ,
. ,
3 2
.
, .
2
.44)
. ,
. ,
.
,
95%
,
.45)
.
43) 2006 Company Act, S. 979(1)(2), S. 983(2)(b),(3)(b). Derek French, Stephen Mayson &
Christopher Ryan, Company Law(25th edition)(Oxford, 2008), pp. 228-233.
44) , , 216.
45) , , 170-171.
M&A
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