Squeeze out of minority shareholders in the corporation law

Research Project

Project/Area Number	15K03229
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Civil law
Research Institution	Waseda University
Principal Investigator	Fukushima Hironao 早稲田大学, 法学学術院(法務研究科・法務教育研究センター), 教授 (70267962)
Project Period (FY)	2015-04-01 – 2019-03-31
Project Status	Completed (Fiscal Year 2018)
Budget Amount *help	¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000) Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Keywords	会社法 / キャッシュ・アウト / 少数株主 / ドイツ会社法 / 少数株主の締め出し / 完全子会社化
Outline of Final Research Achievements	This research is aimed at squeeze out of minority shareholders in the corporation law. Since the enactment of the company law in 2005, there have been many cases of disputes through trials in MBO transactions and going private transactions. In this research, the German law, which has multiple squeeze-out methods as in Japan, is the subject of comparison. In this research, the 2014 revision of the company law examined whether it was acceptable to use a system that could be regarded as a squeezing method, and what procedures could be evaluated as having received fair compensation, and obtained certain conclusions .
Academic Significance and Societal Importance of the Research Achievements	本研究の研究成果は、近時の会社法改正によって整備されたとされる少数株主の締め出しに関する問題につき、一部について解釈論上の問題を提起しており、締め出し関連の法制度に関する解釈について一定の議論の材料を提示するものとして、学術的意義があるものと思われる。また、MBO取引や非公開化取引では、最終的に少数株主の締め出しが行われるが、そこで求められる公正な手続とは何かについて、一定の議論の材料を提示するものとして、実務的・社会的にも意義があるものと思われる。