The Current Status of Partial Tender Offers: Rethinking the Regulation on the Tender Offer
| Project/Area Number |
16K03403
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Civil law
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| Research Institution | The University of Tokyo (2017-2019)
Kobe University (2016) |
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Principal Investigator |
Iida Hidefusa 東京大学, 大学院法学政治学研究科(法学部), 准教授 (80436500)
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| Project Period (FY) |
2016-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2016: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | 公開買付け / 部分買付け / キャッシュ・アウト / 少数株主の保護 / 株式買取請求権 / 敵対的買収 / 株主アクティビズム / 支配権市場 / 企業買収 / 会社法 / 金融商品取引法 / コーポレートガバナンス / コーポレートファイナンス / M&A / 民事法学 / 公開買付 |
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| Outline of Final Research Achievements |
This study analyzed the merits and demerits of a partial tender offer. A partial tender offer means the tender offer with an upper limit on the number of shares to be purchased in a tender offer. This study analyzed, as a legislative theory, how to regulate the partial tender offer. The conclusion is that the Japanese law should be able to take advantage of the merits of the partial tender offer while preventing the demerits.
Also, this study identified problems with the tender offer regulations that are not logically consistent from the perspective of protecting minority shareholders and that the rules are unreasonable for the risk of dividends being paid during the tender offer period. This study also examined the legislative arguments for remedial measures to such problems.
Besides, since the partial tender offer relates to a corporate governance issue, this study also studied the problems in corporate governance.
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| Academic Significance and Societal Importance of the Research Achievements |
日本では、欧米と異なり、部分買付けがしばしば行われてきている。本研究期間中の出来事である、日本の大手企業同士の敵対的公開買付けとして初の成立例も、まさに部分買付けだった。また、ここ数年で、日本でも敵対的公開買付けの件数が増えてきており、部分買付けが行われる可能性が高まっている。このような状況下で、本研究は、部分買付けに関するあるべきルールを提案し、日本の証券市場の適切なインフラ整備に貢献する。
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Report
(5 results)
Research Products
(15 results)
