A study on judicial remedies in M&A transactions

• Project/Area Number: 24530105
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Nanzan University
• Principal Investigator: TAMAI Toshiyuki 南山大学, 法務研究科, 教授 (90377052)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Project Status: Completed (Fiscal Year 2014)
• Budget Amount: ¥5,200,000 (Direct Cost: ¥4,000,000、Indirect Cost: ¥1,200,000); Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2013: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000); Fiscal Year 2012: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: M&A / MBO / 締出取引 / 取締役の義務 / 支配株主の義務 / キャッシュ・アウト / 株式等売渡請求

Outline of Final Research Achievements

In the context of M&A transactions the director of a target corporation should owe the duty to transfer the tangible and intangible assets and resources of the target to the acquirer that could maximize the value of them. The director should also owe the auxiliary duty to get the better consideration from the acquirer in order to maximize the possibility to consummate the transaction. The courts which decide whether the director breached his/her duty should use the various standards of review in accordance with the degree of the conflict of interests.

Research Products

• [Journal Article] MBOにおける取締役の会社に対する義務 (2015)
  • Author(s): 玉井利幸
  • Journal Title: 新・判例解説Watch 速報判例解説 Volume: 17号
• [Journal Article] 新株発行に無効事由がある場合における当該新株に基づく議決権行使を禁止する仮処分の可否 (2015)
  • Author(s): 玉井利幸
  • Journal Title: 金融・商事判例 Volume: 1469号
• [Journal Article] MBOに対する司法審査のあり方と取締役の義務 －公正価値移転義務とレブロン義務－ (2014)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 38 Pages: 101-133
  • NAID: 120006413022
  • Acknowledgement Compliant
• [Journal Article] 株式等売渡請求、キャッシュ・アウト、取締役の義務(2) (2014)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 37巻3・4号 Pages: 175-211
  • NAID: 120006413036
• [Journal Article] 株式等売渡請求、キャッシュ・アウト、取締役の義務(1) (2013)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 36巻3･4号 Pages: 215-243
• [Journal Article] MBOにおける取締役の「株主の共同利益に配慮する義務」の検討 (2012)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 35巻3･4号 Pages: 147-173