| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
This research makes use of a financial theory regarding the status of shareholders as option-holders and investigates how much protection the law should give to the option-like rights of shareholders. Among others, this research examines to what extent shareholders’ rights should be protected in “cash out” transactions, that is, transactions in which acquirers take all the interests of shareholders of target companies in lieu of cash by the majority consent of shareholders, and which had been made easier by the enactment of the Companies Act of 2005. In particular, according to the relevant statutes of the Companies Act, minority shareholders who opposed to cash-out transactions have the rights to make petition to the courts to assess the “fair price” of their shares. This research examines thoroughly in what way courts should evaluates the fair price of the shares of opposing minority shareholders.
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