Substantive Examination of Generally Accepted Fair Procedures in Corporate Acquisitions

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01413
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Kansai University
• Principal Investigator: ITO YOSHIHIRO 関西大学, 法学部, 教授 (50582897)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: MBO / 支配株主 / 従属会社 / 子会社化 / 敵対的買収 / 買収防衛策 / M&A指針 / 公正な価格

Outline of Final Research Achievements

In the event of a friendly takeover, such as an MBO or a subsidiary of a subordinate company by a controlling shareholder, and hostile takeover the directors of the target company may act for self-preservation. Regulating such behavior is necessary to increase the corporate value of the target company and promote stock investment. Discipline requires an examination of whether the procedures used by directors to show that they are not acting for self-preservation (e.g., approval of independent committees, approval of minority shareholders) were substantially functional. In this study, we were able to clarify the state of substantive examination.

Free Research Field

会社法

Academic Significance and Societal Importance of the Research Achievements

本研究は、企業買収に係る事案に対して実質的には法の手続化という考え方を用いながら、事前の効率性と事後の効率性という二つの効率性のバランスをとることによって、社会全体の効率性を高めることを目的とするものであり、本研究の成果には、我が国の国際競争力の維持に資するという社会的意義がある。