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초록· 키워드
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The legal structure of M&A has been significantly changed in the 2006 Commercial Law Revising Draft. First, in the field of Acquisition Law the rigid existing estimating procedures against the investment in kind relating to the exchange offer are significantly mitigated, the acquisition company is not required to be subject to the special majority rule of shareholders meeting in case where the acquired all, or substantially all of assets do not give a substantial effect to the acquirer's existing business, the cash-out merger and triangular merger are introduced, and freezing out minority shareholders by controlling shareholders holding more than 95% of all stocks in a company is permitted. Generally speaking, the legal structure of acquisitions is going to be changed to facilitate the target's control acquisition.
Second, in the field of Defense Law some new kinds of stocks such as stocks without any voting right, stocks with voting right conferred only in a certain event provided in the corporate articles, non-transferable stocks, stocks with right of veto and class voting stocks. Moreover a company can buy-out voluntarily its own stocks to the extent of the surplus. These changes make the defense more substantially useful than before against hostile M&A. Nevertheless sale of its own stocks is required to be subject to the existing subscription procedures of new shares, which makes the defense more difficult than before. This draft is same as in the Japanese Company Act and is very similar to the German Stock Corporation Act.
Finally, this revising draft doesn't give the final answers to the new revising needs suggested since long in the field of M&A Law. In the near future we have to find out the legislative solutions for the reasonable regulation of the short-term speculative takeovers in the Commercial Law and the continuing revising efforts have to be also given in the relating lots of special acts like the Stock Exchange Act, the Promotion of Foreign Investment Act etc.
Second, in the field of Defense Law some new kinds of stocks such as stocks without any voting right, stocks with voting right conferred only in a certain event provided in the corporate articles, non-transferable stocks, stocks with right of veto and class voting stocks. Moreover a company can buy-out voluntarily its own stocks to the extent of the surplus. These changes make the defense more substantially useful than before against hostile M&A. Nevertheless sale of its own stocks is required to be subject to the existing subscription procedures of new shares, which makes the defense more difficult than before. This draft is same as in the Japanese Company Act and is very similar to the German Stock Corporation Act.
Finally, this revising draft doesn't give the final answers to the new revising needs suggested since long in the field of M&A Law. In the near future we have to find out the legislative solutions for the reasonable regulation of the short-term speculative takeovers in the Commercial Law and the continuing revising efforts have to be also given in the relating lots of special acts like the Stock Exchange Act, the Promotion of Foreign Investment Act etc.
목차
Ⅰ. 서론
Ⅱ. 매수법제의 변화
Ⅲ. 방어법제의 변화
Ⅳ. M&A법제의 과제
Ⅴ. 결론
참고문헌
〈Abstract〉
참고문헌 (0)
참고문헌 신청이 논문과 연관된 판례 (1)
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대법원 1995. 4. 11. 선고 94누21583 판결
가. 기업회계기준 제57조, 제62조의2에 의하면 자기주식의 처분이익은 기타 자본잉여금으로서 자본준비금의 과목이고, 자기주식은 장부가액을 자본에서 차감하는 형식으로 기재하도록 규정되어 있으며, 합병회계준칙 제11조에 의하면 합병으로 인하여 취득한 자기주식의 처분익을 합병차익으로 처리하도록 규정되어 있고, 위 기업회계기준 및 합병회계준칙이 일
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