지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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The triangular merger has been permitted as one of the corporate reorganizations since 2011 in Korea. Nevertheless, there are lots of interpretational issues in applying the provisions about triangular merger as follows : is the reverse triangular merger permitted?, is the acquiring parent company able to acquire its own shares and sell them to the acquiring subsidiary company at the parent"s own discretion?, until when is the acquiring parent company able to acquire the shares and how to acquire them?, and should the merger synergy effect be considered in calculating the values of the minority shareholders" appraisal right in the target company?
Futhermore, there would be some structural limitations in carrying out the flexibility and vitalizations of the triangular merger in comparison with the American and Japanese triangular mergers. In other words, it"s required to legislatively supplement the current provisions about triangular mergers in the following issues such as the acquiring parent"s direct issue of new shares to the target"s shareholders, acquiring subsidiary"s disclosure of material information on the parent company and legal treatment of target"s potential shares like the bonds with stock purchase warrant and convertible bonds as well as stock options. And also there are some legislative issues to be considered in the mid-long term such as in the permission of the reverse triangular merger and extension to the various types of triangular reorganizations from the triangular mergers. Lastly, considering the increasing possibilities of hostile corporate mergers and acquisitions since the revision of the Capital Market Act in 2013, appropriate responses to LBO type triangular merger and cross-border triangular merger should be reviewed in a legislative perspective.
In conclusion, this paper suggests the reasonable interpretational directions of current provisions relating to triangular merger and the legislative solutions to the above-mentioned structural limitations.
Futhermore, there would be some structural limitations in carrying out the flexibility and vitalizations of the triangular merger in comparison with the American and Japanese triangular mergers. In other words, it"s required to legislatively supplement the current provisions about triangular mergers in the following issues such as the acquiring parent"s direct issue of new shares to the target"s shareholders, acquiring subsidiary"s disclosure of material information on the parent company and legal treatment of target"s potential shares like the bonds with stock purchase warrant and convertible bonds as well as stock options. And also there are some legislative issues to be considered in the mid-long term such as in the permission of the reverse triangular merger and extension to the various types of triangular reorganizations from the triangular mergers. Lastly, considering the increasing possibilities of hostile corporate mergers and acquisitions since the revision of the Capital Market Act in 2013, appropriate responses to LBO type triangular merger and cross-border triangular merger should be reviewed in a legislative perspective.
In conclusion, this paper suggests the reasonable interpretational directions of current provisions relating to triangular merger and the legislative solutions to the above-mentioned structural limitations.
목차
Ⅰ. 서론
Ⅱ. 삼각합병제도의 구조와 운용상의 해석과제
Ⅲ. 삼각합병제도의 구조적 한계와 입법 과제
Ⅳ. 맺음말
參考文獻
〈Abstract〉
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