개정상법상 현금지급합병제도에 관한 연구
A Study on the Cash-out Merger under New Commercial Code
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New Commercial Code that will be effective after April 15, 2012 introduce many sort of new system. Among them cash-out merger is included for the first time in Korean legislative system. Cash-out merger is defined as a merger in which acquiring company offer cash to minority shareholders of target company instead of share of acquiring company and shareholders of the target company must accept cash for their shares. Because cash-out merger can freeze out a lot of minority shareholder, it will be needed to approach carefully. Before new commercial code is codified, acquiring company can only give cash as a part of consideration to minority shareholders of target company instead of share of acquiring company. Under the new commercial code minority shareholders can be squeezed out against their will in the case of merger. Even though frequency of utilizing cash-out merger is little bit low in Korea until now, there is sure of possibility to apply cash-out merger in the field of Merger and Acquisition Area. I discuss here problems related with using cash-out merger in M&A market. Also I studied in detail fairness of cash-out merger's process and price that would be given to minority shareholders. Additionally as I described before, new commercial code could give basic assistance to company to apply cash-out merger. But there is no detailed provisions to support cash-out merger such as concept of fairness, fair price for minority shareholder's shares. Legislative supplement will be needed in this matter.
Abstract
New Commercial Code that will be effective after April 15, 2012 introduce many sort of new system. Among them cash-out merger is included for the first time in Korean legislative system. Cash-out merger is defined as a merger in which acquiring company offer cash to minority shareholders of target company instead of share of acquiring company and shareholders of the target company must accept cash for their shares. Because cash-out merger can freeze out a lot of minority shareholder, it will be needed to approach carefully. Before new commercial code is codified, acquiring company can only give cash as a part of consideration to minority shareholders of target company instead of share of acquiring company. Under the new commercial code minority shareholders can be squeezed out against their will in the case of merger. Even though frequency of utilizing cash-out merger is little bit low in Korea until now, there is sure of possibility to apply cash-out merger in the field of Merger and Acquisition Area. I discuss here problems related with using cash-out merger in M&A market. Also I studied in detail fairness of cash-out merger's process and price that would be given to minority shareholders. Additionally as I described before, new commercial code could give basic assistance to company to apply cash-out merger. But there is no detailed provisions to support cash-out merger such as concept of fairness, fair price for minority shareholder's shares. Legislative supplement will be needed in this matter.
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