M&A와 주식매수청구권에 관련된 문제점
M&A and the Issues of Appraisal Right
0
조회
0
다운로드
12
인용
0
참고문헌
키워드
초록
The issues of appraisal right related M&A are summarized as follows. 1. There is no need of shareholders’ meeting in purchasing of minority’s shares through takeover, because full informations are disclosed in the process of takeover. The articles of appraisal right should be enacted in the capital market law when the controlling shareholders buy the minorities’shares after the takeover procedure. 2. The appraisal right should be authorized to the shareholders who dissent the corporate division, in which share value might be decreased and share transfer might become more difficult. 3. Minorities’ appraisal right to majority shareholders can be defined as special right vested by Commercial Act to protect minorities with inferior status in corporate control. 4. The time of acquiring appraisal right of minorities to the controlling shareholders is the date of convening or notice of shareholders’ meeting in an unlisted company. 5. In reckoning 95% ratio of controlling shareholders, the total shares,namely shares with voting right and non voting right should be included. However it is desirable to enact that when if he or she purchase 95%shares with voting right, then he or she could exercise the buy-out right of rest shares with voting right. It would be contributed to the efficient reorganizing company. 6. The appraisal right should be authorized to the class shareholders. When class shareholders notice their dissenting opinion before the class shareholders’ meeting, the appraisal right should be authorized to the class shareholders. 7. Once the appraisal right was exercised, it should not be canceled without the consent of the corporation, because corporation has the interest in it.
Abstract
The issues of appraisal right related M&A are summarized as follows. 1. There is no need of shareholders’ meeting in purchasing of minority’s shares through takeover, because full informations are disclosed in the process of takeover. The articles of appraisal right should be enacted in the capital market law when the controlling shareholders buy the minorities’shares after the takeover procedure. 2. The appraisal right should be authorized to the shareholders who dissent the corporate division, in which share value might be decreased and share transfer might become more difficult. 3. Minorities’ appraisal right to majority shareholders can be defined as special right vested by Commercial Act to protect minorities with inferior status in corporate control. 4. The time of acquiring appraisal right of minorities to the controlling shareholders is the date of convening or notice of shareholders’ meeting in an unlisted company. 5. In reckoning 95% ratio of controlling shareholders, the total shares,namely shares with voting right and non voting right should be included. However it is desirable to enact that when if he or she purchase 95%shares with voting right, then he or she could exercise the buy-out right of rest shares with voting right. It would be contributed to the efficient reorganizing company. 6. The appraisal right should be authorized to the class shareholders. When class shareholders notice their dissenting opinion before the class shareholders’ meeting, the appraisal right should be authorized to the class shareholders. 7. Once the appraisal right was exercised, it should not be canceled without the consent of the corporation, because corporation has the interest in it.
참고문헌 (39)
- 권기범, "현대회사법론" (2012)
- 김정호, "회사법" (2012)
- 박길준, "개정상법축조해설" (1999)
- 송옥렬, "상법강의" (2013)
- 송종준, "적대적 M&A의 법리" (2008), 도서출판 개신
- 이기수, "회사법" (2009)
- 이철송, "회사법강의" (2013)
- 임재연, "회사법Ⅱ" (2013)
- 정경영, "상법강의" (2009)
- 정동윤, "회사법" (2005)
- 정찬형, "상법강의(상)(제16판)" (2013), 박영사
- 최기원, "신회사법론" (2005)
- 최완진, "기업지배구조법강의" (2011)
- 홍복기, "회사법강의" (2006)
- 강헌, "상법상 주식매수청구권제도의 문제점", 상사법연구, 21(2), pp.10~420 (2002), 한국상사법학회
- 경제개혁연대, "총수 지배권 강화 수단으로 전락한 지주회사제도", 경제개혁이슈 2009-7호, ~ (2009)
- 김동민, "회사분할에 있어서 소수주주의 권리보호에 관한 연구", 사회과학연구, pp.23~24 (2005), 상명대 사회과학연구소
- 김병연, "주식매수청구권제도의 개선에 관한 연구", 상장협, (48), pp.42~ (2003)
- 김성호, "독일 주식법상의 소수주주축출제도와 그 시사점", 상사법연구, 24(3), pp.83~112 (2005), 한국상사법학회
- 김진욱, "주식매수청구권제도 개선의 필요성 - 자본시장법상의 주식매수청구권 특례조항을 중심으로 -", 기업법연구, 24(3), pp.161~192 (2010), 한국기업법학회
- 김태진, "일본의 2011년 회사법 개정 중간시안에 관한 연구-지배주주에 의한 소수주식 전부취득제도 활용을 위한 모색-", 상사법연구, 31(1), pp.131~187 (2012), 한국상사법학회
- 김홍기, "현행 주식가치평가의 법적 쟁점과 ‘공정한 가액’에 관한 연구", 상사법연구, 30(1), pp.159~205 (2011), 한국상사법학회
- 노혁준, "소수주주 축출제도의 도입에 관한 연구 － 도입형태와 가격산정을 중심으로－", 상사법연구, 26(4), pp.231~271 (2008), 한국상사법학회
- 서완석, "상법상의 소수주주 축출제도 -소수주식 강제매수제도와 교부금 합병제도를 중심으로-", 상사법연구, 30(2), pp.385~443 (2011), 한국상사법학회
- 송종준, "소수주식 전부취득제의 입법의도와 해석방향", 기업법연구, 26(1), pp.79~106 (2012), 한국기업법학회
- 육태우, "주주의 권리와 의무, In 주식회사법대계Ⅰ", pp.656~ (2013)
- 윤현석, "회사분할의 신속성과 주주의 이익보호", 법조, 53(12), pp.112~145 (2004), 법조협회
- 정병덕, "주식강제매수제도와 소수주주의 보호", 상사판례연구, 25(1), pp.77~111 (2012), 한국상사판례학회
- 정영철, "판례를 통하여 본 주식의 공정한 가액", 비교사법, 16(1), pp.321~365 (2009), 한국비교사법학회
- 정준우, "지배주주의 주식매도청구권에 관한입법론적 재검토", 법과정책연구, 12(2), pp.483~517 (2012), 한국법정책학회[DOI]
- 최민용, "지배주주의 주식매도청구권의 운용과 관련된 몇 가지 제언", 경영법률, 21(4), pp.361~389 (2011), 한국경영법률학회
- Bungeroth, "Münchener Kommentar zum Aktiengesetz" (2008), Vorbemerkung
- Grunewald, "Münchener Kommentar zum Aktiengesetz" (2010)
- Stein, "Münchener Kommentar zum Aktiengesetz" (2011)
- Vetter, "AG 2002", 176~ (2002)
- K.Stange, "Zwangsausschuluss von Minderheitsaktionären(Squeeze-Out)", JWV, pp.S.56~ (2010)
- 弥永眞生, "反對株主の株式買受請求權をめぐる若干の問題", 商事法務, (1867), pp.5~ (2009)
- 十市崇, "株式買受請求權を有する者の範圍, 會社法施行5年理論と實務の現狀と課題", Jurist, pp.110~ (2011)
- 大隅, "新會社法槪說", pp.131~ (2009)