상장법인 간 합병에 적용되는 합병비율 산정방식 검토 - 삼성물산과 제일모직의 합병사례를 중심으로 -
A study of rate of merger between listed companies - focusing on a merger between Samsung and Cheil Industries -
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The activist hedge fund Elliott Associates opposed the merger because the offer price undervalued the company. Elliott Associates said the sale of Samsung’s common treasury shares was deeply alarming and intentionally diluted the voting rights and the value attributable to shareholders. The Seoul High Court has rejected an attempt by Elliott Associates to overturn a merger between Samsung and Cheil Industries. In finance, valuation of enterprise is the process of estimating what something is worth. The minority shareholders should be fairly treated in merger between listed companies. Measuring fair market value is important to deal fairy minority shareholders. This paper explores what is the best criterion for calculating fair rate of merger. This article examines the rate of merger between listed companies. It also investigates the Comments on the Seoul High Court's decision.
Abstract
The activist hedge fund Elliott Associates opposed the merger because the offer price undervalued the company. Elliott Associates said the sale of Samsung’s common treasury shares was deeply alarming and intentionally diluted the voting rights and the value attributable to shareholders. The Seoul High Court has rejected an attempt by Elliott Associates to overturn a merger between Samsung and Cheil Industries. In finance, valuation of enterprise is the process of estimating what something is worth. The minority shareholders should be fairly treated in merger between listed companies. Measuring fair market value is important to deal fairy minority shareholders. This paper explores what is the best criterion for calculating fair rate of merger. This article examines the rate of merger between listed companies. It also investigates the Comments on the Seoul High Court's decision.
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