Function of and Issues with Fairness Opinion in Going-Private Transaction; Can F.O. exempt directors from their responsibility?

公平意见在私有化交易中的作用和问题；

基本信息

批准号：
23830027
负责人：
NAGAE Wataru
金额：
$ 1.75万
依托单位：
Kanazawa University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Research Activity Start-up
财政年份：
2011
资助国家：
日本
起止时间：
2011 至 2012
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-23830027/
关键词：
企業買収会社支配権取引専門家の意義民事法学

项目摘要

Through an exploration of the arguments in the U.S., the author understands thatfairness opinions can function as a complement to a market-based mechanism in closed-market deals because they can analyze the hypothetical value of the corporation and add value to show fairness with opinion. Nevertheless, fairness opinions haveinherent limitations: they cannot show an ascertained or predicted price or forecast the price an acquirer would ultimately offer. As a response to such limitations, Americanacademics have recommend that courts review the reasonability of fairness opinionsand/or their fee structure and develop guidelines together with a self-regulatory body.With respect to the role of fairness opinions in Japan, a number of Japanese academics have made reference to using fairness opinions or some other outside opinion in corporate control transactions because they share the same doubt concerningmarket-based mechanisms. However, there exist certain conflicts on how to interpret the duty and liability of corporation directors. This study examines recent cases and shows that recent court decisions and academics have tended to require directors to show, at minimum, fair process. Moreover, this article notes that courts have not considered the situation for relying on fairness opinions, nor the deal structure for, norinherent problems with them. To correspond, this article suggests that courts shouldconsider these issues when they use fairness opinions to deny the liability of directors,and calls for disclosure system amendment so as to require additional disclosure in certain closed-market transactions.

通过对美国的论点的探索，作者了解了Fairness的意见可以作为对封闭市场交易中基于市场的机制的补充，因为它们可以分析公司的假设价值并增加价值以表现出意见。然而，公平意见具有限制：他们无法显示确定或预测的价格或预测收购方最终提供的价格。为了对这种限制的回应，美国academics建议法院审查公平意见和收费结构的合理性，并制定指南以及自我调节机构。尊重日本公平意见的作用，许多日本学者提到了公司控制交易中使用公平意见或其他外部观点，因为它们对基于市场的机制有同样的疑问。但是，关于如何解释公司董事的职责和责任存在某些冲突。这项研究研究了最近的案件，并表明，最近的法院判决和学者倾向于要求董事至少显示公平的过程。此外，本文指出，法院尚未考虑依靠公平意见的情况，也没有考虑与之相关的交易结构。为了对应，本文建议法院在使用公平意见来否认董事的责任时应考虑这些问题，并呼吁披露系统修正案，以便需要在某些封闭市场交易中进行额外披露。

项目成果

期刊论文数量（17）

专著数量（0）

科研奖励数量（0）

会议论文数量（0）

专利数量（0）

新・アメリカ商事判例研究【第2巻】

新美国商业案例研究【第2卷】

DOI：
发表时间：
2012
期刊：
影响因子：
0
作者：
Y Ibuka;GB Chapman;M Li;J Vietri;AP Galvani;井深陽子;Yoko Ibuka;Yoko Ibuka;Yoko Ibuka;永江亘;永江　亘;永江亘;永江　亘;永江亘;永江亘;永江亘;永江亘;永江亘;永江亘;永江亘;永江　亘;永江　亘;永江　亘;永江　亘;近藤光男=志谷匡史
通讯作者：
近藤光男=志谷匡史

米国におけるフェアネス・オピニオンを巡る議論の検討

审视美国围绕公平意见的辩论