New 英国M&A制度研究会報告書 · 2015. 7. 13. · 英国M&A制度研究会報告書...
Transcript of New 英国M&A制度研究会報告書 · 2015. 7. 13. · 英国M&A制度研究会報告書...
英国M&A制度研究会報告書
2009年6月30日
財団法人 日本証券経済研究所
M&A
cash confirmation
M&A
M&AM&A
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M&A M&A M&A
M&A1
2 2008 8 27 2009 5 14 5
1
2009 1 11 16
M&A
1 The City Code on Takeovers and Mergers 2 The Panel on Takeovers and Mergers
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3
1968 M&A2006
4
2004EU
30 50
30 5 30
3 4 943 945 946 944
947 952 RULE9 954 955
5 interest in shares
DEFINITIONS-Interest in securities
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50 6
7
8 RULE9.1
RULE9.1 9
6 30 50
7 equity share capital
8 30
effective control
3030
30 5030 50
50
9 50
12
RULE9.5 1210
RULE11.1 11.3
30
2007-2008 134 9
2007-2008
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50
RULE9.3(a) 10
30
50 1
NOTES ON DISPENSATION FROM RULE 9
10
NOTES ON DISPENSATION FROM RULE 9
RULE36.1 11
10 NOTES ON DISPENSATION FROM RULE 9
30
30 5050
50
11 12
RULE36.2 36.3 36.5
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12
50
RULE9.3(a)10
3050 100
30 50
12
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GENERAL PRINCIPLESphilosophy
14
301
30
13
14
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RULE2.2(a)
rumour speculationuntoward
RULE2.2(d)15
Executive
16
RULE2.2(d)
PRACTICE STATEMENT NO.20-4.2
15
RULE2.4(b)
6.
16 1 5
10
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cash confirmation
RULE2.5(c) 24.7
18
cash confirmation statement19
Material Adverse Change
17
Introduction 2(a)4.
18
19
RULE 2.5(c) 24.7
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1 2
bona fide imminent
20
RULE21.1
3.M&A
RULE21.1
21
20
21
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M&A
1968
2004 EU2006
22
23 24 25
M&A
22 EU
EU EU
23 EU The Department of Trade and Industry DTI consultative document
Company law - Implementation of the European Directive on takeovers bids, A Consultative Document, January 2005, p.2, 1.11 24 EU 4
25 Nomination Committee Remuneration Committee
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M&Aconsultation
26
Assistant Secretary AS AS2009 2 8 27 M&A
26
Market Surveillance Unit Policy Unit
27 M&A
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28 2030 2 M&A
M&A
M&A
M&A29
M&A
M&AM&A
M&AAS 30
AS
M&ADirector
General 28 15 10
8 1
29
30 2009 2 2 Deputy Director General1 Assistant Director General 2 Secretary
5
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M&A 1 10
M&A 31
AS
AS
AS
1
40 ruling
M&A
32
31
1 30 32 2006 951
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Hearings Committee33
Takeover Appeal Board
34
35
Datafin 36
37
38
M&A
M&A
33 8
11 34 Master of the Rolls
35
1 2007 36
(declaratory order)
1987 Datafin plc 37 1992 38 2006
956
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M&AM&A
1968 401 3500
39
3
M&A
40 M&A
39
40
RULE3.2
RULE3.1FSA
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M&A
M&A
41
cold-shoulderingFSA
FSA 42
M&AM&A
2 43
M A
41
exempt status FSA
42 MAR4:Endorsement of the Takeover Code 43 1 3
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M&A
M&A2004 EU
EUEU
M A
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M&A
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M&A
2008 8 27M&A
COO
2008 10 7“ ”
2008 11 11( )
2009 2 3
2009 5 14
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