美國企業併購法防禦收購措施之研究：以德拉瓦州公司法為例

The Approach on the Defensive Measures against Hostile Takeover in the Delaware Corporation Law

陳麗娟(Li-Jiuan Chen)

《東海大學法學研究》 25期 (2006/12) Pp. 121-158

https://doi.org/10.29722/TULR.200612.0004

摘要

美國德拉瓦州（Delaware）一向以公司的停泊港與其公司法舉世聞名，由於德拉瓦州公司法與法院的判決提供給公司董事會一個靈活的經營管理空間，因此吸引許多大的公司設立於德拉瓦州。本文首先將闡述德拉瓦州公司法的特色，特別是董事會的忠實義務、適用商業判斷原則、公司機會理論等。隨著企業併購的風潮，德拉瓦州法院案例法對於企業併購的發展，允許目標公司董事會得採取防禦措施作為阻礙收購出價的情形。其次將以德拉瓦州關於反企業收購的案例，剖析德拉瓦州法院的法律見解，以闡明德拉瓦州企業併購法中防禦措施之發展。

關鍵字

德拉瓦州 ； 企業併購 ； 商業判斷原則 ； 忠實義務 ； 收購出價 ； 目標公司 ； 董事會 ； 防禦措施 ； 毒藥丸

並列摘要

Delaware is well known as a corporate haven and worldwide famous for its corporate law. The Delaware Corporate Law and courts' decisions have offered board of directors a possibility for flexible management. Hence, a number of major corporations are incorporated in Delaware. First of all, this essay will describe the features of Delaware Corporate Law, in particular the fiduciary duty of the board of directors, business judgment rule and corporation opportunity. The takeover case law is developed with the takeover waves in Delaware. The board of directors of the target company is allowed to take defensive measures against the tender offer. Finally, this essay will explain the famous takeover cases to analyze the legal opinions of the Delaware courts and the development of the takeover law in Delaware.

並列關鍵字

Delaware ； takeover ； business judgment rule ； fiduciary duty ； tender offer ； target company ； board of directors ； defensive measures ； poison pill

參考文獻

王文宇(2005)。公司法論。台北:元照出版有限公司。

Allen,Kraakman(2003).Commentaries and Cases on the Law of Business Organization.New York:Aspen Publishers.

Demetra Arsalidou(2001).The Impact of Modern Influence on the Traditional Duties of Care.The Hague:Skill and Diligence of Company Directors.

Theoder Baums,Kenneth E. Scott(2003).Taking Shareholder Protection Seriously? Corporate Governance in the United States and Germany.(European Corporate Governance Institute Law Working Paper No.17/2003).

L. A. Bebchuk(1992).Federalism and the Corporation: The Desirable Limits on State Competition in Corporate Law.Harvard Law Review.105,1435-1510.