敵意併購防禦措施之研究－以財務性防禦措施中之毒藥丸為主要範圍

The Defense Measurements for Hostile Takeover-Focus on the Poison Pill of the Financial Defense Tactics

林國彬(Kuo-Bin Lin)

《臺北大學法學論叢》 71期 (2009/09) Pp. 81-125

https://doi.org/10.6774/TULR.200909.0081

摘要

隨著資本市場越來越開放，我國企業併購不論在併購資金來源國別、併購金額、產業類別方面日趨成長，在併購手段及併購模型方面也漸趨複雜，已非傳統的資產收購或合併方式所可概括說明，而已在歐美資本市場上有長期經驗的敵意併購模式，近年來也在國內出現，顯示我國的企業併購活動已漸漸走向國際化與複雜化。
一個有效率的控制市場競爭行爲，可以對欠缺效率的經營團隊造成壓力，而可促使其提高經營效能與走向專業經理人治理的方向，但是敵意併購也包括在取得控制權之後拆解公司分割出售，而使公司消滅其存在的可能，因此敵意併購也隱藏部分應再思考的問題。
本文擬以美國法制，尤其是德拉瓦州公司法制爲例，探討目標公司董事會面對敵意併購時所採用的防禦措施，並以其中被歸類爲財務性防禦措施的毒藥丸(Poison Pill)爲範圍，討論其定義、運作方式、基本型毒藥丸諸如表決權型毒藥丸及財務型毒藥丸，以及其衍生型態，如可轉換特別股毒藥丸、認股權毒藥丸等，而後者又可分爲對外認股權毒藥丸、對內認股權毒藥丸及債性毒藥丸等，除此之外，實務界爲加強毒藥丸之「藥性與解毒困難度」，又發展出各類具有不同毒性的藥丸，如永久型毒藥丸、長效型毒藥丸及附認股權公司債毒藥丸等。
最後，本文擬以美國德拉瓦州公司法制下之各類型毒藥丸，探討其於我國現行公司及證券交易法制下採用之可能性，以作比較法之觀察。

關鍵字

敵意併購 ； 防禦措施 ； 財務性防禦措施 ； 毒藥丸 ； 表決權型毒藥丸 ； 財務型毒藥丸 ； 可轉換特別股毒藥丸 ； 認股權毒藥丸 ； 對外認股毒藥丸 ； 對內認股毒藥丸 ； 債性毒藥丸 ； 永久型毒藥丸 ； 長效型毒藥丸 ； 附認股權公司債毒藥丸

並列摘要

In recent years, the M & A activities in Taiwan are not only increasing in the total amount and industries segments, but also increasing the complexities of their methods and business models, which cannot be described in the traditionally statutory merger and asset acquisition under the applicable laws of Taiwan. Besides, the un-friendly acquisition method-the hostile take-over or hostile tender-offer has also been introduced into the capital market of Taiwan.
An efficient control market shall be able to provide a function to push the un-efficient management team to increase its efficiency or move for professional management corporate governance. However, it is also possible to wind-up the target company for sale after the hostile tender offeror take control the target company. Thus, there are hidden risks in hostile tender offer.
The author shall discuss the financial defense measurement under the Delaware corporate law, especially the author shall focus on the definition, procedures, basic types and derivative types of Poison Pill, such as Voting pill, Economic Pill, Convertible Preferred Stock Pill, Stock Purchase Pill (Flip-Over Pill, Flip-In Pill, and Back-End Pill). In addition to the above types, the market developed several disputed types of Pill, such as Dead-Hand Pill, No Hand-Pill, and Debenture with Warrant Pill.
The author will try to discuss the applicability of the various types of Poison Pill under the legal system of Taiwan, as a comparative observation and analysis.

並列關鍵字

Hostile Take-over ； Defense Measurement ； Financial Defense tactics ； Poison Pill ； Voting Pill ； Economic Pill ； Convertible Preferred Stock Pill ； Stock Purchase Pill ； Flip-Over Pill ； Flip-In Pill ； Back-End Pill ； Dea

參考文獻

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Liu, Yan-Huang(2007).The Study on the Defense Measurements for Corporate Hostile Takeover.Financial Law, Chung Yuan Christian University.

賴英照(2006)。股市遊戲規則－最新證券交易法解析。賴英照。

Lai, In-Jaw(2006).The Regulations for Securities Exchange Markets-the Interpretation for the Modernest Securities Exchange Act.Lai, In-Jaw.

林國彬(2007)。敵意併購防禦措施之研究－黃金降落傘(Golden Parachute)。萬國法律。152