敵意併購下目標公司之董事責任

2018年台灣併購市場呈現價量齊揚的趨勢，此現象主要受惠於國際資金水位高漲以及企業積極轉型佈局的影響，因此併購市場的熱絡除了因有數起大型跨國併購案件外，亦來自我國國內中小型企業整併數量的增加。投顧報告預估在現行狀態下，近兩年內會有更多中小企業面臨產業整併的挑戰，故而可預期未來在併購領域將會有更多紛爭出現，蓋以併購方式之一的敵意併購為例，這項制度雖可作為公司外部監督之一環，但業界人士多數仍對其抱持負面態度，從過去實務上所發生的多起案例觀之，例如開發金併金鼎證、國巨併大毅，到近期的日月光公開收購矽品等，也確實充斥著爭議。雖然我國商事法近年來經歷數次修法，且政府對於敵意併購也逐漸轉向較為正面之態度，惟因國內過往有關敵意併購之實例相較英美等國仍屬罕見，因此在近期幾次修法中，立法者並未直接回應與敵意併購相關的重要議題，以至相關制度在我國仍未見明確。在此情形下，本文擬透過對英美併購法制的研析，進一步建立我國法對目標公司董事責任的判斷標準。以期予我國成長中的併購市場提供更健全之發展環境，並透過法制化相關制度以降低業界對敵意併購之負面觀感。由於現階段國內外常見之敵意併購方式仍以公開收購為主，故本文將以此制度為中心，探討目標公司董事面對敵意併購威脅時，所為的各種回應行為是否該當其受任人義務。因此，本文架構係以探討董事與股東間之經營權限劃分開始，進而討論敵意併購時應由何方握有最終決定權，而後就比較法制進行分析，透過對美國德拉瓦州法院判決、英國及加拿大公司法制與相關收購守則立法例的研究，了解目標公司董事所需擔負之義務，同時參酌學說上對上述審查標準之正反意見，尋思其中是否有可作為我國借鏡之處。最後回歸我國法制之探討，除了檢視與企業併購及公開收購之相關法條規範與實務見解外，亦自台航中航併購案與日月光收購矽品案的二項爭議實例中，解析我國現行法制所面臨的問題，並於適當處作建議，以供將來立法和司法實務參考。

關鍵字

企業併購；受任義務；司法審查；經營判斷法則；強化司法審查；適當目的原則；行政管制

並列摘要

In 2018, the rise of deal value and volume of mergers and acquisitions (M&A) in Taiwan was mostly attributable to the soaring international capital level and robust transformations among enterprises. In addition to several large-scale international M&A deals, the increase of M&A between Taiwanese small and medium sized enterprises (SMEs) have contributed to the thriving M&A market. Investment consulting firms report that in current trends, more SMEs are expected to face M&A challenges within 2 years due to global competitions; consequently, more M&A disputes are likely to arise in the near future. Take hostile takeovers as an example, though this kind of M&A activity can be viewed as an approach to business supervision, most people still hold a negative attitude towards it. From the perspective of previous hostile takeover cases, such as the takeover of Taiwan International Securities by China Development Financial Holdings, that of TA-I Technology by Yageo Corporation, and the recent takeover of Siliconware Precision Industries launched by Advanced Semiconductor Engineering, have also been highly controversial. In recent years, the commercial laws in Taiwan has undergone several amendments, and the government has gradually turned to a more positive attitude toward hostile takeovers. However, because such takeovers are relatively rare in Taiwan compared with the United States and United Kingdom, legislators have not directly responded to essential issues of hostile takeovers; relevant systems are thus imcomplete. Under such circumstances, this study explored the M&A laws and regulations in the United States and United Kingdom to establish legal standards for determining the liabilities of directors in a target company facing a hostile takeover. The findings are expected to provide a sound environment for developing a M&A market and mitigate negative views on hostile takeovers among businesses. By focusing on takeover bids, a type of hostile takeover that is mainly adopted by companies at home and abroad, this study explored whether the actions taken by directors of a target company under the threat of a hostile takeover, fulfill their fiduciary duties. Therefore, this study would start with the distribution of ownership between directors and shareholders and determined the party entitled with the right to make the final decision in a hostile takeover. Subsequently, through a comparison of M&A law in several countries: the Delaware Courts of the United States, United Kingdom and Canada, this study would identify the liabilities of directors. Moreover, the opinions of various scholars on aforesaid legal standards were reviewed to provide a reference for establishing a full-fledged regulatory framework in Taiwan. Finally, the study would turn to Taiwan legal system, in addition to reviewing relevant regulations and cases related to hostile takeover, it would also analyze cases including the takeover deal between Taiwan Navigation and Chinese Maritime Transport, and the takeover of Siliconware Precision launched by Advanced Semiconductor Engineering. It is expected that the results of this study can be served as a reference for legislative and judicial practices in the future.

並列關鍵字

Mergers and Acquisitions ； Fiduciary Duty ； Judicial Review ； Business Judgment Rule ； Enhanced Judicial Scrutiny ； Proper Purpose Doctrine ； Administration Control