比較法上敵意併購防禦措施於我國適用之可行性

Abstract

在一波波的全球併購浪潮下，敵意併購向來是併購議題中受注目的焦點。美國、歐盟、日本等國家均對於敵意併購防禦措施建立一套合法性與適當性審查標準，然我國自2002年企業併購法公布施行以來，已超過十年，仍然尚未針對敵意併購防禦措施作出任何形式的規範。本文從我國法下可採行的敵意併購與防禦措施出發，說明我國欠缺相關規範之狀況，以及建構敵意併購與防禦措施相關規範之重要性。進一步，從比較法上制定相關規範之演進，分析日本法與美國法如何透過立法、法院實務、主管機關提出之建議文書等方式，建構出敵意併購防禦措施之合法性與適當性判斷標準，並分析其是否適合作為我國法未來建立相關規範之參考。 近年來，我國陸續發生數起敵意併購案件，觀察案例，可知我國企業相當排斥敵意併購，案例中的目標公司皆曾採取防禦措施抵禦併購方的併購活動。而由於我國法下可採取防禦措施並不多樣，且企業皆於敵意併購方已發動併購時，始臨時採取防禦措施，最終往往形成經營權惡鬥，導致雙方企業均蒙受損失的狀況。本文從臺灣法制現況出發，分析我國現行法的傾向，以及實際敵意併購案例中所產生之法律問題及其潛在違法性疑慮之問題，進而指出較適合我國的政策立場。希望未來我國能均衡併購方與目標公司之利益，制定完善之敵意併購防禦措施相關法規範，以充實企業併購法制。

In the tide of global merger and acquisition, hostile takeover has long been a focal point on the subject of merger and acquisition. In many countries such as the United States, the European Union, Japan and so forth have already built a set of legitimate and adequate test standards for antitakeover defenses, yet since Taiwan has in 2002 promulgated the Business Mergers and Acquisitions Act, during these past ten years, there has not been any form of laws for the defense tactics against hostile takeover. The thesis starts from describe the circumstances how Taiwan lacks of relevant legal systems, and to highlight the importance of building relevant legal systems on hostile takeover and defensive tactics. Furthermore, the study aims to analyze the Japanese law and the American law by presenting legislative history and opinions of practice and theory, and also to analyze whether these legal systems are suitable as a reference for Taiwan to establish relevant laws in the future. In recent years, with a number of hostile takeover cases emerging in Taiwan, and to judge from the cases, it is revealed that Taiwan’s corporations are rather resistant to hostile takeover, and of the cases, the target companies tend to adopting antitakeover defenses to resist the hostile takeover bid. Yet due to limited defensive tactics that can be adopted under Taiwan’s law, and that companies tend only to defense when the hostile takeover party has already started its takeover activity, it eventually leads to corporate control contests, resulting in both parties to be suffered losses. The thesis aims to analyze the tendency of Taiwan’s existing law and the potential legal issues in the actual hostile takeover cases, and to point out a policy stance that is more suitable for Taiwan. The study anticipates that Taiwan is able to build perfected hostile takeover defensive tactic-related laws and regulations by balancing the acquisition party and the target company’s interest, with which to strengthen the merger and acquisition legal system.