지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
A merger and acquisition(M&A) trend has risen in Korea since the IMF economic crisis, and it is also facing the significant turning point recently. IT is a general understanding that M&A is likely to remain on the increase.
There are not many problems in a favorable M&A. However, we need to consider possibilities to fix the problems of a hostile M&A since we think it is an immoral behavior against legal minds or current business environments. In other words, there are many difficult problems to solve in the hostile M&A because there are many conflicts of interest among the current management, buyers, shareholders and employees.
When we consider the protection of the shareholders' interests and the needs to fix the negligence of them in Korea, we need to add the protection of shareholders' interests into the management's role in the case of Take Over Bid. With that concept, it's appropriate that the management should consider all interests of the shareholders, current management, buyer and additional counterparts and the possibility of carrying out the term and so they can choose and carry out the countermeasures against the Take Over Bid but must care about the realization of the shareholders' long term interests.
In other words, since the director's duties of care, which are asked for in the relationship between the company and the director, includes the right and duty to consider the shareholders' interests, it's right for the director to have the countermeasures against the hostile M&A but these countermeasures naturally include the desire to maintain his right of control against the corporation and so it is necessary to refrain from overusing these countermeasures.
In this study, I focus on the management's role and the criteria of its action in the target company, with reference to the recent mass purchase of SK corporation stocks by one of the foreign funds. Through a review of real law cases in the USA, this paper aims to reconsider the issue in the perception of protecting the interests of the management and the shareholders.
There are not many problems in a favorable M&A. However, we need to consider possibilities to fix the problems of a hostile M&A since we think it is an immoral behavior against legal minds or current business environments. In other words, there are many difficult problems to solve in the hostile M&A because there are many conflicts of interest among the current management, buyers, shareholders and employees.
When we consider the protection of the shareholders' interests and the needs to fix the negligence of them in Korea, we need to add the protection of shareholders' interests into the management's role in the case of Take Over Bid. With that concept, it's appropriate that the management should consider all interests of the shareholders, current management, buyer and additional counterparts and the possibility of carrying out the term and so they can choose and carry out the countermeasures against the Take Over Bid but must care about the realization of the shareholders' long term interests.
In other words, since the director's duties of care, which are asked for in the relationship between the company and the director, includes the right and duty to consider the shareholders' interests, it's right for the director to have the countermeasures against the hostile M&A but these countermeasures naturally include the desire to maintain his right of control against the corporation and so it is necessary to refrain from overusing these countermeasures.
In this study, I focus on the management's role and the criteria of its action in the target company, with reference to the recent mass purchase of SK corporation stocks by one of the foreign funds. Through a review of real law cases in the USA, this paper aims to reconsider the issue in the perception of protecting the interests of the management and the shareholders.
목차
1. 서론
2. 한국에 있어서의 M&A현황
3. M&A의 대항수단과 그 한계
4. 적대적 M&A에 있어서의 대상기업의 이사의 역할
5. 결론
참고문헌
Abstract
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UCI(KEPA) : I410-ECN-0101-2009-366-013558567