Japan: ジョーンズ・デイ・ニュースレター:Japan Legal Update - August 2016

Corp.

最高裁判所(第一小法廷)は、平成28年7月1日、公開買付け後に少数株主のキャッシュ・アウトのために行われた全部取得条項付種類株式の取得の価格決定につき、実務上大きな影響を与える決定(以下「本決定」といいます。)を下しました。

本件は、公開買付けに応じず、その後、全部取得条項付種類株式の取得によって強制的に株式を取得された少数株主が、公開買付価格と同額とされた当該株式の取得価格につき不満を示し、裁判所に対し、公正な取得価格の決定を申し立てた事案です(平成27年5月の改正会社法施行前において、普通株式を全部取得条項付種類株式に転換した上でこれを強制的に取得するという手法が、少数株主のキャッシュ・アウトのための手段として頻繁に使用されていました)。

原審(東京高等裁判所平成27年10月14日決定)は、公開買付け公表後取得日までの市場全体の株価の動向を考慮した補正をするなどして取得価格を算定すべきであると判断し、公開買付価格を取得価格として採用することなく、株価の回帰分析の方法等に基づく算定を行いました。かかる原審の判断枠組みに対しては、市場全体の株価の上昇に応じて事後的な補正を行う余地を認めると、①株主は公表日以降の株価下落リスクを一切負うことなく株価上昇の利益のみを享受できることになり、株主の投機的行動を著しく助長することになる旨、②買収者にとっては、買収に必要な資金額の見込みを立てることが困難となり、取引の予測可能性を害する旨の指摘等がなされていました。

これに対し、本決定は、独立した第三者委員会や専門家の意見を聴くなどの措置を講じ、一般に公正と認められる手続により公開買付けが行われ、その後に対象会社が公開買付価格と同額で全部取得条項付種類株式を取得した場合、当該取引の基礎となった事情に予期しない変動が生じたと認めるに足りる特段の事情がない限り、当該株式の取得価格を公開買付価格と同額とするのが相当であると判示しました。本決定の判断枠組みによれば、公開買付けにおける手続的公正性が確保されていれば、裁判所は、原則として、公開買付価格と同額を全部取得条項付種類株式の取得価格として決定することになります。したがって、上記の原審の判断枠組みに対するような懸念は払拭され、今後はキャッシュ・アウトにおける手続的安定性が増すものと考えられます。

なお、平成27年5月の改正会社法施行後は、全部取得条項付種類株式の取得に代わり、買収者が対象会社の議決権の90%以上を保有している場合には株式等売渡請求が、90%未満の場合には株式の併合が、それぞれキャッシュ・アウトの手法として多く用いられています。しかし、本決定の判断枠組みについては、これらの手法によるキャッシュ・アウトに伴う取得価格の決定の場面においても同様に妥当するのではないかと考えられており、本決定によるキャッシュ・アウトの予測可能性と手続的安定性の高まりが日本におけるM&Aの実務に与える影響は大きいと考えます。

Tax

移転価格事務運営要領の改正等(平成28年6月28日) 国税庁は、平成28年度税制改正により移転価格税制に係る文書化制度の整備が行われたこと等に伴い、移転価格の調査の方針等に関する事務運営要領を改正しました。また、同日付で、外国法人の恒久的施設帰属所得に関する調査又は事前確認審査等に係る事務運営要領が制定されています。

Corp.

商業登記の申請書に添付する外国人の署名証明書について(平成28年7月1日) 法務省は、平成28年6月28日以降、商業登記の申請書に添付する外国人の署名証明書について、これまで当該外国人の国籍国又は日本に所在する「当該外国人の本国官憲」が作成したものでなければならなかったところ、当該外国人が居住する国等に所在する「当該外国人の本国官憲」(領事等)が作成したものでも差し支えないことを発表しました。同取扱いについては、平成28年6月28日付で、法務局長及び地方法務局長宛てに法務省より通達が発令されています。

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