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소수주식의 강제매수제도 : Freeze-out of Minority Shareholders under the Draft New Commercial Code
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 김화진 | - |
dc.date.accessioned | 2009-10-08T02:18:18Z | - |
dc.date.available | 2009-10-08T02:18:18Z | - |
dc.date.issued | 2009 | - |
dc.identifier.citation | 법학, Vol.50 No.1, pp. 321-350 | - |
dc.identifier.issn | 1598-222X | - |
dc.identifier.uri | http://lawi.snu.ac.kr/ | - |
dc.identifier.uri | https://hdl.handle.net/10371/10268 | - |
dc.description.abstract | The draft new Korean Commercial Code includes the mechanism for acquisition
of dissenting minorities. The compulsory buy-out threshold is set at 95% level. The proposed provisions below (translation by Lee & Ko, Korea, and the author) are general ones that allow a controlling shareholder to purchase compulsorily the shares owned by a minority, no matter whether the majority was acquired in a takeover bid or not. The minorities also have the right to be bought out at the same level. However, there is no sophisticated mechanism for determination of a fair price than the current one applicable to the shareholders appraisal claims. Also, the Korean law does neither know the concept of the entire fairness as developed in Singer v. Magnavox Co., 380 A.2d 969 (Del. 1977) nor the fiduciary duty of majority shareholders to minority shareholders. The new squeezeout institution may work properly if and only if the Korean courts contemporaneously develop the fairness standard applicable to valuation as well as procedure and introduce the fiduciary duty of major shareholders to minority shareholders. This is more so because the draft bill also allows the cash-out merger transaction in Article 523, No.4. Article 360-24 (Controlling Shareholders Right to Request for Sale) (1) The shareholder who possesses 95% or more of the total issued and outstanding shares of a company under his own account (hereinafter, Controlling Shareholder) may request the other shareholder the sale of the shares possessed by such other shareholder (hereinafter, Mino-... | - |
dc.description.sponsorship | 이 논문은 서울대학교 법학발전재단 출연 법학연구소 기금의 2009학년도 학술연구비
의 보조를 받았음. | - |
dc.language.iso | ko | - |
dc.publisher | 서울대학교 법학연구소 | - |
dc.subject | 강제매수 | - |
dc.subject | 주식매수청구권 | - |
dc.subject | 현금합병 | - |
dc.subject | 간이합병 | - |
dc.subject | 차입매수 | - |
dc.subject | cash-out merger | - |
dc.subject | controlling shareholder | - |
dc.subject | commercial code | - |
dc.subject | 가치평가 | - |
dc.subject | corporate governance | - |
dc.title | 소수주식의 강제매수제도 | - |
dc.title.alternative | Freeze-out of Minority Shareholders under the Draft New Commercial Code | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | Kim, Hwa Jin | - |
dc.citation.journaltitle | 법학 | - |
dc.citation.endpage | 350 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 321-350 | - |
dc.citation.startpage | 321 | - |
dc.citation.volume | 50 | - |
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