국내 공개매수의 실태와 법제개선방안에 관한 연구

Abstract

본 논문에서는 국내에서 현재까지 이루어진 22건의 공개매수에 대하여 몇 가지 기준을 가지고 그 실태를 분석하여 보았다. 그리고 여기서 드러난 문제점을 토대로 몇 가지 개선방안을 제시하였다. 공개매수의 역사가 일천한 관계로 국내 공개매수의 실태는 아직 초보적인 단계에 있다. 그리고 현재는 IMF 사태로 인하여 그마저 소강상태에 있으나, 지금이야말로 과거 국내 공개매수에서 드러난 문제점을 찾아내고, 이에 대한 법제개선방안을 마련할 수 있는 적기라고 생각한다. 결론적으로 공개매수와 관련하여 국내에서 만연된 불법행위를 방지하고 투자자를 보호하기 위해서는 공시제도의 강화, 방어행위에 대한 제한철폐 및 방어수단의 확충, 공개매수가격의 규제 및 공개매수대금 지급의 확보 등의 조치가 이루어져야 한다고 본다.

This article analyzes the realities of 22 domestic tender offers announced during 1994-1998 with some standards, and suggest some legislative reforms on the basis of this analysis. Because of it's short history, the realities of domestic tender offers are still at the first stage, and even still the present economic crisis makes domestic tender offer activities come to a lull. But this article emphasizes the fact that present is most opportune for identifying problems revealed from past domestic tender offers, and preparing for a legislative reforms. In conclusion, to prevent the spread of illegality with respect to domestic tender offers and to protect the interests of the investors, this article suggests such legislative reforms as the strengthening of disclosure system, deregulation regarding defensive actions, diversification of defensive tactics, restriction of tender offer price and the guaranty of tender offer payment.

This article analyzes the realities of 22 domestic tender offers announced during 1994-1998 with some standards, and suggest some legislative reforms on the basis of this analysis. Because of it's short history, the realities of domestic tender offers are still at the first stage, and even still the present economic crisis makes domestic tender offer activities come to a lull. But this article emphasizes the fact that present is most opportune for identifying problems revealed from past domestic tender offers, and preparing for a legislative reforms. In conclusion, to prevent the spread of illegality with respect to domestic tender offers and to protect the interests of the investors, this article suggests such legislative reforms as the strengthening of disclosure system, deregulation regarding defensive actions, diversification of defensive tactics, restriction of tender offer price and the guaranty of tender offer payment.