의무공개매수에 관한 연구

Abstract

의무공개매수 제도가 시행 1년도 못되어 폐지되었다. 그 동안 이 제도가 소액주주의 보호보다는 경영권 보호를 목적으로 이용됨으로써 M&A를 어렵게 하는 등 기업 구조조정의 활성화를 저해한다는 문제점이 지적되었기 때문이다. 개인적으로는 이 제도가 갖는 효용에 비추어 제도 자체는 그대로 두고, 문제점만을 보완하는 것이 오히려 바람직한 방향이었다고 생각한다. 그러나 이제 폐지 이후에 예상되는 문제에 대비하는 일이 시급하게 되었다. 이에 본 연구에서는 의무공개매수에 관한 외국의 입법례를 살펴보고, 동 제도의 폐지 이후 예상되는 문제점과 그 대응방안에 대하여 고찰하였다.

Mandatory Bids system has been abolished in less than one year from its enforcement. The reason is that there has been a criticism that this system has been used to entrench the management rather than to protect the minority shareholders, and so has resulted in becoming an obstacle to M&A and hindering the activation of corporate restructuring. I think it was a better way to make up for the weak points in the current mandatory bids system rather than to abolish the system itself in the light of its merits. However, now it has become urgent to prepare for the expected problems after it's abolishment. So, this article examines the foreign legislations about mandatory bids system, and suggests its countermeasure for the expected problems after its abolishment.

Mandatory Bids system has been abolished in less than one year from its enforcement. The reason is that there has been a criticism that this system has been used to entrench the management rather than to protect the minority shareholders, and so has resulted in becoming an obstacle to M&A and hindering the activation of corporate restructuring. I think it was a better way to make up for the weak points in the current mandatory bids system rather than to abolish the system itself in the light of its merits. However, now it has become urgent to prepare for the expected problems after it's abolishment. So, this article examines the foreign legislations about mandatory bids system, and suggests its countermeasure for the expected problems after its abolishment.