벤처기업들은 둘 이상의 기업이 통합되어 법률적, 사실적으로 하나의 기업이 되는 기업합병 전략이나 경영권 획득을 목적으로 하나의 기업이 인수대상기업의 주식이나 자산을 전부 또는 일부를 취득하는 기업인수 전략을 취하는 사례가 늘어나고 있다. 벤처기업의 M&A 시장 활성화는 비효율적인 벤처기업에 대한 구조조정 역할을 하여 경제 효율성을 증대시킬 수 있는 순기능 역할을 한다는 점에서 주목되었고, 활성화된 M&A 시장은 벤처캐피탈에게는 IPO를 대체하는 안정적인 투자자금의 회수 기회를 제공하므로, 벤처기업에 대한 투자증대 효과가 기대 될 ...
벤처기업들은 둘 이상의 기업이 통합되어 법률적, 사실적으로 하나의 기업이 되는 기업합병 전략이나 경영권 획득을 목적으로 하나의 기업이 인수대상기업의 주식이나 자산을 전부 또는 일부를 취득하는 기업인수 전략을 취하는 사례가 늘어나고 있다. 벤처기업의 M&A 시장 활성화는 비효율적인 벤처기업에 대한 구조조정 역할을 하여 경제 효율성을 증대시킬 수 있는 순기능 역할을 한다는 점에서 주목되었고, 활성화된 M&A 시장은 벤처캐피탈에게는 IPO를 대체하는 안정적인 투자자금의 회수 기회를 제공하므로, 벤처기업에 대한 투자증대 효과가 기대 될 수 있다. 이러한 이유로 최근 국내에서는 적대적 M&A 방어전략에 대한 관심이 고조되고 있으며, 적대적 M&A 방어전략과 관련된 많은 연구가 진행되어 있지만, 지금까지의 연구들은 벤처기업에 적대적 M&A에 관한 특화된 것이라기보다는 적대적 M&A에 대한 일반적인 주제에 관한 것들이다. 이에 본 연구에서는 적대적 M&A가 허용된 상황에서 국내 벤처기업이 사용할 수 있는 방어수단에 대하여 관련 법적제도와 방어 성공 및 실패사례를 중심으로 연구함으로써 적대적 M&A 발생시 국내 벤처기업이 사용할 수 있는 효과적인 방어전략을 제시하였으며, 국내 벤처기업들이 전략적으로 사용할 수 있는 방어수단으로는 정관변경을 통한 방법 중에는 이사진의 시차임기제과 함금낙하산이 있으며, 주식제도를 이용한 방법으로는 공개매수기간 중 신주 발행, 자기 주식취득 방법이 있으며, 기타방법으로는 방어소송과 우호적 여론형성등인 것으로 조사되었다.
벤처기업들은 둘 이상의 기업이 통합되어 법률적, 사실적으로 하나의 기업이 되는 기업합병 전략이나 경영권 획득을 목적으로 하나의 기업이 인수대상기업의 주식이나 자산을 전부 또는 일부를 취득하는 기업인수 전략을 취하는 사례가 늘어나고 있다. 벤처기업의 M&A 시장 활성화는 비효율적인 벤처기업에 대한 구조조정 역할을 하여 경제 효율성을 증대시킬 수 있는 순기능 역할을 한다는 점에서 주목되었고, 활성화된 M&A 시장은 벤처캐피탈에게는 IPO를 대체하는 안정적인 투자자금의 회수 기회를 제공하므로, 벤처기업에 대한 투자증대 효과가 기대 될 수 있다. 이러한 이유로 최근 국내에서는 적대적 M&A 방어전략에 대한 관심이 고조되고 있으며, 적대적 M&A 방어전략과 관련된 많은 연구가 진행되어 있지만, 지금까지의 연구들은 벤처기업에 적대적 M&A에 관한 특화된 것이라기보다는 적대적 M&A에 대한 일반적인 주제에 관한 것들이다. 이에 본 연구에서는 적대적 M&A가 허용된 상황에서 국내 벤처기업이 사용할 수 있는 방어수단에 대하여 관련 법적제도와 방어 성공 및 실패사례를 중심으로 연구함으로써 적대적 M&A 발생시 국내 벤처기업이 사용할 수 있는 효과적인 방어전략을 제시하였으며, 국내 벤처기업들이 전략적으로 사용할 수 있는 방어수단으로는 정관변경을 통한 방법 중에는 이사진의 시차임기제과 함금낙하산이 있으며, 주식제도를 이용한 방법으로는 공개매수기간 중 신주 발행, 자기 주식취득 방법이 있으며, 기타방법으로는 방어소송과 우호적 여론형성등인 것으로 조사되었다.
Merger & Acquisition (M&A) is means by which firms combine with each other. There are some reasons why a venture business will merge with, acquire, or be acquired by another firm. First, firms are able to acquire necessary resources such as technology, labor, and distribution channels through M&As, ...
Merger & Acquisition (M&A) is means by which firms combine with each other. There are some reasons why a venture business will merge with, acquire, or be acquired by another firm. First, firms are able to acquire necessary resources such as technology, labor, and distribution channels through M&As, which can comparatively decrease transaction costs involved in green field investments. Second, a firm is able to protect its market position by absorbing opponents. Third, purchasing ready-made units can dramatically decrease entry costs into new markets because an acquirer is able to avoid learning costs. Fourth, M&A is directly associated with the economies of scale as well as the economies of scope. In other words, firms can easily diversify into non-related fields and can increase their size through mergers and acquisitions, which indicates that the M&A is an effective strategy for diversification. Mergers may come as the result of a negotiation between two corporations interested in combining, or when one or more corporations "target" another for acquisition. Combinations that occur with the approval and encouragement of the target company's management are called friendly M&A; combinations that occur despite opposition from the target company are called hostile M&A. Hostile acquisitions occur when the board of directors of the target is opposed to the sale of the company. In this case, the acquiring firm has three options to proceed with the acquisition?a market sweep, a takeover bid or a proxy fight. The target company has several methods to avoid a takeover, if it wishes. These include legal actions or the use of defensive tactics such as crown jewel defense, golden parachute, greenmail, pac-man defense, poison pill, staggered board of directors, white knight etc. The most powerful tool that can be used against incompetent management is, the establishment of a market for corporate takeovers. Pros and cons of hostile M&A, however, differ from case to case but still there are a few worth mentioning. If a competitive business accomplish effective reconstruction through the hostile M&A, it not only secures the strong market share for that business as well as increasing the country's economic competitiveness. however, aside from these positive effects, there could be some negative outcome such as disturbing the principle of free market system through practicing monopoly or hindering the free-trade. The creating too much tension for the right of management could also generate a drop in the concentration level of executives, risk of wasteful expenditures of business property, opportunistic behavior of speculative powers. Recently, there has been a growing number of attempts at hostile takeovers. But currently many corporations in the Korea are nearly unguarded against hostile M&A. So the dispute (offense and defense) arise for undertaking supremacy of corporation. Foreign countries (including U.S., Japan and Europe) select many systems as a countermeasure against hostile M&A. Typical systems are dual class recapitalizations, golden share, golden parachute, poison pill, super majority vote to approve merger, classified board. However, Korean firms are still in very weak positions with hostile takeover attempts without such legal protection steps. The case of Sovereign's trial for the takeover of the SK Corp teach us the risk of hostile M&A. The purpose of this thesis is to indicate efficient defensive strategies against hostile M&A to venture businesses in Korea. In order to achieve the research objectives, we analyzed prevailing tactics against hostile takeover in developed countries and 32 cases of hostile M&A from 1993 to 2006 in Korea Management in target venture businesses will typically resist takeover attempts either to get a higher price for the firm or to protect their own self-interests. This can be done a number of ways. The first defense strategies is staggered board, golden parachute, issuance of new shares, buy back. litigation and making positive public opinion. Domestic venture businesses can adopt appropriate defensive measures against hostile takeover bids without any limited condition. The second methods can be used by allowing legal system, but it has a little difficult to adopt practical strategies immediately. They are high P/E ratio, cross-ownership of shares, white knight, competing tender offer, stock option and pac-man defence. The third tactics involve lock-up option, super majority voting requirement, allotment to the third party, employee stock ownership plan and convertible bond & bond with warrant. Using these strategies make us have a difficulty dependent on a situation. The last defensive tactics include dual class recapitalizations, poison pill and greenmail. But it is impossible to use these tactics under the existing Korean legal system.
Merger & Acquisition (M&A) is means by which firms combine with each other. There are some reasons why a venture business will merge with, acquire, or be acquired by another firm. First, firms are able to acquire necessary resources such as technology, labor, and distribution channels through M&As, which can comparatively decrease transaction costs involved in green field investments. Second, a firm is able to protect its market position by absorbing opponents. Third, purchasing ready-made units can dramatically decrease entry costs into new markets because an acquirer is able to avoid learning costs. Fourth, M&A is directly associated with the economies of scale as well as the economies of scope. In other words, firms can easily diversify into non-related fields and can increase their size through mergers and acquisitions, which indicates that the M&A is an effective strategy for diversification. Mergers may come as the result of a negotiation between two corporations interested in combining, or when one or more corporations "target" another for acquisition. Combinations that occur with the approval and encouragement of the target company's management are called friendly M&A; combinations that occur despite opposition from the target company are called hostile M&A. Hostile acquisitions occur when the board of directors of the target is opposed to the sale of the company. In this case, the acquiring firm has three options to proceed with the acquisition?a market sweep, a takeover bid or a proxy fight. The target company has several methods to avoid a takeover, if it wishes. These include legal actions or the use of defensive tactics such as crown jewel defense, golden parachute, greenmail, pac-man defense, poison pill, staggered board of directors, white knight etc. The most powerful tool that can be used against incompetent management is, the establishment of a market for corporate takeovers. Pros and cons of hostile M&A, however, differ from case to case but still there are a few worth mentioning. If a competitive business accomplish effective reconstruction through the hostile M&A, it not only secures the strong market share for that business as well as increasing the country's economic competitiveness. however, aside from these positive effects, there could be some negative outcome such as disturbing the principle of free market system through practicing monopoly or hindering the free-trade. The creating too much tension for the right of management could also generate a drop in the concentration level of executives, risk of wasteful expenditures of business property, opportunistic behavior of speculative powers. Recently, there has been a growing number of attempts at hostile takeovers. But currently many corporations in the Korea are nearly unguarded against hostile M&A. So the dispute (offense and defense) arise for undertaking supremacy of corporation. Foreign countries (including U.S., Japan and Europe) select many systems as a countermeasure against hostile M&A. Typical systems are dual class recapitalizations, golden share, golden parachute, poison pill, super majority vote to approve merger, classified board. However, Korean firms are still in very weak positions with hostile takeover attempts without such legal protection steps. The case of Sovereign's trial for the takeover of the SK Corp teach us the risk of hostile M&A. The purpose of this thesis is to indicate efficient defensive strategies against hostile M&A to venture businesses in Korea. In order to achieve the research objectives, we analyzed prevailing tactics against hostile takeover in developed countries and 32 cases of hostile M&A from 1993 to 2006 in Korea Management in target venture businesses will typically resist takeover attempts either to get a higher price for the firm or to protect their own self-interests. This can be done a number of ways. The first defense strategies is staggered board, golden parachute, issuance of new shares, buy back. litigation and making positive public opinion. Domestic venture businesses can adopt appropriate defensive measures against hostile takeover bids without any limited condition. The second methods can be used by allowing legal system, but it has a little difficult to adopt practical strategies immediately. They are high P/E ratio, cross-ownership of shares, white knight, competing tender offer, stock option and pac-man defence. The third tactics involve lock-up option, super majority voting requirement, allotment to the third party, employee stock ownership plan and convertible bond & bond with warrant. Using these strategies make us have a difficulty dependent on a situation. The last defensive tactics include dual class recapitalizations, poison pill and greenmail. But it is impossible to use these tactics under the existing Korean legal system.
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