ˡ̳ޥ󥵥ХХ

ˡ̳濴ȤˡΧ˴ؤܡȥԥåΤҲ̤ơХХʻ뤹٤ƤΥӥͥѡ˹׸֥

M&A

ܡۡM&Aˤ̳̳ǥ塼ǥꥸ󥹤Υåꥹȡ١ DDǤ餵Τˡ̳


ҲΡˡ̳ǥ塼ǥꥸ åꥹ٤ȥåȤǤɤ





M&AΥǥ塼ǥꥸ󥹤ˤϡˡ̳κ⡦̳̳ͻӥͥ礭ʬƣĤ¦̤ޤˡ̳ϡɽݾھΩǤʾ塢ʤȤDDη̤ˤĤƤϤ٤Ƥ¦̤İƤɬפޤ˼ºݤ꤬ȯСȯˤϡ줬̳̳ʬǤäȤƤ⡢֤ɤˤפǤɵᤵΤϻǰʤˡ̳ǤʤϤʷи򤷤Ȥä褦ʵäޤ졢ܤ̤δˡƺˡ͡ˡȤȤäĴȤäơDDŴɤվ˼줿餬ʤˤǤäƤ櫓ǤϤޤ

̤İ뤿ˡDDȤоݲҤȤδ֤Ǹ路QAꥹȡDDɤߡDD˽ФơĤȤΤˤäƤä뤳ȤȻפޤäơβɬԤƤϤоݲҤǤԤФƹԤ̳̳󥿥ӥ塼ˤĤƤ⡢Ĺ֤ϤޤǤ¤Ʊʤۤ褤Ȼפޤ󥿥ӥ塼ΩäƤФϤä̤ȴʤáɤ⡢QAΥ󥵡DDݡȤηˤʤȤɤƤʡޥɡۣɽˤʤäƤޤȤǤM&AʬȤƤ۸Τۤɡ餫餪ꤤʤƤֺ̳̳Υ󥿥ӥ塼ˤƱʤߤפ糵äΤǡϥ꡼ʤΤǤ礦ȤϤʺ̳̳μ̳˷ȤäƤʤԤˤϵ䡦ɤդ֤иŪʤΤ狼ʤʻˤΤ褦ʥåꥹȤ긵ˤȡ󥿥ӥ塼λ֤ͭ˳ѤǤΤȻפޤ

ܽDDΥåꥹܤǤ⡢̳Ǥʤ̳򤢤碌Ƽ갷ˤˡ̳DDdzǧ괾еϤȤþ䡢ӥͥǥ塼ǥƤȤʤɾȤǧռŪηŪ˥СƤΤ褤ȤȻפޤθ줬ڡˤܽ䡢åꥹȤȹ碌ƼƤɽˤ⸫Ƽޤ

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;̤Ǥܡ֤Ϥˡפ򤤰뤬

åꥹȤŻ뤷ǡƹܤβˤĤƤϡå󥹤򵭺ܤ뤳ȤǡĤܺ٤˲⤹뤳Ȥ򤱤Ƥޤ褷ݤԽԤˡڤ˴֤˹碌褦˵ޤ줿̡Τ褦ʥץʷˤʤä櫓ǤϤޤ
ǸˡܽôƤꡢڤ˴֤˹碌뤳Ȥν򶵤ƤäкѼҤ˧άˤ˲Ƹ鿽夲ޤ

ʤ󤫤äǤ͡äǤ礦͡ġ

ܡۡˡ̳ǥ塼ǥꥸ åꥹȡ١ 10ߥMAȤꥢƥ


¼ˡΧ̳ѡȥʡƣ񡣥ǥޥɥڡѡХå929ȯͽʤΤǤԤ줺Kindleޤ






ˡ̳DDܤȤСĹΡM&AƳ ˡ̳ǥ塼ǥꥸ󥹤μ̳(3) ٤֤νȤưϰ̤ۤƤޤԾˡåꥹȤòĥǥޥɡKindleեޥåȤˤ뤪㤤ʤDzߤݤܽ񡣤ΰյߤȥץŨǤ

ܽϡɮԤĹǯѤƤˡ̳ǥ塼ǥꥸ󥹡ˡ̳DDˤΥåꥹȤɸŪʤΤ˺ǸΤǤ

㤤ʤȤäƤ⡢Ƥ¼ҥƥȤ¿ơ

оݲҤȤơä˶ˡΤʤ10٤ǡ˸ƤƤ뤬¾ҥ롼פȤȤƤ̤Ҥꤷޤ

Ρֻ10ȡפȤåȤꥢƥޤ祯饹ˡΧ̳ϵѤʤȸäˡ̳DD򤵤ܤ櫓ˤϤʤȤ饤󡣷ФΰƷǤФۤɥԡɾȤʤꡢåꥹȤҼˤäȾ̢DDϤᡢŴǮǤƤǰ쵤˥󥰤ͤʤ˸¤ޤǯޤˤƷˤޤߤƤȤƤϡܤλФäΤˡĤȡ

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֥ȥˤϡIPOMAΤˡפȤޤˡ֥ӥǵȤEXITäƤ륢ȥץʡʤ󤫤Ȳͤ⤯뤿Υեå˻ȤΤ⤤Ǥ͡

ƤʤĤˤȥʤȤʤ


եʥ󥷥륢ɥХΤ褦ʿȤ餹Сޤ鲿äƤΤȤäȻפޤM&AȤΤϤĤŤ뺧Ʊʤʤȡ褦䤯ȤߤǤ褦ˤʤޤ

в񤤤Ȥ
ߤǧ륳ߥ˥
ܿõ
򡦥ץݡ
̵ΰ

󥸥롢٥㡼ԥ롢ȲҤ硢ȡܷϥեɡĤȡȤΩ֤ˤäơФǻ˥ǡϽФˤ衢ɤ˽Υʤޤɤ󥸥ɽǤ̤ˤ狼䤹ɽȤƻѤ뤳ȤƼϤˤѤʤȤ

ǥ塼ǥꥸ󥹤ΤӤˡֺѤʬ򻯤ƤäפȼʼŤͤƱ٤˿äƤꡢॷȾǾऴȤˤޤޤĤŤͤơ־äס餱פȰͫꤷƤ褦ǤϡޤȤޤΤޤȤޤʤʤǤ礦ˡ̳ȤƷи˭٤Ǥ⡢ͤȤƥƤʤĤM&AƷˤäƤǤФȡʤȤޤ󡣤ϤޤƤǤ

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ʬ¢֤򸫤Ƥ̵̤˽Ҥ¿M&Aʬǡˡ̳ѡˤΤ褦ʥåȤηϽ񤬾ʤΤϤʤǤȵäΤǤ뺧ˤƥޥ˥奢ϥġܤ˽񤫤줿ƥ˥å򤢤ƤϤ褦Ȥ뤳Ȥʥ󥻥󥹤ʤΤƱȤޤ


ƤʾСˤȤϲ򶵤Ƥʸϡ¦Ǥ뵯ȲȤɤפ褯򤷤Ƥ񤫤줿Τ˹ʤޤ򤷤Ƥ򤵤 by ĤνRˡפäƤĤǤΰ̣ǡϤΤϤϤʤǤ礦ʰƥ٥㡼ԥ붨ҤʷˤĤƲ⤵줿ޥ꡼⤪ˡ




ʸǤϤޤshibaken_lawܤҲ𤯤äƤʤɡ




webɤΤȤơޤȤƲäƤ뤳⻲ͤˤʤޤ

Startup Innovators
s-startupinnovators


M&AƷ򤦤ޤ᤿ʤ顢ʸɤޤǤʤŷοͲäʤޡƤĤ̤˽Ф˸¤ޤ

ܡۡM&A̳δá١ ĤޤǤʤܤ˼ä롢M&Aˡ̳ܤο


ޤ絬ϽŹˤܤƤʤ褦Ǥ褯ꡣM&AΡäˡ̳̤˥եҤȤơĤˤΡM&Aˡ٤θѤȤʤΤФȤǤ


͡μ̳δ
ˡ̳
2015-05-14



ּˡ̳ΥХå饦ɤļ㤤ɼԤM&AˤĤŪʸ̳˿­Ȥʤμפʤ뤳ȤǤ1ס줬ܽΥ󥻥ץȤǤ롣

ϤƬ˽񤫤줿Υ󥻥ץ̤ܡ䡢ּ㤤ɼԸפ˸½ޤޤƤޤ͡

400ڡΥܥ塼ޤ뤳Ȥͥ褷ΤǤ礦ΤܽϤȤзʬƣM&Aη̳٤ˡDDˤĤƤNOTM&AƳ ˡ̳ǥ塼ǥꥸ󥹤μ̳٤ˡ줾٤ȤϾäƤʬϤȻפޤǡM&AĤĤʤ꡼ɤܻؤ󥰤˸Ĵʤô桹ˡ̳ѡˤȤäƤϡäʬʬˡΧμ⡢ܻܽؤΤ򤯤ޤʤϳ̵İפȤΤۤषפäꤷޤˡ̳ôν椷ơM&AηиѤ󥹼Τ̾λȲҤˤƤϡ˸ꤵƤ뤳Ȥ⤢äơ줬ʤʤǤˤɤ򴶤Ƥˡ̳ѡ¿ϤǡܽϤäؤʡȤʤ뤳ȤǤ礦

ܽǤϡˡˡ⾦ˡʤɤM&AɬˡˤȤɤޤ餺ˡˡϫƯˡŪ⻺ˡڥ롼Ȥäΰ衢ˤϥܡƷˤ볰ˡˡʤɤϰϤ˥СƤޤM&AǽФ魯ۤȤɤˤĤơʿ26ǯˡǿߤ줿̻۳ˤ٤ʤɤκǿȥԥåޤơܽɳ򤱤Фʤˤμ꤬꤬ƤȤ¿ޤ


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ڡϡM&Aˡ٤깵ʤ顢ͧˡΧ̳ʵӥ󥬥ࡦ桦¼߷ˡΧ̳꤫ˤΥѡȥʡ̳Ƥäĵ˭٤ʷиʸ䥳ο˻ФƤꡢޤǤǤϸڤϤƤƤƧ߹ߤä̳ΤǺߥݥȡȤС
DDˤ󳫼ȡĿ;ݸˡ񿨡̩ݻ̳ȿ󥸥ԥ
ĴˤŪʲĴˡƤôݤˡ
MAC㳰Carve-out˻ͳɤޤǵꤹ٤
Ŭоݤ˳뤫ڤؤγλ̡³
󥰤ˤϤȶԿμ
ˤĤưƧ߹ܤޤ


¾̳֤ʤǤܤ򥦥ФʤäʽФʤäˤפȡѤܤ⤫֤褦Ǥ

ܡ۴μ̳ץ M&Aλʲʹï


ǥ塼ǥꥸ󥹤˴ؤܤҲ𤷤ȤפΤۤꥢ󤬤ꡢDDʤM&AΤϤ뤤ܤϤɤ졩פȤ򤤤ޤ

䤫Ϥܤᡣ

μ̳ץμ̳ץ [ñ]
ԡ
ǡкѼ
(2010-01)


MAήǤޤȤƤ복񤬲Ǥ⡢ά̳ˡ̳äȤХ󥹤褯ʬƤΤħħ˸ƤΤʲ̿2ڡïɤޤô뤫ʤ٤ˤȤʬô򡢼硿ҳȤ˥ڡʬʬפɽƤƤޤؤäиʤͤȡϤᤫ餪ޤ۸Τ꡼ɤƤǤ硩ȴ㤤äꤷʤȤʤΤǡϤ來ޤƤȤǤȤʤ⸽¤ϡμ̿1ܤμʬôɽˤMAôפʲʹϡ礬ҼΤʤ¤ƤȤ¤ˤơˡ̳ôԤԤ줿蘆줿ꤹΤͤôǽϡиʤȤ⡢γҳȤ˶ϤĤǰƷ꡼ɤƤɬפʾQ¤μޤƤơܤȽޤ

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ʤߤˡɽθФֳݤʬΤޤޤܤξΩƤбƤޤι⤵⤪狼ꤤ뤫ȡ


餷֥ե㡼ȡסDDåꥹȡפ⽼¤ƤޤˤȤɤޤ餺ˡ̳̤ǤϡץM&AեˤNDAץ롿¹ԥեˤܹս񡦳Ϸ񥵥ץĤƤޤԤϽˡ̳ǤϤʤFAɤȤȤ⤢ꡢդϴԤǤʤΤȻפ䡢񥵥ץ5ڡϤɽݾھʤɤϡإˡ̳ѡMAˤĤƤΤ̩äꡣץʳϰƷǤСΥץ򻲹ͤˤǤ⽽ʬ⤷ޤ

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Ƥܤμ󤲤ȤСˤĤơऴȤˡŪʥǥʬϤ­ʤȤǤ礦դ˶ܤϡޤƾҲ𤵤ƤȻפޤ

ܡM&AƳˡ̳ǥ塼ǥꥸ󥹤μ̳ DDδܤȱ


ǥ塼ǥ꤬ޤȤʤʤ롼ײҤκ԰ƷȡȤ˽°ˡ̳ѡ󤬥ԥ奢M&AƷ˷Ȥ뵡Ϥ¿ʤǤ礦⡢ñ̤Τ⤬ưȤˤ꼫ưŪ˼ƷˤʤꡢȤʤȥǥ塼ץŪˤϷи˭٤ʤȤˡΧ̳ӡ⤤եʧäƤǤƤޤȤȤˤʤ̡꤬͡ʴȤΰƷ郎ȸƤФ褦̳M&A˼꤬̳ˤΤ߽椷ΥϥίޤȤ۴ĤǤ櫓ǤİƷ郎Ω夬뤫狼ʤˡˡ̳ŤĢγȤȤˤʤʤ褦ƷǤɤʹ׸Ǥ뤫ͤƤȤǤ

桢ˡ̳ѡˤȤäƵŤʾ󸻤ȤʤäƤΤΰĤǤĹ硦ᄒˡΧ̳λDDʥǥ塼ǥꥸ󥹡ˤηϤȥΥϥ򣱺ˤޤȤƸƤƤ뤳ܡ


M&AƳˡ̳ǥ塼ǥꥸ󥹤μ̳M&AƳˡ̳ǥ塼ǥꥸ󥹤μ̳ [ñ]
ǡкѼ
(2009-01)


Ⱦ1/3DDŪסήޤǡȾ2/3dzκ⡦ʾ١ǧĤȤä̤ڤȤDDˤݥȤޤȤȤкѼҤΤΥ꡼˶̤뤳ȤǤηŪǤȤϤμˤϽפʤȤȻפޤM&AɥХηиȤDDˤĤƸܤäƤ⡢֤褯ˤʤݥȡפ夲Ƥ륱¿ΤϤǤˤʤޤˡ̳Τ褦˾ʸȤ줿Ӥ礭ʥꥹϤǽʬˤĤƤϡܽΤ褦ˤޤϡּꤳܤ̵פȤ¿ΤۤפǤ

ȸäǤʤNOTι⤵⽽ʬ˿ޤƤޤ̤ڤȤDDλ쥯㡼ȾˤơƤ٤ݥȤִܡץѡȤȡֱѡץѡȤʬƽ񤤤Ƥϡ
ִܡץѡȤޤɤƳפ򤷤Ȥˡ
ʬˤäƤϡֱѡץѡȤǤŪʼȤˡ
ξ塼ȤʤäƤꡢΰDDξϤ󤲤СִܡץѡȤˤϳƷ෿˶̤ŪʥåꥹȤChange of ControlؤнˤĤơֱѡץѡȤˤŹ󡦥󥵥ƥ󥰷ΣĤ˸̤η෿ȤΥåꥹȤǺܤƤ롢Ȥä硣

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s-IMG_1954


Ȥɤ륳ŪǤDDˤ󳫼ˤƤϸĿ;ݸˡޤ˲᤹Ȥɤˤ̵ʥץ饤ХݥꥷˤM&ADDˤĿ;󳫼ǽץȥȤ򤷤ƤϤۤȤɤʤˤȤäáκˤĤƤ⤽õ侦ɸåȤǡ̵ȽȾ᤯ˤ̵ΩƤõ142/284ɸ83/193˰ʾ塢κDDäƸ³͡ʤɤȤä硹ʤĤ֤䤭⤢ޤ

٤㤵Фʤι⤵ʬΤǡֲҤäƤ餦ܡפˤ줬ܽǤM&AƷ˿뵡1ǯ1󤢤뤫ʤʿͤǤ⡢Х䡼Τ뤳ȤμҤˡ̳ꥹޥͥȤΤҴѻ뤹뤳ȤǤޤʬäɤͤʬˤܤȻפޤǼҤǤڤΤ褦ʤΤǡź⤷軰ǤǤΤǤ礦
̥
ץե

Ϥä (Takuji H...