┠ḟ䛿䛨䜑䛻................................................................................................................................. 6ᮏ䝔䜻䝇䝖౑⏝䛻䛚䛡䜛ὀព஦㡯 ............................................................................................ 8➨1❶

M&A 䜰䝗䝞䜲䝄䞊䛸䛿 ................................................................................... 121.1㻌 㻌 M&A 䜰䝗䝞䜲䝄䞊䛸䛿 ........................................................................................ 12
1.2

M&A 䜰䝗䝞䜲䝄䞊䛸䛧䛶␃ព䛩䜛஦ ................................................................... 14

1.3

M&A 䜰䝗䝞䜲䝄䞊䛾╔௵ᙧᘧ ........................................................................... 15

1.4

䝣䜯䜲䝘䞁䝅䝱䝹䜰䝗䝞䜲䝄䝸䞊ዎ⣙䛾✀㢮䠄ῧ௜㈨ᩱ 1-1䚸1-2 ཧ↷䠅 ................... 17

1.5

M&A 䜰䝗䝞䜲䝄䞊䛾ሗ㓘 .................................................................................. 18

1.6

ྲྀᘬ౯㢠ู M&A ᕷሙ䛸 M&A 䝥䝺䜲䝲䞊 ......................................................... 19

1.7

M&A 䜰䝗䝞䜲䝄䞊䛾♫఍ⓗ㈐௵䛸䝰䝷䝹 ............................................................ 21➨ 2 ❶㻌 M&A ᴫㄽ .......................................................................................................... 23
2.1

M&A 䛾䝇䜻䞊䝮 ................................................................................................ 232.2

୰ᑠ௻ᴗ䛾 M&A 䛷᭱䜒฼⏝䛥䜜䜛 M&A 䝇䜻䞊䝮 ............................................ 242.3

ᰴᘧㆡΏ䛸䛿 ..................................................................................................... 25

2.4

஦ᴗㆡΏ䛸䛿 ..................................................................................................... 27

2.5

䝇䜻䞊䝮䜢᳨ウ䛩䜛䛻䛒䛯䜚␃ព䛩䜛䛣䛸.............................................................. 282.6

ᰴᘧㆡΏ䛾఍ィ䛸⛯ົ ....................................................................................... 292.7

஦ᴗㆡΏ䛾఍ィ䛸⛯ົ ....................................................................................... 30

2.8㐺᱁⤌⧊෌⦅䛸䛿 .............................................................................................. 32

Copyright 㻌 ୍⯡㈈ᅋἲே᪥ᮏ M&A 䜰䝗䝞䜲䝄䞊༠఍㻌 㻌 All Right Reserved.

2

2.9

⣧㈨⏘䛜኱䛝䛩䛞䜛௻ᴗ䛻䛚䛡䜛ᑐᛂ⟇ ............................................................. 332.10㻌 㻌 ஦ᴗ఍♫䛸䝣䜯䞁䝗䛾㐪䛔 .................................................................................. 34
2.11㻌 㻌 ධᮐᙧᘧ䚸┦ᑐ᪉ᘧ .......................................................................................... 35
2.12

M&A 䛾ὶ䜜 .................................................................................................... 37➨ 3 ❶㻌 ௻ᴗホ౯䠄䝞䝸䝳䜶䞊䝅䝵䞁䠅䛸䝕䝳䞊䝕䝸䝆䜵䞁䝇 ................................................... 423.1௻ᴗホ౯䛾ព⩏ ................................................................................................. 423.2

䛥䜎䛦䜎䛺௻ᴗホ౯ᡭἲ ..................................................................................... 443.3

᫬౯⣧㈨⏘ἲ .................................................................................................... 463.4DCF ἲ.............................................................................................................. 493.5

㢮ఝୖሙ఍♫ẚ㍑ἲ.......................................................................................... 523.6

䝕䝳䞊䝕䝸䝆䜵䞁䝇⥲ㄽ ....................................................................................... 543.7㈈ົ䝕䝳䞊䝕䝸䝆䜵䞁䝇䛾ᴫせ ............................................................................ 563.8

ἲົ䝕䝳䞊䝕䝸䝆䜵䞁䝇䛾ᴫせ ............................................................................ 57➨ 4 ❶㻌 M&A 䜰䝗䝞䜲䝄䞊䛾ᐇົᡭ㡰 ............................................................................ 59
4.1

኎䜚ᡭ䛸䛾ಶู┦ㄯ䠃䝬䝛䞊䝆䝯䞁䝖䜲䞁䝍䝡䝳䞊 ................................................. 59

4.2

NDA 䛸 FA ዎ⣙᭩䛾⥾⤖(ῧ௜㈨ᩱ 1-1䚸2 ཧ↷) ............................................... 61

4.3㈨ᩱ཰㞟䛸ྛ✀㈨ᩱ䛾䝏䜵䝑䜽 ............................................................................ 62

4.4

௻ᴗ౯್ホ౯ .................................................................................................... 65

4.5

䝜䞁䝛䞊䝮䝅䞊䝖䛾సᡂ䠄ῧ௜㈨ᩱ 3 ཧ↷䠅 .......................................................... 65

4.6

䜲䞁䝣䜷䝯䞊䝅䝵䞁䝟䝑䜿䞊䝆䛾సᡂ䠄ῧ௜㈨ᩱ 4 ཧ↷䠅 ........................................ 65

4.7

䝡䝆䝛䝇䝬䝑䝏䞁䜾䛸䝛䞊䝮䜽䝸䜰䛾☜ㄆ............................................................... 66

Copyright 㻌 ୍⯡㈈ᅋἲே᪥ᮏ M&A 䜰䝗䝞䜲䝄䞊༠఍㻌 㻌 All Right Reserved.

34.8㈙䛔ᡭ䛸䛾ಶู┦ㄯ䠃䝬䝛䞊䝆䝯䞁䝖䜲䞁䝍䝡䝳䞊 ................................................ 66

4.9

NDA 䛸 FA ዎ⣙᭩䛾⥾⤖(ῧ௜㈨ᩱ 1-2䚸2 ཧ↷) ............................................... 68

4.10

M&A ᱌௳䛾⤂௓ .............................................................................................. 69

4.11㻌 㻌 䝖䝑䝥㠃ㄯ ......................................................................................................... 71
4.12㻌 㻌 ពྥ⾲᫂᭩(ῧ௜㈨ᩱ 5 ཧ↷) ........................................................................... 72
4.13㻌 㻌 ᇶᮏྜពዎ⣙䛾⥾⤖䠄ῧ௜㈨ᩱ 6䚸7 ཧ↷䠅 ........................................................ 73
4.14㻌 㻌 䝕䝳䞊䝕䝸䝆䜵䞁䝇䛾ᐇ᪋ .................................................................................. 76
4.15㻌 㻌 ᭱⤊ㆡΏዎ⣙䛾⥾⤖㻔ῧ௜㈨ᩱ 8䚸9㻕 ................................................................. 77
4.16㻌 㻌 䜽䝻䞊䝆䞁䜾 ...................................................................................................... 85
4.17㻌 㻌 ᰴᘧㆡΏ䛾ሙྜ䛾䜽䝻䞊䝆䞁䜾ᡭ⥆ ................................................................... 86
4.18㻌 㻌 ஦ᴗㆡΏ䛾ሙྜ䛾䜽䝻䞊䝆䞁䜾ᡭ⥆ ................................................................... 91
4.19㻌 㻌 䜰䝣䝍䞊㻹㻒㻭 ..................................................................................................... 94
4.20

M&A 䛸䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇䛻䛴䛔䛶 ............................................................. 95➨ 5 ❶㻌 M&A 䜰䝗䝞䜲䝄䝸䞊ᴗົ䛾䛿䛨䜑᪉ .................................................................... 98
5.1

M&A 䜰䝗䝞䜲䝄䞊ᴗົ䜢ጞ䜑䜛䛻䛒䛯䛳䛶 ......................................................... 98

5.2♫ෆつ⛬䛾సᡂ ............................................................................................... 100

5.3

䝬䞊䜿䝔䜱䞁䜾άື ........................................................................................... 101

5.4

኎䜚ᡭ䜢᥈䛧䛶䛟䜛............................................................................................. 102

5.5㈙䛔ᡭ䜢᥈䛧䛶䛟䜛 ........................................................................................... 104

5.6

௚䛾 M&A 䜰䝗䝞䜲䝄䞊䜔஦ᴗ఍♫䛸ᥦᦠ䛩䜛 ................................................. 105

5.7

M&A 䜰䝗䝞䜲䝄䞊䛸䛧䛶䝍䝤䞊䛺ᴗ⏺䝹䞊䝹 .................................................... 106

Copyright 㻌 ୍⯡㈈ᅋἲே᪥ᮏ M&A 䜰䝗䝞䜲䝄䞊༠఍㻌 㻌 All Right Reserved.

45.8

䜽䝺䞊䝮ᑐᛂ .................................................................................................... 107➨ 6 ❶㻌 JMAA ṇ఍ဨ䛻䛴䛔䛶 ..................................................................................... 108
6.1

JMAA ṇ఍ဨไᗘ䛾┠ⓗ .................................................................................. 108

6.2

JMAA ṇ఍ဨไᗘ䛾䝯䝸䝑䝖 ................................................................................ 108

6.3

JMAA ṇ఍ဨධ఍㈨᱁ ..................................................................................... 111

6.4

JMAA ṇ఍ဨ䛾఍㈝ ......................................................................................... 111

6.5

JMAA ṇ఍ဨ䛾఍㈝䛾ᨭᡶ䛔᪉ἲ .................................................................... 112

6.6

JMAA ṇ఍ဨධ఍䛾⏦䛧㎸䜏 ............................................................................ 112

᭱ᚋ䛻 ............................................................................................................................... 113
M&A ⏝ㄒ㞟 ..................................................................................................................... 114
ཧ⪃ᩥ⊩ ........................................................................................................................... 119
䜿䞊䝇䝇䝍䝕䜱 .................................................................................................................... 121
ῧ௜㈨ᩱ㞟 ........................................................................................................................ 150

Copyright 㻌 ୍⯡㈈ᅋἲே᪥ᮏ M&A 䜰䝗䝞䜲䝄䞊༠఍㻌 㻌 All Right Reserved.

5