The Recent Japan Supreme Court Decision on ‘Fair Value’ for Cash-out in Public M&A Transactions: A Further Step towards Process-oriented Judicial Review?

著者等: 滨口耕辅

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出版社: 长岛・大野・常松律师事务所

书籍名或刊登 杂志: NO&T Japan Legal Update 第9号（2017年3月）

语言: 英文

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请注意，本简报的目的是提供信息，并非提供法律建议。另外，本简报仅包括根据发行日(制作日)时点的信息，不包括该时点之后的信息。特别是速报可能会与现状的解释或惯例不同，敬请留意。

I. Introduction
Until recently, Japanese courts exercised relatively broad discretion when deciding ‘fair value’ for cashing out minority shareholders in public M&A transactions. Such trend created a degree of uncertainty and unforseeability for parties in relation to the determination of the cash-out price in going-private transactions.

However, the recent July 2016 Supreme Court decision with respect to the shares of Jupiter Telecommunications Co, Ltd. (the ‘JCOM Decision’) appears to have narrowed the courts’ discretion by determining that in a transaction structured as a tender offer followed by a cash-out where shares subject to a call are utilized,8 provided the tender offer was conducted pursuant to a process generally accepted as being fair, the cash-out price should, in principle, be the same as the tender offer price.

The JCOM Decision is important insofar as it provides the parties in public M&A transactions with a greater degree of certainty and foreseeability in relation to the cash-out price.

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律师等

滨口耕辅 Kosuke Hamaguchi

合伙人

东京

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