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TOB\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n

TOB\u306b\u306f\u3001\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u53cc\u65b9\u306b\u3068\u3063\u3066\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u3001\u307e\u305a\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u4e3b\u306b\u3068\u3063\u3066\u306f\u3001\u5e02\u5834\u4fa1\u683c\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u4e0a\u4e57\u305b\u3055\u308c\u305f\u6709\u5229\u306a\u4fa1\u683c\u3067\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b\u6a5f\u4f1a\u304c\u63d0\u4f9b\u3055\u308c\u308b\u70b9\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4ed6\u306e\u65b9\u6cd5\u3067\u306f\u5b9f\u73fe\u304c\u96e3\u3057\u3044\u9ad8\u5024\u3067\u682a\u5f0f\u3092\u73fe\u91d1\u5316\u3067\u304d\u308b\u305f\u3081\u3001\u591a\u304f\u306e\u682a\u4e3b\u304c\u5229\u76ca\u3092\u5f97\u3084\u3059\u3044\u3068\u8a00\u3048\u307e\u3059\u3002\u307e\u305f\u3001\u8cb7\u53ce\u5074\u306b\u3068\u3063\u3066\u306f\u3001\u77ed\u671f\u9593\u3067\u5927\u91cf\u306e\u682a\u5f0f\u3092\u96c6\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u7d4c\u55b6\u6a29\u3092\u52b9\u7387\u7684\u306b\u53d6\u5f97\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3067\u3001\u30c7\u30e1\u30ea\u30c3\u30c8\u3082\u5b58\u5728\u3057\u307e\u3059\u3002\u8cb7\u53ce\u5074\u306f\u3001\u63d0\u793a\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u4fa1\u683c\u306b\u3088\u3063\u3066\u591a\u984d\u306e\u8cc7\u91d1\u3092\u6295\u5165\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001\u305d\u306e\u8cc7\u91d1\u8abf\u9054\u3084\u8cb7\u53ce\u5f8c\u306e\u8ca1\u52d9\u8ca0\u62c5\u304c\u5927\u304d\u306a\u8ab2\u984c\u3068\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u5bfe\u8c61\u4f1a\u793e\u3084\u5e02\u5834\u304b\u3089\u306e\u53cd\u767a\u304c\u5f37\u3044\u5834\u5408\u3001\u8cb7\u53ce\u304c\u96e3\u822a\u3057\u3001\u4f01\u696d\u30a4\u30e1\u30fc\u30b8\u306e\u4f4e\u4e0b\u3084\u3001\u6575\u5bfe\u7684TOB\u306e\u5834\u5408\u306f\u8a34\u8a1f\u5bfe\u5fdc\u3084\u6cd5\u7684\u624b\u7d9a\u304d\u306e\u9577\u671f\u5316\u306b\u3088\u308b\u30b3\u30b9\u30c8\u5897\u52a0\u306b\u3064\u306a\u304c\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\uff1e\u30b3\u30c8\u30e9\u304b\u3089\u975e\u516c\u958b\u6848\u4ef6\u3092\u53d7\u3051\u53d6\u308b<\/a><\/strong><\/p>\n\n\n\n

MBO\u3068\u306f\uff1f\u4f01\u696d\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u3068\u306a\u308b\u624b\u6cd5<\/strong><\/h2>\n\n\n\n

MBO\u306e\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9<\/strong><\/h3>\n\n\n\n

MBO\uff08Management Buyout\uff09\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u73fe\u5728\u306e\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u3068\u306a\u3063\u3066\u3001\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308a\u3001\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u624b\u6cd5\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u7d4c\u55b6\u9663\u81ea\u8eab\u304c\u591a\u984d\u306e\u8cc7\u91d1\u3092\u51fa\u8cc7\u8005\u3068\u3057\u3066\u6295\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u4f1a\u793e\u306e\u30aa\u30fc\u30ca\u30fc\u30b7\u30c3\u30d7\u3092\u6301\u3064\u5f62\u614b\u306e\u4e00\u3064\u3067\u3059\u3002\u7279\u306b\u3001\u4e0a\u5834\u4f01\u696d\u304c\u975e\u516c\u958b\u5316\u3092\u76ee\u6307\u3059\u5834\u5408\u3084\u3001\u89aa\u4f1a\u793e\u304b\u3089\u306e\u72ec\u7acb\u3092\u5fd7\u5411\u3059\u308b\u969b\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u4ed5\u7d44\u307f\u306f\u3001\u682a\u4e3b\u5c64\u304b\u3089\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u306b\u7e1b\u3089\u308c\u305a\u3001\u4f01\u696d\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u52b9\u7387\u5316\u3057\u3001\u3088\u308a\u72ec\u7acb\u3057\u305f\u7d4c\u55b6\u3092\u76ee\u6307\u3059\u969b\u306b\u975e\u5e38\u306b\u6709\u52b9\u306a\u624b\u6bb5\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u7d4c\u55b6\u6a29\u306e\u53d6\u5f97\u3068\u30d7\u30e9\u30a4\u30d0\u30b7\u30fc\u4fdd\u8b77\u306e\u76ee\u7684<\/strong><\/h3>\n\n\n\n

MBO\u3092\u9078\u629e\u3059\u308b\u4e3b\u306a\u7406\u7531\u306e\u4e00\u3064\u306b\u3001\u7d4c\u55b6\u6a29\u306e\u78ba\u56fa\u305f\u308b\u78ba\u4fdd\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u3001\u591a\u6570\u306e\u682a\u4e3b\u306e\u610f\u5411\u3084\u682a\u4fa1\u306e\u5909\u52d5\u304c\u3001\u7d4c\u55b6\u6226\u7565\u3084\u610f\u601d\u6c7a\u5b9a\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002MBO\u3092\u5b9f\u65bd\u3057\u4f01\u696d\u3092\u975e\u4e0a\u5834\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u77ed\u671f\u7684\u306a\u5e02\u5834\u306e\u8a55\u4fa1\u3084\u682a\u4e3b\u304b\u3089\u306e\u8981\u6c42\u306b\u5de6\u53f3\u3055\u308c\u308b\u3053\u3068\u306a\u304f\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6226\u7565\u3092\u81ea\u7531\u306b\u9042\u884c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3055\u3089\u306b\u3001MBO\u3092\u901a\u3058\u3066\u975e\u4e0a\u5834\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u72b6\u6cc1\u3084\u8a73\u7d30\u306a\u30d3\u30b8\u30cd\u30b9\u6226\u7565\u306b\u95a2\u3059\u308b\u60c5\u5831\u3092\u5e02\u5834\u306b\u516c\u958b\u3059\u308b\u5fc5\u8981\u304c\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4f01\u696d\u3068\u3057\u3066\u306e\u30d7\u30e9\u30a4\u30d0\u30b7\u30fc\u3092\u4fdd\u8b77\u3057\u3064\u3064\u3001\u5916\u90e8\u304b\u3089\u306e\u5e72\u6e09\u3092\u53d7\u3051\u305a\u306b\u67d4\u8edf\u306a\u7d4c\u55b6\u3092\u884c\u3046\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

MBO\u3092\u6d3b\u7528\u3059\u308b\u969b\u306e\u8ab2\u984c<\/strong><\/h3>\n\n\n\n

MBO\u306b\u306f\u69d8\u3005\u306a\u5229\u70b9\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001\u3044\u304f\u3064\u304b\u306e\u8ab2\u984c\u3082\u4f34\u3044\u307e\u3059\u3002\u307e\u305a\u3001MBO\u3092\u5b9f\u884c\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u305f\u3081\u306b\u591a\u984d\u306e\u8cc7\u91d1\u304c\u5fc5\u8981\u3068\u306a\u308a\u3001\u305d\u306e\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u304c\u975e\u5e38\u306b\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u9280\u884c\u878d\u8cc7\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\uff08\u7279\u306b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\uff09\u304b\u3089\u306e\u8cc7\u91d1\u63d0\u4f9b\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001\u3053\u308c\u3089\u306f\u8cb7\u53ce\u5f8c\u306e\u8fd4\u6e08\u8a08\u753b\u3084\u5229\u76ca\u8a08\u4e0a\u3078\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304c\u7d4c\u55b6\u9663\u306b\u5927\u304d\u306a\u8ca0\u62c5\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001MBO\u306f\u7d4c\u55b6\u9663\u304c\u4f1a\u793e\u306e\u30aa\u30fc\u30ca\u30fc\u3068\u306a\u308b\u305f\u3081\u3001\u8cb7\u53ce\u4fa1\u683c\u304c\u516c\u6b63\u306a\u4f01\u696d\u4fa1\u5024\u306b\u57fa\u3065\u3044\u3066\u3044\u308b\u304b\u304c\u554f\u308f\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u7b2c\u4e09\u8005\u306e\u8a55\u4fa1\u6a5f\u95a2\u306e\u95a2\u4e0e\u304c\u5fc5\u8981\u3068\u306a\u308a\u3001\u624b\u7d9a\u304d\u304c\u8907\u96d1\u5316\u3059\u308b\u3053\u3068\u3082\u8ab2\u984c\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

MBO\u3068TOB\u306e\u9055\u3044<\/strong><\/h3>\n\n\n\n

MBO\u3068TOB\u306f\u3001\u3069\u3061\u3089\u3082\u4f01\u696d\u8cb7\u53ce\u3084\u518d\u7de8\u306e\u5834\u9762\u3067\u6d3b\u7528\u3055\u308c\u308b\u624b\u6cd5\u3067\u3059\u304c\u3001\u305d\u306e\u4e3b\u4f53\u3068\u76ee\u7684\u306b\u660e\u78ba\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\uff09\u306f\u3001\u901a\u5e38\u3001\u5916\u90e8\u306e\u4f01\u696d\u3084\u6295\u8cc7\u5bb6\u304c\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u3092\u5e02\u5834\u304b\u3089\u8cb7\u3044\u96c6\u3081\u308b\u65b9\u6cd5\u3067\u3001\u4e3b\u306b\u7d4c\u55b6\u6a29\u306e\u53d6\u5f97\u3092\u76ee\u7684\u3068\u3057\u307e\u3059\u3002\u8cb7\u3044\u624b\u306f\u5bfe\u8c61\u4f01\u696d\u3068\u306f\u5225\u500b\u306e\u5b58\u5728\u3067\u3059\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3067\u3001MBO\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u73fe\u5728\u306e\u5185\u90e8\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u3068\u306a\u308a\u3001\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308a\u307e\u3059\u3002\u305d\u306e\u76ee\u7684\u306f\u3001\u5916\u90e8\u304b\u3089\u306e\u5f71\u97ff\u3092\u6392\u9664\u3057\u3064\u3064\u3001\u7d4c\u55b6\u9663\u304c\u81ea\u8eab\u306e\u72ec\u81ea\u306e\u6226\u7565\u3092\u9042\u884c\u3059\u308b\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002MBO\u306f\u57fa\u672c\u7684\u306b\u53cb\u597d\u7684\u306a\u30b1\u30fc\u30b9\u304c\u307b\u3068\u3093\u3069\u3067\u3059\u304c\u3001TOB\u306b\u306f\u53cb\u597d\u7684\u306a\u3082\u306e\u3068\u6575\u5bfe\u7684\u306a\u3082\u306e\u306e\u4e21\u65b9\u304c\u5b58\u5728\u3059\u308b\u3068\u3044\u3046\u70b9\u3082\u5927\u304d\u306a\u9055\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

\uff1e\u30ad\u30e3\u30ea\u30a2\u76f8\u8ac7\u306f\u3053\u3061\u3089\u3010\u7121\u6599\uff09<\/a><\/strong><\/p>\n\n\n\n

LBO\u3068\u306f\uff1f\u8cb7\u53ce\u306e\u305f\u3081\u306e\u8cc7\u91d1\u8abf\u9054\u30e2\u30c7\u30eb<\/strong><\/h2>\n\n\n\n

LBO\u306e\u4ed5\u7d44\u307f\u3068\u76ee\u7684<\/strong><\/h3>\n\n\n\n

LBO\uff08Leveraged Buyout\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09\u306f\u3001\u4f01\u696d\u306e\u8cb7\u53ce\u306b\u969b\u3057\u3066\u3001\u4e3b\u306b\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u81ea\u8eab\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u53ce\u76ca\u6027\u3092\u62c5\u4fdd\u3068\u3057\u3066\u591a\u984d\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3001\u8cb7\u53ce\u3092\u5b9f\u65bd\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u3053\u306e\u624b\u6cd5\u306e\u76ee\u7684\u306f\u3001\u8cb7\u3044\u624b\u5074\u304c\u5c11\u306a\u3044\u81ea\u5df1\u8cc7\u91d1\u3067\u5927\u898f\u6a21\u306a\u4f01\u696d\u8cb7\u53ce\u3092\u53ef\u80fd\u306b\u3059\u308b\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u3066\u3053\u306e\u539f\u7406\uff09\u300d\u3068\u3044\u3046\u8a00\u8449\u304c\u793a\u3059\u901a\u308a\u3001\u5c11\u984d\u306e\u81ea\u5df1\u8cc7\u91d1\u3067\u5927\u304d\u306a\u6295\u8cc7\u52b9\u679c\u3092\u72d9\u3046\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n

\u5177\u4f53\u7684\u306b\u306f\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u304c\u4fdd\u6709\u3059\u308b\u4e0d\u52d5\u7523\u3084\u8a2d\u5099\u3001\u3042\u308b\u3044\u306f\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u73fe\u91d1\u53ce\u5165\uff09\u3092\u62c5\u4fdd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u591a\u984d\u306e\u521d\u671f\u6295\u8cc7\u3092\u56de\u907f\u3057\u306a\u304c\u3089\u4f01\u696d\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u3001\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3059\u80fd\u529b\u304c\u9ad8\u304f\u3001\u6210\u9577\u53ef\u80fd\u6027\u3092\u79d8\u3081\u3066\u3044\u308b\u4f01\u696d\u3078\u306e\u8cb7\u53ce\u306b\u9069\u3057\u3066\u3044\u308b\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n

\u8cb7\u53ce\u8cc7\u91d1\u306e\u8abf\u9054\u65b9\u6cd5<\/strong><\/h3>\n\n\n\n

LBO\u306b\u304a\u3051\u308b\u8cb7\u53ce\u8cc7\u91d1\u306e\u8abf\u9054\u306f\u3001\u305d\u306e\u540d\u306e\u901a\u308a\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u300d\u3092\u6700\u5927\u9650\u306b\u6d3b\u7528\u3057\u307e\u3059\u3002\u591a\u304f\u306e\u5834\u5408\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u53ce\u76ca\u529b\u3092\u4fe1\u7528\u529b\u3068\u3057\u305f\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u878d\u8cc7\u304c\u4e3b\u306a\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u878d\u8cc7\u306f\u3001\u8fd4\u6e08\u9806\u4f4d\u306e\u7570\u306a\u308b\u8907\u6570\u306e\u7a2e\u985e\u306e\u30ed\u30fc\u30f3\uff08\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u3001\u30e1\u30b6\u30cb\u30f3\u30ed\u30fc\u30f3\u306a\u3069\uff09\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

\u307e\u305f\u3001\u4e00\u90e8\u306e\u30b1\u30fc\u30b9\u3067\u306f\u3001\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u878d\u8cc7\u306b\u52a0\u3048\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3084\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\uff08PE\uff09\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u51fa\u8cc7\u3092\u4f75\u7528\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002LBO\u306e\u6839\u5e79\u306b\u3042\u308b\u306e\u306f\u3001\u8cb7\u53ce\u5f8c\u306b\u5bfe\u8c61\u4f01\u696d\u304c\u751f\u307f\u51fa\u3059\u53ce\u76ca\u306b\u3088\u3063\u3066\u3001\u305d\u306e\u878d\u8cc7\u3092\u8fd4\u6e08\u3057\u3066\u3044\u304f\u3068\u3044\u3046\u4ed5\u7d44\u307f\u3067\u3059\u3002\u3053\u306e\u70b9\u3067\u3001\u8cb7\u3044\u624b\u81ea\u8eab\u306e\u8cc7\u91d1\u3092\u4e3b\u4f53\u3068\u3059\u308b\u4ed6\u306eM&A\u624b\u6cd5\u3068\u306f\u7570\u306a\u308b\u3001\u975e\u5e38\u306b\u7279\u5fb4\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u30e2\u30c7\u30eb\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

LBO\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af<\/strong><\/h3>\n\n\n\n

LBO\u306e\u6700\u5927\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u8cb7\u3044\u624b\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u91d1\u3092\u6291\u3048\u306a\u304c\u3089\u5927\u898f\u6a21\u306a\u4f01\u696d\u8cb7\u53ce\u3092\u5b9f\u73fe\u3067\u304d\u308b\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u5c11\u306a\u3044\u8cc7\u672c\u3067\u591a\u304f\u306e\u6295\u8cc7\u6a5f\u4f1a\u3092\u8ffd\u6c42\u3057\u3001\u52b9\u7387\u7684\u306b\u8cc7\u7523\u904b\u7528\u3092\u884c\u3046\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u8cb7\u53ce\u5f8c\u306b\u5bfe\u8c61\u4f01\u696d\u306e\u53ce\u76ca\u304c\u9806\u8abf\u306b\u4f38\u3073\u308c\u3070\u3001\u305d\u306e\u53ce\u76ca\u3092\u6d3b\u7528\u3057\u3066\u501f\u5165\u3092\u8fd4\u6e08\u3067\u304d\u308b\u305f\u3081\u3001\u6295\u8cc7\u52b9\u7387\u304c\u975e\u5e38\u306b\u9ad8\u3044\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

\u3057\u304b\u3057\u3001\u4e00\u65b9\u3067\u30ea\u30b9\u30af\u3082\u5b58\u5728\u3057\u307e\u3059\u3002LBO\u306f\u591a\u984d\u306e\u501f\u5165\u3092\u4f34\u3046\u305f\u3081\u3001\u8cb7\u53ce\u5f8c\u306e\u5bfe\u8c61\u4f01\u696d\u306e\u53ce\u76ca\u304c\u671f\u5f85\u3092\u4e0b\u56de\u308b\u5834\u5408\u3001\u501f\u5165\u306e\u8fd4\u6e08\u304c\u56f0\u96e3\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u904e\u5270\u306a\u8ca0\u50b5\u306f\u4f01\u696d\u306e\u8ca1\u52d9\u72b6\u6cc1\u3092\u5727\u8feb\u3057\u3001\u7d4c\u55b6\u3092\u4e0d\u5b89\u5b9a\u306b\u3059\u308b\u30ea\u30b9\u30af\u3082\u5426\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002\u3053\u306e\u305f\u3081\u3001LBO\u3092\u5b9f\u65bd\u3059\u308b\u524d\u306b\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u4e8b\u696d\u5185\u5bb9\u3001\u8ca1\u52d9\u72b6\u6cc1\u3001\u305d\u3057\u3066\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3064\u3044\u3066\u3001\u7dbf\u5bc6\u306a\u8abf\u67fb\uff08\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff09\u3068\u53b3\u683c\u306a\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u6975\u3081\u3066\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

LBO\u6210\u529f\u306e\u305f\u3081\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/h3>\n\n\n\n

LBO\u3092\u6210\u529f\u3055\u305b\u308b\u305f\u3081\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305a\u3001\u6700\u3082\u91cd\u8981\u306a\u306e\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u9ad8\u3044\u53ce\u76ca\u6027\u3092\u6b63\u78ba\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001LBO\u306e\u501f\u5165\u8fd4\u6e08\u306f\u3001\u8cb7\u53ce\u5f8c\u306e\u5bfe\u8c61\u4f01\u696d\u306e\u53ce\u76ca\u306b\u4f9d\u5b58\u3059\u308b\u304b\u3089\u3067\u3059\u3002\u6b21\u306b\u3001\u8cb7\u53ce\u5f8c\u306e\u8ca0\u50b5\u6bd4\u7387\u304c\u9069\u5207\u3067\u3042\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002\u904e\u5270\u306a\u30ec\u30d0\u30ec\u30c3\u30b8\u306f\u3001\u5c11\u3057\u306e\u666f\u6c17\u5909\u52d5\u3084\u4e8b\u696d\u306e\u505c\u6ede\u3067\u4f01\u696d\u306e\u7d4c\u55b6\u3092\u4e0d\u5b89\u5b9a\u306b\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u8cb7\u53ce\u5f8c\u306e\u5177\u4f53\u7684\u306a\u4e8b\u696d\u8a08\u753b\u3092\u660e\u78ba\u306b\u7b56\u5b9a\u3057\u3001\u3069\u306e\u3088\u3046\u306b\u53ce\u76ca\u3092\u52b9\u7387\u7684\u306b\u6d3b\u7528\u3057\u3066\u501f\u5165\u3092\u8fd4\u6e08\u3057\u3066\u3044\u304f\u304b\u306e\u6226\u7565\u3092\u7acb\u3066\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u8a08\u753b\u306b\u306f\u3001\u30b3\u30b9\u30c8\u524a\u6e1b\u3084\u4e8b\u696d\u6539\u9769\u3001\u6210\u9577\u6226\u7565\u306a\u3069\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u9069\u5207\u306a\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3092\u7bc9\u304d\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3084M&A\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304b\u3089\u306e\u5c02\u9580\u7684\u306a\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u53d7\u3051\u308b\u3053\u3068\u3082\u3001LBO\u6210\u529f\u306e\u9375\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

LBO\u3068\u4ed6\u624b\u6cd5\u306e\u6bd4\u8f03<\/strong><\/h3>\n\n\n\n

LBO\u306fTOB\u3084MBO\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u305d\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306b\u6700\u3082\u5927\u304d\u306a\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\uff09\u304c\u3001\u8cb7\u3044\u624b\u81ea\u8eab\u306e\u8cc7\u91d1\u3084\u4fe1\u7528\u529b\u306b\u57fa\u3065\u3044\u3066\u76f4\u63a5\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u3053\u3068\u3067\u4f01\u696d\u652f\u914d\u6a29\u3092\u7372\u5f97\u3059\u308b\u624b\u6cd5\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001LBO\u306f\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u81ea\u8eab\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u53ce\u76ca\u3092\u62c5\u4fdd\u306b\u3057\u3066\u8cc7\u91d1\u306e\u5927\u90e8\u5206\u3092\u8abf\u9054\u3059\u308b\u70b9\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3001MBO\uff08Management Buyout\uff09\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u304c\u4e2d\u5fc3\u3068\u306a\u3063\u3066\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u65b9\u6cd5\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001LBO\u306f\u5916\u90e8\u306e\u6295\u8cc7\u5bb6\u3084\u30d5\u30a1\u30f3\u30c9\u304c\u4e3b\u4f53\u3068\u306a\u308a\u3001\u305d\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u52b9\u304b\u305b\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u3088\u3046\u306b\u3001TOB\u3001MBO\u3001LBO\u305d\u308c\u305e\u308c\u306e\u624b\u6cd5\u306b\u306f\u660e\u78ba\u306a\u76ee\u7684\u3084\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3001\u5b9f\u884c\u3059\u308b\u4e3b\u4f53\u306b\u9055\u3044\u304c\u3042\u308b\u305f\u3081\u3001M&A\u306e\u72b6\u6cc1\u3084\u76ee\u7684\u306b\u5fdc\u3058\u3066\u9069\u5207\u306a\u9078\u629e\u3092\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\uff1e\u767b\u9332\u3057\u3066\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306b\u76f8\u8ac7<\/a><\/strong><\/p>\n\n\n\n

TOB\u3001MBO\u3001LBO\u306e\u9055\u3044\u3092\u7c21\u5358\u6bd4\u8f03\uff01\u521d\u5fc3\u8005\u3067\u3082\u5206\u304b\u308b\u30dd\u30a4\u30f3\u30c8<\/strong><\/h2>\n\n\n\n

TOB\u3001MBO\u3001LBO\u306f\u3001M&A\u306e\u5834\u9762\u3067\u6709\u529b\u306a\u9078\u629e\u80a2\u3068\u306a\u308a\u5f97\u308b\u624b\u6cd5\u3067\u3059\u304c\u3001\u305d\u308c\u305e\u308c\u306e\u4ed5\u7d44\u307f\u3084\u76ee\u7684\u3001\u305d\u3057\u3066\u4f7f\u308f\u308c\u308b\u5834\u9762\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

\u305d\u308c\u305e\u308c\u306e\u624b\u6cd5\u306e\u76ee\u7684\u306e\u9055\u3044<\/strong><\/h3>\n\n\n\n

TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\uff09\u306f\u3001\u4e3b\u306b\u5bfe\u8c61\u4f01\u696d\u306e\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u884c\u308f\u308c\u307e\u3059\u3002\u7279\u306b\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u3092\u52b9\u7387\u3088\u304f\u53d6\u5f97\u3057\u3001\u5e02\u5834\u3067\u306e\u682a\u4fa1\u306e\u6025\u9a30\u30ea\u30b9\u30af\u3092\u907f\u3051\u3064\u3064\u3001\u5927\u91cf\u306e\u682a\u5f0f\u3092\u78ba\u4fdd\u3057\u305f\u3044\u5834\u5408\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u7279\u5b9a\u306e\u4f01\u696d\u304c\u5225\u306e\u4f01\u696d\u3092\u652f\u914d\u4e0b\u306b\u7f6e\u304f\u3053\u3068\u3092\u53ef\u80fd\u306b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3001MBO\uff08Management Buyout\uff09\u306f\u3001\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u304c\u81ea\u3089\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u3053\u3068\u3067\u3001\u5916\u90e8\u304b\u3089\u306e\u5f71\u97ff\u3092\u53d7\u3051\u305a\u306b\u7d4c\u55b6\u6a29\u3092\u78ba\u4fdd\u3057\u3064\u3064\u975e\u4e0a\u5834\u5316\u3092\u76ee\u6307\u3059\u624b\u6cd5\u3067\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u77ed\u671f\u7684\u306a\u5e02\u5834\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u3092\u53d7\u3051\u306b\u304f\u304f\u3057\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u4f01\u696d\u6210\u9577\u6226\u7565\u3092\u81ea\u7531\u306b\u63cf\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u305d\u3057\u3066\u3001LBO\uff08Leveraged Buyout\uff09\u306f\u3001\u4e3b\u306b\u8cb7\u53ce\u306e\u8cc7\u91d1\u8abf\u9054\u3092\u4ed6\u4eba\u8cc7\u672c\u3001\u3064\u307e\u308a\u878d\u8cc7\u3084\u51fa\u8cc7\u306b\u3088\u3063\u3066\u5b9f\u65bd\u3059\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cb7\u53ce\u5074\u306e\u4f01\u696d\u306f\u81ea\u3089\u306e\u8cc7\u91d1\u8ca0\u62c5\u3092\u6291\u3048\u3064\u3064\u3001\u6bd4\u8f03\u7684\u5c0f\u3055\u3044\u81ea\u5df1\u8cc7\u91d1\u3067\u5927\u898f\u6a21\u306a\u4f01\u696d\u8cb7\u53ce\u304c\u53ef\u80fd\u3068\u306a\u308a\u3001\u9ad8\u3044\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u3092\u8ffd\u6c42\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u304a\u3051\u308b\u9055\u3044<\/strong><\/h3>\n\n\n\n

\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u3082\u305d\u308c\u305e\u308c\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

TOB\u3067\u306f\u3001\u8cb7\u3044\u624b\u4f01\u696d\u306f\u3042\u3089\u304b\u3058\u3081\u8a2d\u5b9a\u3057\u305f\u8cb7\u4ed8\u4fa1\u683c\u3067\u5e02\u5834\u5916\u3067\u682a\u5f0f\u3092\u8cfc\u5165\u3057\u307e\u3059\u3002\u305d\u306e\u969b\u3001\u8cb7\u53ce\u8cc7\u91d1\u306f\u57fa\u672c\u7684\u306b\u8cb7\u3044\u624b\u4f01\u696d\u81ea\u8eab\u306e\u8cc7\u91d1\u3084\u3001\u305d\u306e\u4f01\u696d\u304c\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u501f\u308a\u5165\u308c\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u6e96\u5099\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

MBO\u306f\u3001\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u3068\u306a\u308b\u8cb7\u53ce\u3067\u3042\u308a\u3001\u901a\u5e38\u305d\u306e\u8cc7\u91d1\u306f\u7d4c\u55b6\u9663\u500b\u4eba\u306e\u8cc7\u7523\u3001\u3042\u308b\u3044\u306f\u9280\u884c\u304b\u3089\u306e\u878d\u8cc7\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\uff08\u7279\u306bMBO\u3092\u5c02\u9580\u3068\u3059\u308b\u30d5\u30a1\u30f3\u30c9\uff09\u306a\u3069\u306e\u5354\u529b\u3092\u5f97\u3066\u8abf\u9054\u3055\u308c\u307e\u3059\u3002\u682a\u5f0f\u3092\u975e\u516c\u958b\u5316\u3059\u308b\u305f\u3081\u3001\u8cb7\u53ce\u8cc7\u91d1\u306e\u898f\u6a21\u304c\u6bd4\u8f03\u7684\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3001LBO\u306f\u3001\u6700\u3082\u7279\u5fb4\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3092\u3068\u308a\u307e\u3059\u3002\u8cb7\u53ce\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u306e\u5927\u90e8\u5206\u3092\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u81ea\u8eab\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u53ce\u76ca\u3092\u62c5\u4fdd\u306b\u3057\u3066\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u304b\u3089\u8abf\u9054\u3057\u307e\u3059\u3002\u3053\u306e\u4ed5\u7d44\u307f\u306b\u3088\u308a\u3001\u8cb7\u3044\u624b\u4f01\u696d\u306f\u5c11\u306a\u3044\u81ea\u5df1\u8cc7\u91d1\u3067\u8cb7\u53ce\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3001\u9ad8\u3044\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u304c\u5f97\u3089\u308c\u308b\u3068\u3044\u3046\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

\u5b9f\u884c\u3059\u308b\u4e3b\u4f53\u306e\u7279\u5fb4<\/strong><\/h3>\n\n\n\n

\u3053\u308c\u3089\u306e\u624b\u6cd5\u306f\u3001\u8ab0\u304c\u4e3b\u4f53\u3068\u306a\u3063\u3066\u5b9f\u884c\u3059\u308b\u306e\u304b\u3068\u3044\u3046\u70b9\u3067\u3082\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

TOB\u3067\u306f\u3001\u4e3b\u306b\u4ed6\u4f01\u696d\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u4e3b\u4f53\u3068\u306a\u308a\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u3092\u5e02\u5834\u5916\u3067\u8cb7\u3044\u4ed8\u3051\u308b\u5f62\u3092\u53d6\u308a\u307e\u3059\u3002\u591a\u304f\u306e\u5834\u5408\u3001\u516c\u958b\u8cb7\u4ed8\u3051\u306e\u305f\u3081\u306e\u7dfb\u5bc6\u306a\u6226\u7565\u3068\u8a08\u753b\u3001\u305d\u3057\u3066\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u3068\u4ea4\u6e09\u529b\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

MBO\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u73fe\u5728\u306e\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u3068\u306a\u308a\u307e\u3059\u3002\u5f7c\u3089\u304c\u81ea\u3089\u306e\u7d4c\u55b6\u6a29\u3092\u78ba\u4fdd\u3057\u3064\u3064\u3001\u682a\u4e3b\u306e\u5f71\u97ff\u304b\u3089\u96e2\u308c\u305f\u7d4c\u55b6\u3092\u9032\u3081\u308b\u30e1\u30ea\u30c3\u30c8\u3092\u8ffd\u6c42\u3057\u307e\u3059\u3002\u5e02\u5834\u306e\u77ed\u671f\u7684\u306a\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u3092\u6392\u9664\u3057\u3001\u72ec\u81ea\u306e\u610f\u601d\u6c7a\u5b9a\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

LBO\u306f\u3001\u8cb7\u53ce\u5074\u306e\u4f01\u696d\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u304c\u4e3b\u4f53\u3068\u306a\u3063\u3066\u5b9f\u884c\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u624b\u6cd5\u306e\u6700\u5927\u306e\u7279\u5fb4\u306f\u3001\u8cb7\u53ce\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u3092\u4ed6\u306e\u91d1\u878d\u6a5f\u95a2\u3084\u878d\u8cc7\u5143\u304b\u3089\u8abf\u9054\u3057\u3001\u305d\u306e\u8fd4\u6e08\u3092\u5bfe\u8c61\u4f01\u696d\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u53ce\u76ca\u306b\u4f9d\u5b58\u3059\u308b\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n

\u4f7f\u7528\u3055\u308c\u308b\u5834\u9762\u5225\u306e\u4e8b\u4f8b\u89e3\u8aac<\/strong><\/h3>\n\n\n\n

\u305d\u308c\u305e\u308c\u306eM&A\u624b\u6cd5\u306f\u3001\u7279\u5b9a\u306e\u76ee\u7684\u3084\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u4f7f\u3044\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

TOB\u306e\u5834\u9762\u3067\u306f\u3001\u5927\u4f01\u696d\u304c\u7d4c\u55b6\u6a29\u3092\u63e1\u308b\u305f\u3081\u306b\u4ed6\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u4e8b\u4f8b\u304c\u591a\u304f\u898b\u3089\u308c\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u901a\u4fe1\u5927\u624b\u304c\u6d41\u901a\u5927\u624b\u306e\u682a\u5f0f\u3092\u53cb\u597d\u7684TOB\u3067\u53d6\u5f97\u3057\u3001\u540c\u3058\u30b0\u30eb\u30fc\u30d7\u5185\u3067\u30d3\u30b8\u30cd\u30b9\u30b7\u30ca\u30b8\u30fc\u3092\u5f37\u5316\u3059\u308b\u72d9\u3044\u304c\u3042\u3063\u305f\u30b1\u30fc\u30b9\u306a\u3069\u304c\u6709\u540d\u3067\u3059\u3002<\/p>\n\n\n\n

MBO\u306f\u3001\u7d4c\u55b6\u9663\u304c\u4e0a\u5834\u306b\u3088\u308b\u682a\u4e3b\u306e\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u304b\u3089\u72ec\u7acb\u3057\u3001\u975e\u4e0a\u5834\u5316\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3059\u5834\u9762\u3067\u4f7f\u308f\u308c\u307e\u3059\u3002\u3042\u308b\u4f01\u696d\u304c\u77ed\u671f\u7684\u306a\u682a\u4e3b\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304b\u3089\u96e2\u308c\u3066\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u6210\u9577\u6226\u7565\u3092\u81ea\u7531\u306b\u8ffd\u6c42\u3059\u308b\u305f\u3081\u306b\u975e\u4e0a\u5834\u5316\u3059\u308b\u30b1\u30fc\u30b9\u304c\u305d\u306e\u5178\u578b\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n

LBO\u306f\u3001\u5927\u624b\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u30bf\u30fc\u30b2\u30c3\u30c8\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u969b\u306b\u3057\u3070\u3057\u3070\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002\u5bfe\u8c61\u4f01\u696d\u306e\u8cc7\u7523\u3084\u53ce\u76ca\u529b\u3092\u62c5\u4fdd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u81ea\u5df1\u8cc7\u91d1\u529b\u306b\u4e4f\u3057\u3044\u5834\u5408\u3067\u3082\u5927\u578b\u8cb7\u53ce\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u4e00\u4f8b\u3068\u3057\u3066\u3001\u6d77\u5916\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u65e5\u672c\u4f01\u696d\u8cb7\u53ce\u4e8b\u4f8b\u3082\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\u521d\u5fc3\u8005\u304c\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u30dd\u30a4\u30f3\u30c8<\/strong><\/h3>\n\n\n\n

TOB\u3001MBO\u3001LBO\u306e\u3069\u306e\u624b\u6cd5\u3082M&A\u306e\u5834\u9762\u3067\u6709\u529b\u306a\u9078\u629e\u80a2\u3068\u306a\u308a\u5f97\u307e\u3059\u304c\u3001\u521d\u5fc3\u8005\u306e\u65b9\u304c\u307e\u305a\u62bc\u3055\u3048\u3066\u304a\u304f\u3079\u304d\u306a\u306e\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u624b\u6cd5\u306e\u76ee\u7684\u3068\u4f7f\u308f\u308c\u308b\u5177\u4f53\u7684\u306a\u5834\u9762\u3001\u305d\u3057\u3066\u8cc7\u91d1\u8abf\u9054\u306e\u4ed5\u7d44\u307f\u306e\u9055\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

TOB\u306f\u3001\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\u3092\u901a\u3058\u3066\u52b9\u7387\u3088\u304f\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u624b\u6cd5\u3067\u3042\u308a\u3001\u305d\u306e\u8a08\u753b\u3084\u5e02\u5834\u3078\u306e\u5f71\u97ff\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002MBO\u306f\u3001\u7d4c\u55b6\u6a29\u306e\u72ec\u7acb\u3084\u975e\u4e0a\u5834\u5316\u3092\u76ee\u7684\u3068\u3057\u305f\u624b\u6cd5\u3067\u3001\u7d4c\u55b6\u6226\u7565\u306b\u57fa\u3065\u3044\u305f\u5b9f\u65bd\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u305d\u3057\u3066LBO\u306f\u3001\u81ea\u5df1\u8cc7\u91d1\u4e0d\u8db3\u3092\u88dc\u3046\u305f\u3081\u306e\u6975\u3081\u3066\u52b9\u7387\u7684\u306a\u65b9\u6cd5\u3067\u3042\u308b\u53cd\u9762\u3001\u591a\u984d\u306e\u501f\u5165\u3092\u4f34\u3046\u9ad8\u3044\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u308c\u3089\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001M&A\u306b\u95a2\u3059\u308b\u57fa\u790e\u77e5\u8b58\u304c\u3057\u3063\u304b\u308a\u8eab\u306b\u3064\u304d\u3001\u4eca\u5f8c\u306e\u30d3\u30b8\u30cd\u30b9\u30cb\u30e5\u30fc\u30b9\u3084\u4f01\u696d\u306e\u52d5\u5411\u3092\u3088\u308a\u6df1\u304f\u8aad\u307f\u89e3\u3051\u308b\u3088\u3046\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

\uff1e\u307e\u305a\u306f\u30b3\u30c8\u30e9\u306b\u767b\u9332<\/a><\/strong><\/p>\n\n\n\n

TOB\u30fbMBO\u30fbLBO<\/strong>\u306b\u95a2\u3059\u308b\u6c42\u4eba\u30dd\u30b8\u30b7\u30e7\u30f3<\/h2>\n\n\n\n

\u30b3\u30c8\u30e9\u3067\u306f\u3001TOB\u30fbMBO\u30fbLBO\u306b\u95a2\u3059\u308b\u6c42\u4eba\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u308a\u63c3\u3048\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

<\/div>
\n

\u5927\u624b\u9280\u884c\u3067\u306eM\uff06A\/LBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5c02\u9580\u4eba\u8ca1\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
\u25cfM&A\/LBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7d44\u6210\u696d\u52d9\uff08\u30d5\u30ed\u30f3\u30c8\u696d\u52d9\uff09
\u30fbPE\u30d5\u30a1\u30f3\u30c9\u30ab\u30d0\u30ec\u30c3\u30b8<\/p>\n\n\n\n

\u30fbM&A\/LBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u6848\u4ef6\u767a\u6398\u3001\u53d7\u4ed8\u3001\u5be9\u67fb\u90e8\u7f72\u6298\u885d\u3001\u6761\u4ef6\u4ea4\u6e09\u3001\u30c9\u30ad\u30e5\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3
\u30fb\u884c\u5185\u672c\u90e8\/\u55b6\u696d\u5e97\u3068\u9023\u643a\u3057\u305f\u6848\u4ef6\u30bd\u30fc\u30b7\u30f3\u30b0\u3001PE\u30d5\u30a1\u30f3\u30c9\u6d3b\u7528\u306e\u63a8\u9032
\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u306e\u9023\u643a
\u30fb\u4ed6\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u9023\u643a<\/p>\n\n\n\n

\u25cfM&A\/LBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u671f\u4e2d\u7ba1\u7406\u696d\u52d9\uff08\u30df\u30c9\u30eb\u30fb\u30d0\u30c3\u30af\u696d\u52d9\uff09<\/p>\n\n\n\n

\u30fbM&A\/LBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u5b9f\u884c\u5b9f\u52d9
\u30fb\u5b9f\u884c\u5f8c\u306e\u671f\u4e2d\u7ba1\u7406\uff08\u30d5\u30a1\u30b7\u30ea\u30c6\u30a3\u30fc\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u696d\u52d9\u3001\u696d\u6cc1\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3001\u30a2\u30e1\u30f3\u30c9\/\u30a6\u30a7\u30a4\u30d6\u7b49\u5bfe\u5fdc\uff09
\u30fb\u30d1\u30fc\u30c8\u30a2\u30a6\u30c8\u7b49\u3001\u30b7\u30f3\u30b8\u30b1\u30fc\u30b7\u30e7\u30f3\u696d\u52d9<\/p>\n\n\n\n

\u203b\u30d5\u30ed\u30f3\u30c8\u696d\u52d9\u3068\u30df\u30c9\u30eb\u30fb\u30d0\u30c3\u30af\u696d\u52d9\u306f\u672c\u4eba\u5e0c\u671b\u3084\u9069\u6027\u7b49\u3092\u8e0f\u307e\u3048\u914d\u5c5e\u3057\u307e\u3059\u3002\u30d5\u30ed\u30f3\u30c8\u696d\u52d9\u3068\u30df\u30c9\u30eb\u30fb\u30d0\u30c3\u30af\u696d\u52d9\u306f\u30ef\u30f3\u30c1\u30fc\u30e0\u3068\u3057\u3066\u7dca\u5bc6\u306b\u9023\u643a\u3057\u3066\u696d\u52d9\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
<\/div>
\n

\u30e1\u30ac\u30d0\u30f3\u30af\u3067\u306eM&A\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff0fPE\u30d5\u30a1\u30f3\u30c9\u306b\u4fc2\u308bLBO\/MBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
\u672c\u90a6\u4f01\u696d\u306eM&A\u306b\u304b\u304b\u308b\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4e26\u3073\u306b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u8cb7\u53ce\u6848\u4ef6\u306b\u304b\u304b\u308bLBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7b49\u306e\u696d\u52d9\u63a8\u9032\u30fb\u7ba1\u7406\u3092\u62c5\u5f53\u3057\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
<\/div>
\n

\u9280\u884c\uff06\u5546\u793e\u7cfb\u30ea\u30fc\u30b9\u4f1a\u793e\u3067\u306e\u6295\u878d\u8cc7\u90e8\uff08LBO\uff09\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
\u30fbLBO\u30e1\u30b6\u30cb\u30f3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u63a8\u9032
\u3000\u30fbPE\u30d5\u30a1\u30f3\u30c9\u5b9bLP\u51fa\u8cc7\u306e\u63a8\u9032
\u3000\u30fbPE\u30d5\u30a1\u30f3\u30c9\u3068\u306e\u5171\u540c\u6295\u8cc7
\u3000\u30fb\u4e0a\u8a18\u306b\u95a2\u3059\u308b\u6848\u4ef6\u63a1\u308a\u4e0a\u3052\u5f8c\u306e\u671f\u4e2d\u7ba1\u7406<\/p>\n\n\n\n

\u3092\u62c5\u5f53\u3057\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
<\/div>
\n

\u5927\u624b\u9280\u884c\u3067\u306e\u8cb7\u53ce\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u53ca\u3073PE\u30d5\u30a1\u30f3\u30c9\u95a2\u9023\u696d\u52d9\uff08LBO)\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
1\uff09\u65e5\u7cfb\/\u975e\u65e5\u7cfb\u5927\u4f01\u696d\u306b\u5bfe\u3059\u308b\u8cb7\u53ce\u95a2\u9023\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7d44\u6210\u696d\u52d9
2\uff09\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\u306b\u5bfe\u3059\u308bLBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7b49\u306e\u7d44\u6210\u696d\u52d9
3\uff09LBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u652f\u63f4\u5148\u4f01\u696d\u306b\u5bfe\u3059\u308b\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u6d3b\u52d5\u53ca\u3073LBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u696d\u52d9<\/p>\n\n\n\n

\u306a\u3069\u3092\u62c5\u5f53\u3057\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
<\/div>
\n

\u5927\u624b\u30ea\u30fc\u30b9\u4f1a\u793e\u3067\u306eLBO \u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u696d\u52d9\u62c5\u5f53\u8005\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
\u30fbLBO\/MBO\u306b\u95a2\u3059\u308b\u30e1\u30b6\u30cb\u30f3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7d44\u6210\u696d\u52d9
\u30fb\u30e1\u30b6\u30cb\u30f3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5148\u306e\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u696d\u52d9<\/p>\n\n\n\n

\u3092\u62c5\u5f53\u3057\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
<\/div>
\n

\u4e0a\u5834\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u4f01\u696d\u3067\u306e\u6295\u8cc7\u9280\u884c\u696d\u52d9\u306e\u6c42\u4eba<\/strong><\/span><\/p>\n\n\n\n

\u3010\u30dd\u30b8\u30b7\u30e7\u30f3\u6982\u8981\u3011<\/span><\/strong>
\u4e0a\u5834\u4f01\u696d\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u9867\u5ba2\u306eM&A\u3084Proxy Fight\u306b\u95a2\u3059\u308b\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u3001Valuation Modeling\u306a\u3069\u3001\u767a\u884c\u4f01\u696d\u306e\u305f\u3081\u306e\u6295\u8cc7\u9280\u884c\u696d\u52d9\u5168\u822c<\/p>\n\n\n\n

\u3092\u62c5\u5f53\u3057\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\u6c42\u4eba\u306e\u8a73\u7d30\uff0f\u6c42\u4eba\u3078\u306e\u5fdc\u52df\u306f\u3053\u3061\u3089<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

\u30b3\u30c8\u30e9\u3067\u306f\u3001\u4e0a\u8a18\u4ee5\u5916\u306b\u3082\u975e\u516c\u958b\u6c42\u4eba\u3092\u542b\u3080\u591a\u6570\u306e\u6c42\u4eba\u3092\u3054\u6848\u5185\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

\u3054\u8208\u5473\u3054\u3056\u3044\u307e\u3057\u305f\u3089\u304a\u6c17\u8efd\u306b\u304a\u554f\u3044\u5408\u308f\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

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