評釋字第770號解釋現金逐出合併案

Comment on the Cash Out Merger Case of the J.Y. Interpretation No. 770

最近大法官釋字第770號解釋，引發公法及財經法學者的熱烈討論，主要爭點為企業併購中現金逐出合併態樣是否侵害股東財產權，併購程序中應否充分揭露資訊，以及如何決定股份收買請求權價格。本文介紹現金逐出合併制度並且比較各國基本法制，再探討股份收買請求權制度與公平價格之訂定。接著探討企業併購法的修正方向，並評估這些修正對我國併購實務的影響。最後，本文以他國保障少數股東法制為借鏡，探討我國引進該等制度之適合性，期能對未來修法有所助益。

The recent J.Y. Interpretation No.770 has triggered a heated debate among public and financial law scholars. Main issues include whether the cash out merger under the Business Mergers and Acquisitions Act has infringed shareholders’ property rights, whether information shall be fully disclosed during the merger procedure, and how to determine the purchase price. This article will introduce the system of cash out merger, followed by a comparison of different countries’ fundamental legal frameworks, and discuss appraisal right system and the determination of fair price. Moreover, this article will analyze the reform of the Business Mergers and Acquisitions Act, and assess such reform’s impact on Taiwan’s merger practice. Lastly, to benefit future legal reforms, this article will, by referring to foreign legislations, discuss whether it is appropriate to introduce the protection of minority shareholders into our system.