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It is not uncommon for stock valuations to be required in a corporate restructuring deal such as a merger, a split or an MBO, when negotiations or lawsuits, etc., involve a contest for management leadership, or a dispute with an investment fund - for example, the case to determine the Jupiter Telecom stock acquisition price, which was decided by the Supreme Court in 2016. At the time, there had also been a gradual increase in cases in which the valuation of stock acquisition rights and stock options had been a point of contention. Therefore, in the lecture, we used case studies to explain the methods used to evaluate these financial assets and examined how to assess value and use third-party experts.

2016年に最高裁決定が出たジュピターテレコム株式取得価格決定事件をはじめ、企業合併、分割、MBOなど企業組織再編に関わる経営の主導権争いや投資ファンドとの紛争にかかわり、交渉・訴訟等の場面で株式の価値評価が求められることは珍しくありませんでした。また、当時、新株予約権や株式オプションの、金融派生商品としての価値評価が重要な争点となる事件も徐々に増加していました。そこで、本講演では、これらの金融資産の価値評価に用いられる手法を、事例を交えて説明し、価値評価や第三者専門家の活用方法のあり方について解説しました。