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In recent years, complex clauses such as call clauses and clauses on revised conversion prices (moving strikes) have meant that it is no longer sufficient to use simple valuation models such as Black-Scholes to assess the fair value of convertible bonds with stock options, or stock acquisition rights. This has resulted in an increase in cases in which fair value is contested in relation to the favorable issuance of stock acquisition rights.

At the seminar, an explanation was given on the basic concepts used to assess the value of convertible bonds, etc., and the valuation methods used when special clauses are added. Past court cases (such as the Autobacs Seven Case) in which the fair value of stock acquisition rights was disputed were then examined.

近年、転換社債型新株予約権付社債や新株予約権の公正価値評価は、コール条項や転換価格修正条項(ムービング・ストライク)など複雑な条項の存在により、ブラック=ショールズ公式等による簡易な評価では対応できなくなり、それに伴い、新株予約権の有利発行性に関連してその公正価値が争われる事件が増えています。

本セミナーでは、転換社債等における価値評価の基本的な考え方及び特殊な条項が加わった場合の評価方法についてその考え方を解説した上で、新株予約権の公正価値が争われた過去の裁判事例(オートバックスセブン事件等)について解説しました。