ハートスコットロディノ法(クレイトン法7A条)では、実質的所有権(beneficial ownership)の取得を待機期間満了前に行なってはいけないと言われます。
そこで、その条文上の根拠を整理しておきます。
クレイトン法7A条(15 U.S. Code § 18a - Premerger notification and waiting period)の(a)では、
「(a) FilingExcept as exempted pursuant to subsection (c),
no person shall acquire, directly or indirectly, any voting securities or assets of any other person,
unless both persons (or in the case of a tender offer, the acquiring person) file notification pursuant to rules under subsection (d)(1) and the waiting period described in subsection (b)(1) has expired,
if—
(1) the acquiring person, or the person whose voting securities or assets are being acquired, is engaged in commerce or in any activity affecting commerce; and
(2) as a result of such acquisition, the acquiring person would hold an aggregate total amount of the voting securities and assets of the acquired person—
(A) in excess of $200,000,000 (as adjusted and published for each fiscal year beginning after September 30, 2004, in the same manner as provided in section 19(a)(5) of this title to reflect the percentage change in the gross national product for such fiscal year compared to the gross national product for the year ending September 30, 2003); or
(B)
(i) in excess of $50,000,000 (as so adjusted and published) but not in excess of $200,000,000 (as so adjusted and published); and
(ii)
(I) any voting securities or assets of a person engaged in manufacturing which has annual net sales or total assets of $10,000,000 (as so adjusted and published) or more are being acquired by any person which has total assets or annual net sales of $100,000,000 (as so adjusted and published) or more;
(II) any voting securities or assets of a person not engaged in manufacturing which has total assets of $10,000,000 (as so adjusted and published) or more are being acquired by any person which has total assets or annual net sales of $100,000,000 (as so adjusted and published) or more; or
(III) any voting securities or assets of a person with annual net sales or total assets of $100,000,000 (as so adjusted and published) or more are being acquired by any person with total assets or annual net sales of $10,000,000 (as so adjusted and published) or more.
In the case of a tender offer, the person whose voting securities are sought to be acquired by a person required to file notification under this subsection shall file notification pursuant to rules under subsection (d).」
と規定されています。
ここで、acquireの定義がHSR法やHSR規則(16 CFR Part 801 - COVERAGE RULES)にあれば話は単純なのですが、残念ながらありません。
ではどうなっているのかというと、CFR§801.2(Acquiring and acquired persons.)の(a)で、
「(a) Any person which, as a result of an acquisition, will hold voting securities or assets, either directly or indirectly, or through fiduciaries, agents, or other entities acting on behalf of such person, is an acquiring person.」
というように、acquiring personの定義規定の中にholdという言葉が出てきます。
そして、holdの意味については、CFR801.1条(16 CFR § 801.1 - Definitions.)の(c)で、
「(c) Hold.
(1) Subject to the provisions of paragraphs (c) (2) through (8) of this section,
the term hold (as used in the terms hold(s), holding, holder and held) means beneficial ownership, whether direct, or indirect through fiduciaries, agents, controlled entities or other means.」
というように規定されていて、holdの定義にbeneficial ownershipという用語が出てきます。
801.1条(c)のholdは名詞なので("hold(s)"は動詞)、beneficial ownership(実質的所有権)も名詞で、辻褄はあっています。
なので、holdが動詞(保有する)の場合、その意味は、実質的に所有する(beneficially own)というように読み替えればよいわけです。
これをふまえて、上述の、
「(a) Any person which, as a result of an acquisition, will hold voting securities or assets, either directly or indirectly, or through fiduciaries, agents, or other entities acting on behalf of such person, is an acquiring person.」
の意味を読み替えておくと、
「(a) 議決権付証券、資産を…買収の結果実質的に所有することとなる者は、取得者である。」
となります。
ほんとうは、acquireの直接的な定義があればよいのですが、前述のようにそれはなく、HSR規則の具体例で、たとえば、CFR§801.32で、
「§ 801.32 Conversion and acquisition.
A conversion is an acquisition within the meaning of the act.」
という例が示されていたり、§801.33(16 CFR § 801.33 - Consummation of an acquisition by acceptance of tendered shares of payment.)で、
「The acceptance for payment of any shares tendered in a tender offer is the consummation of an acquisition of those shares within the meaning of the act.」
と具体例で示されているだけです。
HSR規則を読んでもわかるのはここまでですが、この点については、HSR規則制定時の告示(the Statement of Basis and Purpose Implementing Title II of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, 43 Fed. Reg. 33, 450(1978))に、
「SECTION 801.1(c) HOLD
Section 801.1(c) defines the term “hold,” which is central to the structure of the rules.
If the commerce test of section 7A(a)(l) and the size-of-person test of section 7A(a)(2) are met, the act applies to an acquistion if “as a result of such acquisition, the acquiring person would hold” 15 percent or $15 million worth of the voting securities or assets of the acquired person.
Section 7A(a)(3) (emphasis supplied). The treatment of an acquisition thus depends upon what the acquiring person will hold as a result of the acquisition. See sections 801.13 and 801.15.
Section 801.1(c)(1) states the basic rule that a person “holds” voting securities or assets if that person is the beneficial owner of such securities or assets.
The rules do not contain a definition of “beneficial ownership.” Instead, the existence of beneficial ownership is to be determined in the context of particular cases with reference to the person or persons that enjoy the indicia of beneficial ownership, which include
〔①〕the right to obtain the benefit of any increase in value or dividends,
〔②〕the risk of loss of value,
〔③〕the right to vote the stock or to determine who may vote the stock,
〔④〕the investment discretion (including the power to dispose of the stock).」
と説明されているのが重要です。
つまり、これら、
①価値増加または配当、の利益を獲得する権利
②価値損失のリスク
③議決権または投票者決定権
④投資裁量(株式処分権を含む)
といった実質所有権の兆候(the indicia of beneficial ownership)を参考にして、実質所有権が誰に帰属するのかを決める。ということです。
以上の論理を逆にたどると、
⑴実質所有権の兆候から、実質所有者を決める
⑵実質所有者が決まったら、誰が資産をholdしているのかが決まる
⑶資産をholdした者が資産をacquireした者である
⑷待機期間満了前にacquireすると、ガンジャンピングになる
という理屈です。
ちなみに、上記告示(43 Fed. Reg. 33, 459(1978))では、
「BACKGROUND INFORMATION TO SECTION 801.1(C)」
として、
「Original section 801.05(c) defined the term “hold” in terms of the possession of either direct or indirect “ownership” or "control.”
Revised section 801.1(c) deleted the reference to “control” and defined the term “hold” as “record or beneficial ownership.”」
と説明しています。
結局、record ownership(名義上の所有権)は成案からは削除されたのですが、holdの概念からcontrolが削除されたことは重要でしょう。
というのは、もしcontrolからholdが認定されるとすると、契約上のcontrolまでHSR法の届出の対象になってしまうからです。
(この点、日本の独禁法でも、「三 他の会社の事業の全部又は重要部分の賃借」(16条1項3号)、「四 他の会社の事業の全部又は重要部分についての経営の受任」(同項4号)、「五 他の会社と事業上の損益全部を共通にする契約の締結」(同項5号)といった契約上のアレンジは、16条1項の禁止の対象にはなっていますが2項の届け出の対象にはなっていません。)
といったようなことが、
Blumenthal, The Scope of Permissible Coordination between Merging Entities Prior to Consummation, p47
で分析されているので、ご興味のある方はご覧ください。
なお、上記のthe indicia of beneficial ownershipの
①価値増加または配当、の利益を獲得する権利
②価値損失のリスク
③議決権または投票者決定権
④投資裁量(株式処分権を含む)
のうち、①②が経済的利益で、③④が支配を表すもののようにも見えますが、③④の存在から一般的に、支配からbeneficial ownershipを認定できるということはできないでしょう。
というのは、③④はあくまで議決権による支配の話であり、議決権とは関係のない一般的な(たとえば契約による)支配については触れていないからです。