{"id":223,"date":"2021-09-07T18:10:13","date_gmt":"2021-09-07T09:10:13","guid":{"rendered":"http:\/\/www.happy-manda.com\/?p=223"},"modified":"2021-11-27T17:21:14","modified_gmt":"2021-11-27T08:21:14","slug":"ma%e7%94%a8%e8%aa%9e%e3%80%80%e3%82%a2%e8%a1%8c","status":"publish","type":"post","link":"http:\/\/www.happy-manda.com\/?p=223","title":{"rendered":"M&#038;A\u7528\u8a9e\u3000\u30a2\u884c"},"content":{"rendered":"<p><span style=\"font-size: 24px;\"><strong>\u30a2\u884c<\/strong><\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fb\u76f8\u5bfe\u53d6\u5f15\uff08\u3042\u3044\u305f\u3044\u3068\u308a\u3072\u304d\uff09<\/strong><\/h5>\n<p>\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u304c\u7b2c\u4e09\u8005\u3092\u7d4c\u7531\u305b\u305a\u76f4\u63a5\u53d6\u5f15\u3092\u884c\u3046\u3053\u3068\u3002<span>M&amp;A<\/span>\u4f1a\u793e\u306a\u3069\u3092\u7d4c\u7531\u305b\u305a\u3001\u4f01\u696d\u306e\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u304c\u76f4\u63a5\u8cb7\u53ce\u306e\u58f2\u8cb7\u4ea4\u6e09\u3092\u884c\u3046\u3053\u3068\u3092\u6307\u3059\u3002\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306e\u5408\u610f\u304c\u3067\u304d\u308c\u3070\u30b9\u30d4\u30fc\u30c7\u30a3\u306b<span>M&amp;A<\/span>\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u307e\u305f<span>M&amp;A<\/span>\u4ef2\u4ecb\u4f1a\u793e\u306a\u3069\u306b\u652f\u6255\u3046\u624b\u6570\u6599\u3082\u767a\u751f\u3057\u306a\u3044\u70b9\u304c\u30e1\u30ea\u30c3\u30c8\u3068\u306a\u308b\u3002\u4e00\u65b9\u3067\u58f2\u308a\u624b\u5074\u306f\u5e02\u5834\u4fa1\u683c\u3088\u308a\u5b89\u3044\u4fa1\u683c\u3067\u306e\u58f2\u5374\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u8cb7\u3044\u624b\u5074\u306f\u8a50\u6b3a\u88ab\u5bb3\u306b\u3042\u3046\u53ef\u80fd\u6027\u306a\u3069\u306e\u30ea\u30b9\u30af\u3082\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fbIPO\uff08\u30a2\u30a4\u30d4\u30fc\u30aa\u30fc\uff09<\/strong><\/h5>\n<p><span>IPO<\/span>\u3068\u306f\u300c<span>Initial<\/span>\uff08\u6700\u521d\u306e\uff09<span>Public<\/span>\uff08\u516c\u958b\u306e\uff09<span>Offering<\/span>\uff08\u58f2\u308a\u7269\uff09\u300d\u306e\u7565\u3067\u3042\u308a\u3001\u672a\u4e0a\u5834\u4f01\u696d\u304c\u65b0\u898f\u306b\u682a\u5f0f\u3092\u8a3c\u5238\u53d6\u5f15\u6240\uff08\u682a\u5f0f\u5e02\u5834\uff09\u306b\u4e0a\u5834\u3059\u308b\u3053\u3068\u3092\u6307\u3059\u3002\u682a\u5f0f\u4e0a\u5834\u3001\u682a\u5f0f\u516c\u958b\u3068\u3082\u3044\u308f\u308c\u308b\u3002<\/p>\n<p><span>IPO<\/span>\u3059\u308b\u3053\u3068\u3067\u4f01\u696d\u306f\u682a\u5f0f\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\u3068\u306a\u308b\u3002\u307e\u305f\u6295\u8cc7\u5bb6\u306f\u4e0a\u5834\u3057\u305f\u682a\u5f0f\u306b\u3064\u3044\u3066\u3001\u682a\u5f0f\u5e02\u5834\u3092\u7d4c\u7531\u3057\u3066\u81ea\u7531\u306b\u58f2\u8cb7\u304c\u53ef\u80fd\u3068\u306a\u308b\u3002<span>IPO<\/span>\u3092\u884c\u3046\u306b\u306f\u4e3b\u5e79\u4e8b\u8a3c\u5238\u4f1a\u793e\u3092\u9078\u3073\u3001\u8a3c\u5238\u4f1a\u793e\u306e\u30b5\u30dd\u30fc\u30c8\u3092\u53d7\u3051\u3066\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u4e0a\u5834\u5be9\u67fb\u3092\u30af\u30ea\u30a2\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u5951\u7d04\u66f8\uff08advisory contract\uff09<\/strong><\/h5>\n<div id=\"anchor\">\n<p><span style=\"font-size: 1em; letter-spacing: 0.05em;\">M&amp;A<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">\u3092\u691c\u8a0e\u3059\u308b\u306b\u3042\u305f\u308a\u3001\u58f2\u308a\u624b\u4f01\u696d\u3084\u8cb7\u3044\u624b\u4f01\u696d\u306e\u5019\u88dc\u5148\u3092\u63a2\u3059\u969b\u306b\u8907\u6570\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u306b\u4f9d\u983c\u3059\u308b\u3068\u60c5\u5831\u6f0f\u6d29\u306e\u30ea\u30b9\u30af\u304c\u3042\u308b\u3002\u3088\u3063\u3066\u4fe1\u983c\u3067\u304d\u308b<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">M&amp;A<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">\u4ef2\u4ecb\u4f1a\u793e\u306a\u3069\u306e<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">1<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">\u793e\u3092\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306b\u9078\u3073\u3001\u6392\u4ed6\u7684\u306a\u5c02\u4efb\u5951\u7d04\u3092\u7de0\u7d50\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3002\u696d\u52d9\u7bc4\u56f2\u3001\u79d8\u5bc6\u4fdd\u6301\u3001\u5831\u916c\u3001\u514d\u8cac\u7b49\u306b\u95a2\u3059\u308b\u4e8b\u9805\u304c\u8a18\u8f09\u3055\u308c\u305f\u66f8\u9762\u3092\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u5951\u7d04\u66f8\u3068\u3044\u3046\u3002<\/span><span style=\"font-size: 1em; letter-spacing: 0.05em;\">\u00a0<\/span><\/p>\n<div>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fb\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u6761\u9805\uff08Earn out Clause\uff09<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u304c\u5b9f\u884c\u3055\u308c\u305f\u4e00\u5b9a\u671f\u9593\u306e\u7d4c\u904e\u5f8c\u3001\u8cb7\u53ce\u5bfe\u8c61\u3068\u306a\u3063\u305f\u4e8b\u696d\u304c\u7279\u5b9a\u306e\u76ee\u6a19\u3092\u9054\u6210\u3057\u305f\u5834\u5408\u306b\u3001\u8cb7\u3044\u624b\u4f01\u696d\u304c\u58f2\u308a\u624b\u4f01\u696d\u306e\u682a\u4e3b\u306a\u3069\u306b\u5bfe\u3057\u3066\u3001\u4e8b\u524d\u306b\u5408\u610f\u3057\u305f\u7b97\u5b9a\u65b9\u6cd5\u306b\u57fa\u3065\u3044\u3066\u8cb7\u53ce\u5bfe\u4fa1\u306e\u4e00\u90e8\u3092\u652f\u6255\u3046\u898f\u5b9a\u3002<\/p>\n<p>\u4f01\u696d\u8cb7\u53ce\u306e\u5bfe\u4fa1\u3092\u8cb7\u53ce\u6642\u306b\u4e00\u62ec\u3067\u652f\u6255\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u8cb7\u53ce\u5f8c\u306e\u4e00\u5b9a\u306e\u76ee\u6a19\u9054\u6210\u3068\u9023\u52d5\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u306e\u9069\u5207\u306a\u5206\u914d\u3092\u884c\u3044\u3001\u8cb7\u53ce\u5bfe\u4fa1\u306b\u95a2\u3059\u308b\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306e\u898b\u89e3\u306e\u76f8\u9055\u3092\u57cb\u3081\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u308b\u3002\u5b9f\u969b\u306b\u4f7f\u7528\u3055\u308c\u308b\u8ca1\u52d9\u6307\u6a19\u3068\u3057\u3066\u306f\u3001\u5f53\u671f\u7d14\u5229\u76ca\u3001\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001<span>EBITDA<\/span>\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306a\u3069\u304c\u3042\u308b\u3002\u5177\u4f53\u7684\u306b\u306f\u8cb7\u53ce\u306e\u5bfe\u4fa1\u306b\u3064\u3044\u3066\u3001\u8cb7\u3044\u624b\u304c\u6700\u521d\u306e\u6bb5\u968e\u3067<span>50%<\/span>\u306e\u652f\u6255\u3044\u3092\u884c\u3044\u3001\u5229\u76ca\u76ee\u6a19\u9054\u6210\u7387\u306a\u3069\u306b\u57fa\u3065\u304d\u6570\u5e74\u306b\u5206\u3051\u3066\u6b8b\u308a\u306e\u8cb7\u53ce\u91d1\u984d\u3092\u58f2\u308a\u624b\u306b\u652f\u6255\u3046\u30a4\u30e1\u30fc\u30b8\u3068\u306a\u308b\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u5074\u306f\u3001\u8cb7\u53ce\u5f8c\u306e\u4f01\u696d\u696d\u7e3e\u306e\u9032\u6357\u3068\u3068\u3082\u306b\u8cb7\u53ce\u8cc7\u91d1\u306e\u652f\u6255\u3044\u3092\u884c\u3046\u3053\u3068\u3067\u9ad8\u5024\u3064\u304b\u307f\u306e\u30ea\u30b9\u30af\u3092\u907f\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u307e\u305f\u58f2\u308a\u624b\u5074\u3082\u4f01\u696d\u58f2\u5374\u5f8c\u306b\u4e00\u5b9a\u306e\u7d4c\u55b6\u95a2\u4e0e\u3092\u884c\u3046\u5834\u5408\u3001\u76ee\u6a19\u9054\u6210\u3068\u3068\u3082\u306b\u8cb7\u53ce\u91d1\u984d\u306e\u4e0a\u7a4d\u307f\u304c\u53ef\u80fd\u3068\u306a\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u3002\u4e00\u65b9\u3067\u58f2\u308a\u624b\u5074\u306f\u4f01\u696d\u58f2\u5374\u6642\u306b\u4e00\u62ec\u3067\u58f2\u5374\u8cc7\u91d1\u3092\u53d7\u3051\u53d6\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u3001\u3068\u3044\u3046\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fb\u610f\u5411\u8868\u660e\u66f8\uff08\u3044\u3053\u3046\u3072\u3087\u3046\u3081\u3044\u3057\u3087 \/ Letter of intent\uff09<\/strong><\/h5>\n<p>\u8cb7\u53ce\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u304c\u8b72\u6e21\u5bfe\u8c61\u3068\u306a\u308b\u4f01\u696d\u3084\u682a\u4e3b\u306b\u5bfe\u3057\u3001\u8cb7\u53ce\u691c\u8a0e\u3084\u4f01\u696d\u63d0\u643a\u306e\u610f\u601d\u3084\u57fa\u672c\u7684\u306a\u6761\u4ef6\u3092\u4f1d\u3048\u308b\u305f\u3081\u306e\u3082\u306e\u3002\u4f01\u696d\u63d0\u643a\u306e\u5185\u5bb9\u3001\u8cb7\u53ce\u5e0c\u671b\u4fa1\u683c\u3001\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u5b9f\u65bd\u3001\u8cbb\u7528\u8ca0\u62c5\u3001\u79d8\u5bc6\u4fdd\u6301\u3001\u6cd5\u7684\u62d8\u675f\u529b\u306a\u3069\u304c\u76db\u308a\u8fbc\u307e\u308c\u308b\u3002<\/p>\n<p>\u8907\u6570\u306e\u4f01\u696d\u304b\u3089\u610f\u5411\u8868\u660e\u66f8\u304c\u51fa\u3055\u308c\u305f\u5834\u5408\u3001\u9078\u3093\u3060<span>1<\/span>\u793e\u3068\u57fa\u672c\u5408\u610f\u66f8\u3092\u7de0\u7d50\u3057\u3066<span>M&amp;A<\/span>\u691c\u8a0e\u306e\u6b21\u306e\u30d7\u30ed\u30bb\u30b9\u306b\u9032\u3080\u3002\u5c1a\u3001\u610f\u5411\u8868\u660e\u66f8\u306e\u63d0\u51fa\u30d7\u30ed\u30bb\u30b9\u3092\u7701\u304d\u57fa\u672c\u5408\u610f\u66f8\u306e\u307f\u3092\u7de0\u7d50\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fbEBITDA\uff08Earnings Before Interest, Taxes, Depreciation and Amortization\uff0f\u30a4\u30fc\u30d3\u30c3\u30c0\u30fc\u3001\u30a4\u30fc\u30d3\u30c3\u30c8\u30c7\u30a3\u30fc\u30a8\u30fc\uff09<\/strong><\/h5>\n<p>\u4f1a\u8a08\u7528\u8a9e\u3067\u3042\u308a\u652f\u6255\u5229\u606f\u3001\u7a0e\u91d1\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca\u3092\u6307\u3059\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u4f01\u696d\u306e\u672c\u8cea\u7684\u4fa1\u5024\u304c\u3042\u308b\u3068\u3044\u3046\u8003\u3048\u306b\u57fa\u3065\u3044\u305f\u6307\u6a19\u3002<\/p>\n<p>\u5404\u56fd\u3067\u7570\u306a\u308b\u7a0e\u7387\u3084\u91d1\u5229\u3001\u6e1b\u4fa1\u511f\u5374\u65b9\u6cd5\u3092\u6392\u9664\u3057\u3066\u4f01\u696d\u306e\u672c\u8cea\u7684\u306a\u53ce\u76ca\u529b\u3092\u8868\u3059\u3053\u3068\u304c\u3067\u304d\u3001\u56fd\u969b\u9593\u3067\u306e\u4f01\u696d\u306e\u53ce\u76ca\u529b\u6bd4\u8f03\u306b\u4f7f\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u307e\u305f<span>M&amp;A<\/span>\u5f8c\u306e\u4f01\u696d\u518d\u7de8\u306b\u3088\u308a\u306e\u308c\u3093\u4ee3\u304c\u8a08\u4e0a\u3055\u308c\u305f\u5f8c\u306f\u3001\u306e\u308c\u3093\u4ee3\u306e\u511f\u5374\u65b9\u6cd5\u306b\u3088\u308a\u4f01\u696d\u306e\u53ce\u76ca\u529b\u306b\u5927\u304d\u306a\u5dee\u304c\u751f\u3058\u308b\u304c\u3001<span>EBITDA<\/span>\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u3067<span>M&amp;A<\/span>\u5f8c\u306e\u4f01\u696d\u306e\u672c\u8cea\u7684\u306a\u7a3c\u3050\u529b\u3092\u8868\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<p>\u6b63\u78ba\u306a<span>EBITDA<\/span>\u306e\u7b97\u51fa\u306b\u306f\u4f1a\u8a08\u7684\u306b\u8907\u96d1\u306a\u624b\u7d9a\u304d\u304c\u5fc5\u8981\u3068\u306a\u308b\u304c\u3001\u55b6\u696d\u5229\u76ca<span>+<\/span>\u6e1b\u4fa1\u511f\u5374\u8cbb\uff1d<span>EBITDA<\/span>\u3001\u3068\u3057\u3066\u7c21\u4fbf\u306a\u65b9\u6cd5\u3067\u7b97\u51fa\u3055\u308c\u305f<span>EBITDA<\/span>\u304c\u5229\u7528\u3055\u308c\u308b\u3053\u3068\u3082\u591a\u3044\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fbEBO\uff08\u30a4\u30fc\u30d3\u30fc\u30aa\u30fc\/ Employee Buy Out\uff09<\/strong><\/h5>\n<p>\u4f01\u696d\u306e\u5f93\u696d\u54e1\u304c\u91d1\u878d\u6a5f\u95a2\u7b49\u304b\u3089\u501f\u5165\u3092\u884c\u3044\u4f01\u696d\u8cb7\u53ce\u304c\u306a\u3055\u308c\u308b\u53d6\u5f15\u3092\u6307\u3059\u3002<span>EBO<\/span>\u3092\u884c\u3046\u4e8b\u3067\u3001\u305d\u308c\u307e\u3067\u306f\u7d4c\u55b6\u306b\u95a2\u4e0e\u3057\u3066\u3044\u306a\u3044\u5f93\u696d\u54e1\u304c\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<span>MBO<\/span>\uff08<span>Management\u00a0 Buy Out<\/span>\uff09\u306f\u7d4c\u55b6\u9663\u304c\u884c\u3046\u4f01\u696d\u8cb7\u53ce\u624b\u6cd5\u3067\u3042\u308b\u4e00\u65b9\u3067\u3001\u5f93\u696d\u54e1\u304c\u884c\u3046\u4f01\u696d\u8cb7\u53ce\u306f<span>EBO<\/span>\u3068\u547c\u3070\u308c\u533a\u5225\u3055\u308c\u3066\u3044\u308b\u3002\u307e\u305f\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u304c\u4e00\u7dd2\u306b\u8cb7\u53ce\u3092\u884c\u3046\u5834\u5408\u306f<span>MEBO<\/span>\uff08<span>Management and Employee Buy Out<\/span>\uff09\u3068\u547c\u3070\u308c\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbEXIT\uff08\u30a4\u30b0\u30b8\u30c3\u30c8\uff09<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u3084\u6295\u8cc7\u696d\u754c\u3067\u306f\u51fa\u53e3\u6226\u7565\u3068\u8a33\u3055\u308c\u3001\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u3092\u56de\u53ce\u3059\u308b\u624b\u6bb5\u3084\u65b9\u6cd5\u3092\u6307\u3059\u3002\u672a\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u3084\u4e0d\u52d5\u7523\u306a\u3069\u306e\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u5bfe\u8c61\u3078\u6295\u8cc7\u3092\u884c\u3046\u969b\u306f\u3001\u6295\u8cc7\u3068\u6295\u8cc7\u56de\u53ce\u65b9\u6cd5\u3092\u30bb\u30c3\u30c8\u3067\u6e96\u5099\u3059\u308b\u3053\u3068\u304c\u56de\u53ce\u30ea\u30b9\u30af\u3092\u4e0b\u3052\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308b\u3002\u5177\u4f53\u7684\u306a\u8cc7\u91d1\u56de\u53ce\u65b9\u6cd5\u3068\u3057\u3066\u306f<span>IPO<\/span>\u3084\u4ed6\u793e\u3078\u306e\u8ee2\u58f2\uff08<span>M&amp;A<\/span>\uff09\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002<\/p>\n<p><span>M&amp;A<\/span>\u3067\u306f\u682a\u5f0f\u306e\u4e00\u62ec\u58f2\u5374\u306b\u3088\u308a<span>EXIT<\/span>\u304c\u884c\u308f\u308c\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u6bb5\u968e\u7684\u306b\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b<span>EXIT<\/span>\u3082\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbEPS\uff08\u30a4\u30fc\u30d4\u30fc\u30a8\u30b9\uff0fEarnings Per Share\uff09<\/strong><\/h5>\n<p><span>1<\/span>\u682a\u5f53\u305f\u308a\u5229\u76ca\u3092\u6307\u3059\u3002\u7a0e\u5f15\u5f8c\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u3001\u306e\u8a08\u7b97\u5f0f\u3067\u7b97\u51fa\u3067\u304d\u308b\u3002<span>PER<\/span>\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u5fc5\u8981\u4e0d\u53ef\u6b20\u3068\u306a\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fb\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30e1\u30e2\u30e9\u30f3\u30c0\u30e0\u3000(Information Memorandum\uff1aIM)<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u306e\u58f2\u5374\u5bfe\u8c61\u3068\u306a\u308b\u4f01\u696d\u30fb\u4e8b\u696d\u306e\u5185\u5bb9\u3001\u8ca1\u52d9\u5185\u5bb9\u3001\u58f2\u5374\u6761\u4ef6\u306a\u3069\u3092\u8a73\u7d30\u306b\u8a18\u8f09\u3057\u305f\u6982\u8981\u66f8\u3092\u6307\u3059\u3002\u4f1a\u793e\u306e\u6cbf\u9769\u3001\u4e8b\u696d\u5185\u5bb9\u3001\u904e\u53bb\u306e\u8ca1\u52d9\u8af8\u8868\u306e\u63a8\u79fb\u3068\u305d\u306e\u5206\u6790\u3001\u5e02\u5834\u74b0\u5883\u5206\u6790\u3001\u4e2d\u671f\u4e8b\u696d\u8a08\u753b\u306a\u3069\u306e\u4f01\u696d\u306e\u8a73\u7d30\u304b\u3064\u79d8\u533f\u6027\u306e\u9ad8\u3044\u8cc7\u6599\u3068\u306a\u308b\u3002\u3088\u3063\u3066\u79d8\u5bc6\u4fdd\u6301\u5951\u7d04\u66f8\u306e\u7de0\u7d50\u5f8c\u306b\u3001\u58f2\u308a\u624b\u306e\u4e86\u627f\u3092\u5f97\u305f\u4e0a\u3067\u8cb7\u3044\u624b\u5019\u88dc\u5148\u306b\u958b\u793a\u3055\u308c\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><strong>\u30fb\u55b6\u696d\u6a29<\/strong><\/h5>\n<p>\u4f01\u696d\u306e\u7121\u5f62\u8cc7\u7523\u306e\u4e00\u3064\u3067\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8a08\u4e0a\u3055\u308c\u306a\u3044\u4f01\u696d\u53ce\u76ca\u306b\u76f4\u7d50\u3059\u308b\u30d6\u30e9\u30f3\u30c9\u529b\u3001\u6280\u8853\u529b\u306a\u3069\u793e\u4f1a\u7684\u4fe1\u7528\u529b\u306e\u7dcf\u79f0\u3002\u306e\u308c\u3093\uff08\u6696\u7c3e\uff09\u3068\u3082\u3044\u308f\u308c\u308b\u3002<\/p>\n<p>\u4f1a\u8a08\u7684\u306b\u306f\u4f01\u696d\u8cb7\u53ce\u6642\u306b\u8cb7\u53ce\u4fa1\u683c\u304c\u88ab\u8cb7\u53ce\u4f01\u696d\u306e\uff08\u6642\u4fa1\uff09\u7d14\u8cc7\u7523\u4fa1\u683c\u3092\u4e0a\u56de\u308b\u5834\u5408\u3001\u305d\u306e\u5dee\u984d\u304c\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u501f\u308a\u65b9\u306b\u55b6\u696d\u6a29\uff08\u306e\u308c\u3093\u4ee3\uff09\u3068\u3057\u3066\u8a08\u4e0a\u3055\u308c\u308b\u3002\u55b6\u696d\u6a29\u306f\u7a0e\u52d9\u4e0a<span>5<\/span>\u5e74\u3067\u511f\u5374\u304c\u884c\u308f\u308c\u308b\u3002\u4f1a\u8a08\u4e0a\u306f\u56fd\u5185\u57fa\u6e96\u3067\u306f<span>20<\/span>\u5e74\u4ee5\u5185\u3067\u4f01\u696d\u304c\u4efb\u610f\u306b\u8a2d\u5b9a\u3057\u305f\u671f\u9593\u3067\u511f\u5374\u304c\u884c\u308f\u308c\u308b\u304c\u3001\u56fd\u969b\u57fa\u6e96\uff08<span>IFRS<\/span>\uff09\u3067\u306f\u6bce\u671f\u6e1b\u640d\u30c6\u30b9\u30c8\u304c\u884c\u308f\u308c\u3001\u8cb7\u53ce\u6642\u306e\u4e8b\u696d\u8a08\u753b\u304c\u9806\u8abf\u306b\u9032\u6357\u3059\u308b\u9650\u308a\u306f\u511f\u5374\u306e\u5fc5\u8981\u304c\u306a\u3044\u3002\u305f\u3060\u3057\u8a08\u753b\u672a\u9054\u306a\u3069\u306e\u5834\u5408\u306f\u4e00\u6c17\u306b\u511f\u5374\u304c\u8feb\u3089\u308c\u308b\u3002\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u5de8\u984d\u306e\u55b6\u696d\u6a29\u304c\u8a08\u4e0a\u3055\u308c\u3066\u3044\u308b\u4f01\u696d\u306e\u5834\u5408\u3001\u6e1b\u640d\u306b\u3088\u308a\u4e00\u6c17\u306b\u50b5\u52d9\u8d85\u904e\u3068\u306a\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u305f\u3081\u3001\u5de8\u984d\u306e\u55b6\u696d\u6a29\u3092\u8a08\u4e0a\u306e\u4f01\u696d\u306f\u8ca1\u52d9\u7684\u306a\u30ea\u30b9\u30af\u3092\u5185\u5728\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u8cb7\u53ce\u4fa1\u683c\u304c\u7d14\u8cc7\u7523\u4fa1\u683c\u3092\u4e0b\u56de\u308b\u5834\u5408\u306f\u300c\u8ca0\u306e\u306e\u308c\u3093\u4ee3\u300d\u304c\u8a08\u4e0a\u3055\u308c\u3001\u7a0e\u52d9\u4e0a\u30fb\u4f1a\u8a08\u4e0a\u3068\u3082\u306b\u4e00\u56de\u3067\u5168\u984d\u53ce\u76ca\u8a08\u4e0a\u304c\u884c\u308f\u308c\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fb\u30a8\u30b9\u30af\u30ed\u30fc\uff08Escrow\uff09<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u306e\u4ee3\u91d1\u306e\u3084\u308a\u53d6\u308a\u306e\u969b\u306b\u7b2c\u4e09\u8005\u3067\u3042\u308b\u91d1\u878d\u6a5f\u95a2\u304c\u9593\u306b\u5165\u308a\u3001\u53d6\u5f15\u306e\u5b89\u5168\u6027\u3092\u78ba\u4fdd\u3059\u308b\u4ef2\u4ecb\u30b5\u30fc\u30d3\u30b9\u3092\u6307\u3059\u3002\u8cb7\u3044\u624b\u5074\u304c\u30a8\u30b9\u30af\u30ed\u30fc\u53e3\u5ea7\u306b\u8b72\u6e21\u4ee3\u91d1\u3092\u632f\u308a\u8fbc\u3080\u3053\u3068\u3067\u3001\u58f2\u308a\u624b\u5074\u306f\u58f2\u8cb7\u4ee3\u91d1\u306e\u5b58\u5728\u304c\u78ba\u8a8d\u3067\u304d\u308b\u3002\u4e00\u65b9\u3067\u58f2\u308a\u624b\u5074\u306b\u5bfe\u3057\u3001\u73fe\u91d1\u306e\u5f15\u304d\u51fa\u3057\u306b\u306f\u6295\u8cc7\u6761\u4ef6\u306e\u5145\u8db3\u306a\u3069\u3092\u5fc5\u8981\u3068\u3059\u308b\u3053\u3068\u3067\u3001\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u306e\u53cc\u65b9\u304c\u5b89\u5fc3\u3057\u3066<span>M&amp;A<\/span>\u306e\u8cc7\u91d1\u6c7a\u6e08\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u6c7a\u6e08\u30b5\u30fc\u30d3\u30b9\u3067\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><span>\u00a0<\/span><\/h5>\n<h5><strong>\u30fbSPA\uff08\u30a8\u30b9\u30d4\u30fc\u30a8\u30fc\uff0fStock Purchase Agreement\uff09<\/strong><\/h5>\n<p>\u682a\u5f0f\u8b72\u6e21\u5951\u7d04\u66f8\u306e\u82f1\u8a9e\u8868\u73fe\u3067\u3042\u308b<span>Stock Purchase Agreement<\/span>\u306e\u7565\u79f0\u3002<span>M&amp;A<\/span>\u306e\u6700\u7d42\u6bb5\u968e\u3067\u7de0\u7d50\u3059\u308b\u682a\u5f0f\u8b72\u6e21\u5951\u7d04\u66f8\u3092\u6307\u3059\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbSPC\uff08\u30a8\u30b9\u30d4\u30fc\u30b7\u30fc\uff0fSpecial Purpose Company\uff09<\/strong><\/h5>\n<p>\u7279\u5b9a\u76ee\u7684\u4f1a\u793e\u3068\u8a33\u3055\u308c\u308b\u3001<span>M&amp;A<\/span>\u5f8c\u306e\u4f01\u696d\u518d\u7de8\u6642\u306b\u5229\u7528\u3055\u308c\u308b\u4f01\u696d\u3092\u6307\u3059\u3002<span>M&amp;A<\/span>\u3092\u5b9f\u884c\u3059\u308b\u969b\u306b\u3001<span>SPC<\/span>\u3092\u8cb7\u53ce\u4e3b\u4f53\u3068\u3057\u3066\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u501f\u5165\u306a\u3069\u3092\u884c\u3044\u3001\u5c11\u306a\u3044\u8cc7\u672c\uff08\u6295\u8cc7\u91d1\u984d\uff09\u3068\u591a\u984d\u306e\u501f\u5165\u91d1\u3092\u539f\u8cc7\u306b\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u639b\u3051\u3066\u8cb7\u53ce\u3059\u308b\u624b\u6cd5\u304c\u5229\u7528\u3055\u308c\u308b\u3002\u8cb7\u53ce\u5f8c\u306b<span>SPC<\/span>\u3068\u88ab\u8cb7\u53ce\u4f1a\u793e\u304c\u5408\u4f75\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u53ce\u306b\u3068\u3082\u306a\u3046\u4f01\u696d\u518d\u7de8\u304c\u7d42\u4e86\u3068\u306a\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002<\/p>\n<p>\u307e\u305f\u7a0e\u52d9\u4e0a\u306e\u89b3\u70b9\uff08<span>ex.<\/span>\u7bc0\u7a0e\u30e1\u30ea\u30c3\u30c8\uff09\u304b\u3089\u3001\u6d77\u5916\u306e\u30bf\u30c3\u30af\u30b9\u30fb\u30d8\u30a4\u30d6\u30f3\u306b<span>SPC<\/span>\u3092\u8a2d\u7acb\u3057\u305f\u4e0a\u3067\u3001\u6d77\u5916\u306e<span>SPC<\/span>\u3092\u6d3b\u7528\u3057\u3066\u5bfe\u8c61\u4f01\u696d\u306e\u8cb7\u53ce\u3092\u884c\u3046\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbFA\uff08\u30a8\u30d5\u30a8\u30fc\uff0fFinancial Adviser\uff09<\/strong><\/h5>\n<p>\u8ca1\u52d9\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3068\u8a33\u3055\u308c\u3001<span>M&amp;A<\/span>\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u306b\u5bfe\u3057\u3001<span>M&amp;A<\/span>\u306e\u8a08\u753b\u7acb\u6848\u304b\u3089\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u307e\u3067\u306e\u4e00\u9023\u306e\u52a9\u8a00\u696d\u52d9\u3092\u884c\u3046\u8005\u3092\u6307\u3059\u3002<\/p>\n<p>\u8b72\u6e21\u4f01\u696d\u53ca\u3073\u8b72\u53d7\u4f01\u696d\u306e\u3069\u3061\u3089\u304b\u3068\u500b\u5225\u306b\u5951\u7d04\u3092\u7d50\u3073\u3001\u4e00\u65b9\u306e<span>M&amp;A<\/span>\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\uff08\u8b72\u6e21\u4f01\u696d\u3068\u8b72\u53d7\u4f01\u696d\u306e\u4e21\u8005\u3068\u5951\u7d04\u3092\u7d50\u3076\u3053\u3068\u306f\u306a\u3044\uff09\u3002\u3088\u3063\u3066\u8b72\u6e21\u4f01\u696d\u3068\u8b72\u53d7\u4f01\u696d\u306e\u53cc\u65b9\u304c\u305d\u308c\u305e\u308c<span>FA<\/span>\u3092\u7acb\u3066\u3066<span>M&amp;A<\/span>\u3092\u9032\u3081\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbNDA\uff08\u30a8\u30cc\u30c7\u30a3\u30fc\u30a8\u30fc\uff0fNon Disclosure Agreement\uff09<\/strong><\/h5>\n<p>\u79d8\u5bc6\u4fdd\u6301\u5951\u7d04\u66f8\u3068\u8a33\u3055\u308c\u308b\u3002<span>CA<\/span>\u3068\u540c\u7fa9\u3002<span>M&amp;A<\/span>\u306e\u624b\u7d9a\u304d\u306b\u969b\u3057\u3001\u58f2\u308a\u624b\u4f01\u696d\u304c\u8cb7\u53ce\u691c\u8a0e\u4f01\u696d\u306b\u5bfe\u3057\u958b\u793a\u3059\u308b\u60c5\u5831\u306b\u3064\u3044\u3066\u3001\u8cb7\u53ce\u691c\u8a0e\u4f01\u696d\u306b\u79d8\u5bc6\u3092\u4fdd\u6301\u3055\u305b\u308b\u7fa9\u52d9\u3092\u8ab2\u3059\u5951\u7d04\u3092\u6307\u3059\u3002<\/p>\n<p>\u79d8\u5bc6\u60c5\u5831\u306e\u5b9a\u7fa9\u3001\u60c5\u5831\u958b\u793a\u306e\u7bc4\u56f2\u3001\u76ee\u7684\u5916\u4f7f\u7528\u306e\u7981\u6b62\u3001\u6709\u52b9\u671f\u9593\u3001\u640d\u5bb3\u8ce0\u511f\u306b\u95a2\u3059\u308b\u4e8b\u9805\u306a\u3069\u304c\u8a18\u8f09\u3055\u308c\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbM&amp;A\uff08\u30a8\u30e0\u30a2\u30f3\u30c9\u30a8\u30fc\uff0fMergers and Acquisitions\uff09<\/strong><\/h5>\n<p>\u4f01\u696d\u306e\u8cb7\u53ce\u3092\u6307\u3059\u3002\u682a\u5f0f\u3084\u4e8b\u696d\u306e\u8b72\u6e21\u3001\u4f01\u696d\u306e\u5408\u4f75\u3084\u5206\u5272\u306a\u3069\u306e\u69d8\u3005\u306a\u65b9\u6cd5\u3092\u7dcf\u79f0\u3057\u3066<span>M&amp;A<\/span>\u3068\u547c\u3070\u308c\u308b\u3002\u8cc7\u672c\u63d0\u643a\u3084\u696d\u52d9\u63d0\u643a\u3092\u6307\u3059\u3053\u3068\u3082\u3042\u308b\u304c\u3001\u539f\u5247\u7684\u306b\u306f\u4f1a\u793e\u3084\u7d4c\u55b6\u6a29\u306e\u53d6\u5f97\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n<p><span>M&amp;A<\/span>\u306f\u6b27\u7c73\u3067\u767a\u9054\u3057\u3001\u56fd\u5185\u306e<span>M&amp;A<\/span>\u306f\u4e0a\u5834\u3059\u308b\u5927\u624b\u4f01\u696d\u4e2d\u5fc3\u306b\u884c\u308f\u308c\u3066\u304d\u305f\u304c\u3001\u8fd1\u5e74\u3067\u306f\u4e2d\u5c0f\u4f01\u696d\u306e<span>M&amp;A<\/span>\u3082\u5897\u52a0\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbM&amp;A\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u306b\u95a2\u3059\u308b\u30a2\u30c9\u30d0\u30a4\u30b9\u3084<span>M&amp;A<\/span>\u6210\u7acb\u307e\u3067\u306e\u3068\u308a\u307e\u3068\u3081\u3092\u884c\u3046\u5c02\u9580\u5bb6\u3092\u6307\u3059\u3002<span>M&amp;A<\/span>\u6210\u7acb\u306b\u5411\u3051\u3066\u306e\u52a9\u8a00\u3084\u3001\u30b9\u30ad\u30fc\u30e0\u6848\u306e\u4f5c\u6210\u3001\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u306e\u4ee3\u7406\u4eba\u3068\u3057\u3066\u306e\u4ea4\u6e09\u306a\u3069\u3001<span>M&amp;A<\/span>\u6210\u7acb\u306b\u81f3\u308b\u5168\u904e\u7a0b\u306b\u643a\u308f\u308b\u3002<\/p>\n<p>\u9280\u884c\u3084\u8a3c\u5238\u4f1a\u793e\u306a\u3069\u306e\u91d1\u878d\u6a5f\u95a2\u3001<span>M&amp;A<\/span>\u5c02\u9580\u4f1a\u793e\u306a\u3069\u304c<span>M&amp;A<\/span>\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306e\u5f79\u5272\u3092\u62c5\u3046\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002<span>FA<\/span>\u3084<span>M&amp;A<\/span>\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306e\u547c\u79f0\u3082\u7528\u3044\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbM&amp;A\u30d6\u30c6\u30a3\u30c3\u30af<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u696d\u52d9\u3092\u5c02\u9580\u7684\u306b\u884c\u3046<span>M&amp;A<\/span>\u7279\u5316\u578b\u306e\u5c02\u9580\u5bb6\u96c6\u56e3\u3092\u6307\u3059\u3002<span>M&amp;A<\/span>\u30d6\u30c6\u30a3\u30c3\u30af\u306e\u4f01\u696d\u3084\u4e8b\u52d9\u6240\u306b\u3064\u3044\u3066\u3001<span>M&amp;A<\/span>\u30d6\u30c6\u30a3\u30c3\u30af\u30d5\u30a1\u30fc\u30e0\u3068\u547c\u79f0\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002<\/p>\n<p>\u58f2\u5374\u5e0c\u671b\u4f01\u696d\u3084\u8cb7\u53ce\u5e0c\u671b\u4f01\u696d\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306b\u52a0\u3048\u3066<span>M&amp;A<\/span>\u4ef2\u4ecb\u3082\u624b\u639b\u3051\u3001<span>M&amp;A<\/span>\u5168\u822c\u306b\u95a2\u3059\u308b\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u4e8b\u696d\u3068\u3057\u3066\u884c\u3063\u3066\u3044\u308b\u3002\u7279\u5b9a\u306e\u696d\u7a2e\uff08<span>ex.IT<\/span>\u3084\u30d0\u30a4\u30aa\uff09\u3084\u898f\u6a21\uff08<span>ex.<\/span>\u4e2d\u5c0f\u4f01\u696d\uff09\u306b\u7279\u5316\u3057\u305f<span>M&amp;A<\/span>\u30d6\u30c6\u30a3\u30c3\u30af\u30d5\u30a1\u30fc\u30e0\u3082\u5b58\u5728\u3059\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbMBO\uff08\u30a8\u30e0\u30d3\u30fc\u30aa\u30fc\uff0fManagement Buy Out\uff09<\/strong><\/h5>\n<p>\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u304c\u91d1\u878d\u6a5f\u95a2\u3084\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u3001\u4e8b\u696d\u90e8\u9580\u3084\u682a\u5f0f\u306e\u8cb7\u53ce\u3092\u884c\u3044\u89aa\u4f1a\u793e\u306a\u3069\u304b\u3089\u72ec\u7acb\u3059\u308b\u624b\u6cd5\u3092\u6307\u3059\u3002\u501f\u5165\u91d1\u3082\u7d44\u307f\u5408\u308f\u305b\u305f<span>LBO<\/span>\u30b9\u30ad\u30fc\u30e0\u3067\u306e<span>MBO<\/span>\u304c\u5b9f\u884c\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u591a\u3044\u3002\u89aa\u4f1a\u793e\u304b\u3089\u306e\u72ec\u7acb\u6642\u306e\u307f\u306a\u3089\u305a\u3001\u4e0a\u5834\u4f01\u696d\u304c\u975e\u4e0a\u5834\u5316\u3059\u308b\u969b\u306b\u3082<span>MBO<\/span>\u304c\u6d3b\u7528\u3055\u308c\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbLOI\uff08\u30a8\u30eb\u30aa\u30fc\u30a2\u30a4\uff0fLetter of Intent\uff09<\/strong><\/h5>\n<p>\u65e5\u672c\u8a9e\u3067\u306f\u57fa\u672c\u5408\u610f\u66f8\u3068\u547c\u3070\u308c\u308b\u3001<span>M&amp;A<\/span>\u5b9f\u884c\u306e\u6700\u7d42\u7684\u306a\u5951\u7d04\u66f8\u306e\u7de0\u7d50\u306e\u524d\u306e\u6bb5\u968e\u3067\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306e\u9593\u3067\u7de0\u7d50\u3059\u308b\u5408\u610f\u66f8\u3092\u6307\u3059\u3002<span>MOU(Memorandum Of Understanding)<\/span>\u3001\u899a\u66f8\u306a\u3069\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/p>\n<p>\u57fa\u672c\u5408\u610f\u66f8\u306e\u7de0\u7d50\u306b\u3088\u308a\u9650\u5b9a\u7684\u306a\u60c5\u5831\u958b\u793a\u306b\u57fa\u3065\u304f\u691c\u8a0e\u304b\u3089\u4e00\u6b69\u9032\u307f\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306a\u3069\u306e\u5bfe\u8c61\u4f01\u696d\u306b\u5bfe\u3057\u76f4\u63a5\u7684\u306a\u8cea\u554f\u5bfe\u5fdc\u3092\u884c\u3046\u6bb5\u968e\u306b\u9032\u3080\u3002<span>LOI<\/span>\u7de0\u7d50\u5f8c\u306b\u3001<span>M&amp;A<\/span>\u5b9f\u73fe\u306b\u5411\u3051\u305f\u5177\u4f53\u7684\u306a\u5354\u8b70\u306b\u79fb\u884c\u3059\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbLBO\uff08\u30a8\u30eb\u30d3\u30fc\u30aa\u30fc\uff0fLeveraged Buy Out\uff09<\/strong><\/h5>\n<p>\u4f01\u696d\u306e\u8cb7\u53ce\u8cc7\u91d1\u3092\u81ea\u5df1\u8cc7\u672c\u306e\u307f\u306a\u3089\u305a\u501f\u5165\u91d1\u3082\u7528\u3044\u3066\u8abf\u9054\u3059\u308b\u3053\u3068\u3067\u3001\u5c11\u306a\u3044\u81ea\u5df1\u8cc7\u91d1\u3067\u4f01\u696d\u8cb7\u53ce\u3092\u884c\u3046<span>M&amp;A<\/span>\u6642\u306b\u7528\u3044\u3089\u308c\u308b\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u624b\u6cd5\u3002\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u539f\u8cc7\u306f\u8cb7\u53ce\u4f01\u696d\u306e\u8cc7\u7523\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306b\u4f9d\u62e0\u3059\u308b\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u5074\u4f01\u696d\u306e\u8cc7\u7523\u304c\u5c11\u306a\u3044\u5834\u5408\u3067\u3042\u3063\u3066\u3082\u3001\u8cb7\u53ce\u5148\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u5143\u306b\u501f\u5165\u304c\u53ef\u80fd\u3067\u3042\u308a\u3001\u4e2d\u5c0f\u898f\u6a21\u306e\u4f01\u696d\u304c\u81ea\u793e\u3088\u308a\u898f\u6a21\u304c\u5927\u304d\u3044\u4f01\u696d\u306e\u8cb7\u53ce\u3082\u53ef\u80fd\u3068\u306a\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fbAPV\u6cd5\uff08\u30a8\u30fc\u30d4\u30fc\u30d6\u30a4\u6cd5\uff0fAdjusted Present Value\uff09<\/strong><\/h5>\n<p>\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u65b9\u6cd5\u306e\u4e00\u3064\u3002\u4e8b\u696d\u304b\u3089\u5f97\u3089\u308c\u308b\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c\u7121\u501f\u91d1\u306e\u72b6\u614b\u3067\u5f97\u3089\u308c\u308b\u3068\u4eee\u5b9a\u3057\u3066\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u305f\u4e0a\u3067\u3001\u501f\u5165\u3092\u884c\u3046\u3053\u3068\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u5897\u52a0\u5206\uff08\u5229\u6255\u3044\u306b\u304b\u304b\u308b\u7bc0\u7a0e\u52b9\u679c\uff09\u3082\u30d7\u30e9\u30b9\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u3002\u305f\u3060\u3057\u501f\u5165\u306b\u3088\u308a\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u70b9\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3002<\/p>\n<p><span>LBO<\/span>\u306a\u3069\u3067\u8ca0\u50b5\u304c\u5927\u304d\u304f\u52d5\u304f\u4f01\u696d\u3084\u8cc7\u672c\u69cb\u6210\u304c\u5927\u304d\u304f\u5909\u5316\u3059\u308b\u4f01\u696d\u306e\u4fa1\u5024\u8a55\u4fa1\u306b\u9069\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fb\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6<\/strong><\/h5>\n<p>\u672a\u4e0a\u5834\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u5bfe\u3057\u3066\u6295\u8cc7\u3092\u884c\u3046\u500b\u4eba\u6295\u8cc7\u5bb6\u3092\u6307\u3059\u3002\u81ea\u3089<span>IPO<\/span>\u3084\u4f01\u696d\u58f2\u5374\u306e\u7d4c\u9a13\u304c\u3042\u308b\u306a\u3069\u3001\u8d77\u696d\u5bb6\u3068\u3057\u3066\u306e\u7d4c\u9a13\u3092\u6301\u3064\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u3082\u5c11\u306a\u304f\u306a\u3044\u3002\u6295\u8cc7\u306b\u969b\u3057\u3066\u306f\u8cc7\u91d1\u63d0\u4f9b\u306e\u307f\u306a\u3089\u305a\u3001\u7d4c\u55b6\u30a2\u30c9\u30d0\u30a4\u30b9\u3082\u5408\u308f\u305b\u3066\u884c\u308f\u308c\u308b\u3053\u3068\u3082\u591a\u3044\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<h5><strong>\u30fb\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u65b9\u5f0f<\/strong><\/h5>\n<p><span>M&amp;A<\/span>\u306e\u53d6\u5f15\u65b9\u6cd5\u306e\u4e00\u3064\u3002<span>1<\/span>\u3064\u306e\u4f01\u696d\u58f2\u5374\u6848\u4ef6\u306b\u5bfe\u3057\u3066\u8907\u6570\u306e\u8cb7\u53ce\u5e0c\u671b\u4f1a\u793e\u306b\u3088\u308a\u5165\u672d\u304c\u884c\u308f\u308c\u3001\u6700\u3082\u3088\u3044\u6761\u4ef6\u3092\u63d0\u793a\u3057\u305f\u8cb7\u53ce\u5e0c\u671b\u4f1a\u793e\u306b\u5bfe\u3057\u72ec\u5360\u7684\u306a\u4ea4\u6e09\u6a29\u3092\u4e0e\u3048\u308b\u65b9\u6cd5\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u884c \u00a0 \u30fb\u76f8\u5bfe\u53d6\u5f15\uff08\u3042\u3044\u305f\u3044\u3068\u308a\u3072\u304d\uff09 \u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u304c\u7b2c\u4e09\u8005\u3092\u7d4c\u7531\u305b\u305a\u76f4\u63a5\u53d6\u5f15\u3092\u884c\u3046\u3053\u3068\u3002Mamp;A\u4f1a\u793e\u306a\u3069\u3092\u7d4c\u7531\u305b\u305a\u3001\u4f01\u696d\u306e\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u304c\u76f4\u63a5\u8cb7\u53ce\u306e\u58f2\u8cb7\u4ea4\u6e09\u3092\u884c\u3046\u3053\u3068\u3092\u6307\u3059\u3002\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306e\u5408\u610f\u304c\u3067\u304d\u308c\u3070\u30b9\u30d4<\/p>\n","protected":false},"author":3,"featured_media":230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[10,17],"_links":{"self":[{"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/posts\/223"}],"collection":[{"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=223"}],"version-history":[{"count":7,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/posts\/223\/revisions"}],"predecessor-version":[{"id":523,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/posts\/223\/revisions\/523"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=\/wp\/v2\/media\/230"}],"wp:attachment":[{"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=223"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.happy-manda.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}