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(LBO)
29 |
(LBO)
* 89)
.
(private equity fund: PEF)
(leveraged buyout: LBO) .
. LBO
, ,
. LBO
,
.
LBO LBO
.
,
.
M&A
M&A LBO M&A
( 3, 2008).
* 12 3 (LBO) :
(, ) .
| 30
LBO
, LBO
.
,
LBO
,
.
LBO
, LBO ,
.
. LBO
1. LBO
(Leveraged Buyout: LBO)
(going private)
. ,
.
LBO
M&A, , ,
. LBO
,
270 3
200/100
(LBO)
31 |
.
-
, . -
(Modigliani and Miller, 1958). ,
. , LBO
, .
LBO
.
. LBO
.
, -
. LBO
,
. ,
,
.
(, 2012). LBO
LBO
(Miller, 1990).
(, 2010).
2.
()
382
. LBO
. 355 2
| 32
356 (1)
(2) (3) 3
(4) . LBO
.
. (principal)
.
.
399( ) 1
( 681, 382 2) (3823)
.
(business judgment rule) (agent)
(principal)
(
, 2008; , 2007; , 2007). ,
.
business judgment
,
. ,
,
( 4, 2010).
(LBO)
33 |
. LBO
LBO Carlson(1985) 6 . (1)
, (2)
, (3) SPC
SPC , (4)
, (5)
, (6)
SPC .
(7) SPC
.
1. (1) - /
LBO (Special purpose
corporation: SPC) SPC
.
()
520
.
.
. ( 20096634) (SPC)
SPC
.1)
,
LBO LBO
. LBO, LBO
.
1) 20047027, 20075987
| 34
2. (2) :
.
,
. LBO
3
(, 2014).
LBO LBO .2) LBO
,
.3) ,
,
.
.
.
, LBO SPC
. SPC
,
( 20047027). ,
1:220 62.2%
,
.
LBO
2) 20047027; 20075987
3) 2006.11.9. , 20047027 .
(LBO)
35 |
LBO ,
(, 2010).
,
, .
,
. SPC
SPC
,
.
4)
3. :
LBO SPC
SPC SPC
. LBO .
4) (2013) .
| 36
SPC
SPC ,
LBO
,
.5)
LBO
.
(SPC) . SPC
62.6% ,
91.5% . SPC
. SPC
B 1,800
.
LBO
.
LBO
, ,
,
. (, 2010).
LBO
. SPC
SPC
LBO .
,
.
LBO
. ,
(post-
merger integration) .
5) 2010.4.15. , 20096634 .
(LBO)
37 |
6)
4. (MBO, Management Buyout):
LBO (Management Buyout: MBO)
LBO . MBO
, , ,
, MBO
(, 2008).
,
(, 2010).7)
LBO . 1998
LBO PEF
, M&A
2 .
( )
.
(hidden debt)
.
6)
7) 2014 1 LBO(MBO) .
| 38
,
, (SPC) RH( RH)
.
,
2 M&A (, 2006).
(A)
. A ,
1 A
A
RH (, 2008).
, , , (
, ) . RH
A RH , A
.8)
LBO SPC
LBO PEF ,
MBO . A MBO
30% 1 40%
. ,
.
,
(, 2008).
, MBO
.
8) 2005. 1. 28. 20035091
(LBO)
39 |
9)
5. 5: - 2006483
LBO MBO
SPC . SPC
, SPC
. MBO
.
2006483 A B B C
A B .
3 ,
B 17 ,
13 B , .
17
.
9)
| 40
.
.
.
(, 2008).
6. 6: -
LBO ,
SPC .10)
,
.
(1) SPC
, (2)
( LBO ), (3) ( LBO
), (4)
( LBO )
, , LBO (
, 2013). LBO
LBO (, 2009).
,11) LBO
LBO .
. ,
.
.
.
10) . (2014), (LBO) 202 .
11) 20129148.
(LBO)
41 |
( 46%)
100% 1
.12)
.
,
(, 2013).
13)
7. 7 :
LBO SPC SPC
. LBO LBO
LBO .
1) : 2011524
A SPC B
98.7% . B( 1)
, A SPC ( 2)
. 98.7% SPC
. SPC
12) 20129148
13)
| 42
.
.
,
,
.14)
.15)
,
,
.
LBO
(, 2012).
16)
14) 2010. 12. 29. 669.
15) 2011524
16) (2012) .
(LBO)
43 |
2) : 20111544
73.21%
.
, .
,
.
LBO ,
(equity: ), (senior debt;
), (subordinated debt:
) LBO (,
2012).
LBO
.17) ()
(1) (2)
.
, ,
.
,
.
2008 1 5, 5 2007 100
2008 89, 2011 55 (,
2012).
,
17) 5780 2780
48% , 73.21% .
| 44
3
.
, 99.95%
.
.
18)
. LBO
1. LBO
,
. , ,
,
,
18)
(LBO)
45 |
.
(K-GAPP K-IFRS)
, .
, K-GAPP
, IFRS
.
,
.
LBO
.
.
, ,
, ,
. CEO
, LBO
. ,
. ()
()
.
LBO ,
,
,
, LBO
.
,
LBO . , MBO,
,
.
| 46
LBO
-
()
( )
- (CEO)
( 20047027)
( 20075987)
O
-
-
- :
(, )
- : 0.5%
-
-
-
( 20096634)
-
-
- : 43.4%
- : (
)
-
- : PMI
-
- LBO
MBO
- Lafarge
( 20035091)
-
- (DIP)
( )
-
-
- , ,
( 2006483)
O
-
,
- (:IS)
v.
(:BS)
-
-
-
-
( 20129148)
-
- ++
- ;
-
- : 46%
- 1:
-
-
-
-
-
-
( 20111544)
-
- : 48%
-
( LBO )
-
- :
- : /
- ()
- (73.21%)
-
-
( 2011524)
-
- 98.7%
-
:
-
-
-
- .
-
: (2014).
(LBO)
47 |
2. LBO
1)
, LBO ,
. LBO
,
,
.
LBO .
LBO ,
. LBO
.
,
. ,
,
.
LBO .
LBO
.
(, 2013).19)
2)
398 (conflict of interest)
. SPC
,
(,
2009). LBO
, MBO
19) ()
.
| 48
LBO
( 2, 2007).
, (
) , .
( )
, ,
, .
LBO
. , ,
. ,
, .
LBO
. , LBO
.
Debt Covenant
.
LBO .
.
LBO
, LBO
,
.
(LBO)
49 |
. LBO ,
MBO .
.
,
. LBO
,
,
, LBO
.
,
LBO .
.
LBO
.
LBO
.
, , ,
.
, MBO MBO
.
, ,
,
, ,
.
.
| 50
. LBO
.
(LBO)
51 |
(2008), , , 9
1.
(2012), (LBO) ,
, 47 2.
(2012), LBO , ,
.
(2014), (LBO) , , 53.
(2013), LBO , , 12.
(2010), M&A LBO , ,
: 20047027
-
, , 45.
(2008), (LBO) M&A
, Legal Update, .
(2007), : ,
, 20 1.
(2013), (LBO) , YGBL, 5 1.
(2013), (LBO) , , 24
1.
(2010), (LBO) -
Vol.14 No.3., .
(2007), :
, , Vol. 23.
, , (2007), LBO , BFL, 24.
(2009), , .
(2013), , ,
| 52
25 2.
(2014), 3 (LBO) ,
( 3), .
(2006), , , 9 2.
(2010), LBO - -, ,
11 3.
(2010), : , .
Carlson, David Gray, Leveraged Buyouts in Bankruptcy, Georgia Law
Review, 1985, 20(1).
Miller, Merton H., Leverage, Nobel Laurate Lecture. 1990.
Modigliani, F. and M.H. Miller, The Cost of Capital Corporation and the
Theory of Investment, American Economic Review, 1959, 49(4),
pp.655-669.