A person that, in acquiring share certificates, etc. or effecting other settlement procedures for a purchase, etc. of share certificates, etc. through a tender offer (hereinafter referred to as a "tender offer purchaser" in this Article) violates the provisions of Article 27-13, paragraph (4), is liable to compensate for damage sustained by a person that sells, etc. its share certificates, etc. in response to the tender offer (in a case set forth in item (i) of the following paragraph, this excludes a person that sells, etc. its share certificates, etc. at a price that is more favorable than the tender offer price (this includes being provided with a benefit equivalent to such a price; hereinafter the same applies in this Article); and in a case set forth in item (ii) of the following paragraph, it includes a person that could not sell, etc. its share certificates, etc. due to the tender offer purchaser's use of the different method referred to in item (ii)).
In the following cases, the amount of compensation for which a tender offer purchaser is liable pursuant to the preceding paragraph is the amount specified in the relevant of the following items for the category set forth in that item:
前項の規定により賠償の責めに任ずべき額は、次に掲げる場合には、次の各号に掲げる区分に応じ当該各号に定める額とする。
if the tender offer purchaser only purchases, etc. share certificates, etc. at a price that is more favorable than the tender offer price from a part of the persons that sell, etc. their share certificates, etc. in response to the tender offer:the favorable price (if two or more favorable prices are used for the purchases, etc., the most favorable price) less the tender offer price, multiplied by the number of tendered share certificates, etc. of a claimant under the preceding paragraph; and
if the tender offer purchaser purchases, etc. share certificates, etc. through a method that is different from the pro rata method stated in the tender offer statement:the number of share certificates, etc. that should have been purchased, etc. from a claimant under the preceding paragraph, as calculated using that pro rata method, less the number of share certificates, etc. that the tender offer purchaser actually purchased, etc. from the claimant (or, if the tender offer purchaser did not purchase, etc. any share certificates, etc. from the claimant, the number of the share certificates, etc. that should have been purchased, etc. from the claimant, as calculated using that pro rata method), multiplied by the difference between the tender offer price (or the price paid by the tender offeror as specified in Article 27-17, paragraph (2), in a case to which paragraph (1) of the preceding Article is also applicable; the favorable price referred to in the preceding item, in a case to which the preceding item is also applicable; or the more favorable of these prices, in a case to which both Article 27-17, paragraph (1) and the preceding item are also applicable) and the market price of the share certificates, etc. at the time the claimant claims damages under the preceding paragraph (this is the estimated disposal price, if there is no market price for the share certificates, etc., or the disposal price, if the share certificates, etc. are disposed of prior to the claim being filed).
当該公開買付けをした者が公開買付届出書に記載されたあん分比例方式と異なる方式で株券等の買付け等をした場合 当該あん分比例方式で計算した場合に前項の規定による請求権者から買付け等がされるべき株券等の数から当該公開買付けをした者が当該請求権者から買付け等をした株券等の数を控除した数(当該請求権者から買付け等をしなかつた場合には、当該あん分比例方式で計算した場合に当該請求権者から買付け等がされるべき株券等の数とする。)に公開買付価格(前条第一項に該当する場合にあつては同条第二項に規定する公開買付者が支払つた価格、前号に掲げる場合に該当する場合にあつては同号に定める有利な価格とし、そのいずれにも該当する場合にあつてはそのいずれか有利な価格とする。)から前項の規定による損害賠償を請求する時における当該株券等の市場価格(市場価格がないときはその時における処分推定価格とし、当該請求時前に当該株券等を処分した場合においてはその処分価格とする。)を控除した金額を乗じた額
Read this with the articles around it
Public Notice, etc. of the Number, etc. of Tendered Share Certificates, etc. in a Tender Offer and Submission of a Tender Offer Report, etc.
Unless a tender offeror, during the tender offer period, effects a tender offer withdrawal, etc. pursuant to the proviso to Article 27-11, paragraph (1) for all of the tendered share certificates…
公開買付者は、公開買付期間中における応募株券等の全部について第二十七条の十一第一項ただし書の規定により公開買付けの撤回等を行う場合並びに公開買付開始公告及び公開買付届出書において次に掲げる条件を付した場合(第二号の条件を付す場合にあつては、当該公開買付けの後における公開買付者の所有に係る株券等の株券等所有割合(第二十…
Open this provisionA tender offeror, etc. that violates the provisions of Article 27-5 (including as applied mutatis mutandis pursuant to Article 27-8, paragraph (10); hereinafter the same applies in this paragraph) in…
第二十七条の五(第二十七条の八第十項において準用する場合を含む。以下この項において同じ。)の規定に違反して株券等の買付け等をした公開買付者等は、当該公開買付けに応じて株券等の売付け等をした者(第二十七条の五の規定に該当する株券等の売付け等を行つた者及び次条第二項第一号に規定する一部の者を除く。)に対し…
Open this provisionThe amount of compensation for which the tender offeror, etc. is liable pursuant to the preceding paragraph is the price that the tender offeror, etc. pays at the time it effects a purchase…
前項の規定により賠償の責めに任ずべき額は、同項の買付け等を行つた際に公開買付者等が支払つた価格(これに相当する利益の供与を含み、当該価格が均一でないときは、その最も有利な価格とする。)から公開買付価格(公開買付開始公告及び公開買付届出書に記載した買付け等の価格をいい、第二十七条の六第二項又は第三項の公告又は公表により…
Open this provisionA person that, in acquiring share certificates, etc. or effecting other settlement procedures for a purchase, etc. of share certificates, etc. through a tender offer…
第二十七条の十三第四項の規定に違反して公開買付けによる株券等の買付け等に係る受渡しその他の決済を行つた者(以下この条において「公開買付けをした者」という。)は、当該公開買付けに応じて株券等の売付け等をした者(次項第一号に掲げる場合にあつては公開買付価格より有利な価格(これに相当する利益の供与を含む。以下この条において…
Open this provisionA person that, in acquiring share certificates, etc. or effecting other settlement procedures for a purchase, etc. of share certificates, etc. through a tender offer…
第二十七条の十三第四項の規定に違反して公開買付けによる株券等の買付け等に係る受渡しその他の決済を行つた者(以下この条において「公開買付けをした者」という。)は、当該公開買付けに応じて株券等の売付け等をした者(次項第一号に掲げる場合にあつては公開買付価格より有利な価格(これに相当する利益の供与を含む。以下この条において…
Open this provisionif the tender offer purchaser only purchases, etc. share certificates, etc. at a price that is more favorable than the tender offer price from a part of the persons that sell…
当該公開買付けをした者が、当該公開買付けに応じて株券等の売付け等をした者の一部の者に対し、公開買付価格より有利な価格で買付け等を行つた場合 当該有利な価格(当該有利な価格が均一でないときは、その最も有利な価格とする。)から公開買付価格を控除した金額に前項の規定による請求権者の応募株券等の数を乗じた額
Open this provisionif the tender offer purchaser purchases, etc. share certificates, etc. through a method that is different from the pro rata method stated in the tender offer statement:the number of share…
当該公開買付けをした者が公開買付届出書に記載されたあん分比例方式と異なる方式で株券等の買付け等をした場合 当該あん分比例方式で計算した場合に前項の規定による請求権者から買付け等がされるべき株券等の数から当該公開買付けをした者が当該請求権者から買付け等をした株券等の数を控除した数(当該請求権者から買付け等をしなかつた場…
Open this provisionpurchase, etc.machine translation
「買付け等」
In Section 1 of Chapter II-2, on tender offers (公開買付け) for share certificates, etc. by persons other than their issuer, a purchase or other acquisition for value of share certificates, etc. (株券等), meaning share certificates, bond certificates with share options (新株予約権付社債券) and other securities a Cabinet Order (政令) specifies, including acts a Cabinet Order treats as similar.
Defined inArticle 27-2, paragraph (1)· applies only in this section
sale, etc.machine translation
「売付け等」
In Chapter 2-2, on tender offers (公開買付け), a sale or other transfer for value.
Defined inArticle 27-2, paragraph (6)· applies only in this chapter
tender offer
「公開買付け」
In Section 1 of Chapter 2-2, a tender offer as defined in Article 27-2, paragraph (1) that a person must make under the main clause of that paragraph: a tender offer by someone other than the issuer of the share certificates, etc. (株券等).
Short name set inArticle 27-3, paragraph (1)· applies only in this section
tender offer statementmachine translation
「公開買付届出書」
In Section 1 of Chapter 2-2, Article 197, paragraph (1), item (iii) and Article 197-2, paragraph (1), item (v), the statement, with the attachments a Cabinet Office Order (内閣府令) specifies, that a tender offeror (公開買付者) must submit to the Prime Minister on the day of its public notice of the commencement of a tender offer, stating the purchase price, the number of share certificates, etc. it plans to buy, the purchase period and its other terms, any contract to buy them outside the tender offer, and the other matters Article 27-3, paragraph (2) lists.
Short name set inArticle 27-3, paragraph (2)· applies only in this section and in Article 197, paragraph (1), item (iii); and Article 197-2, paragraph (1), item (v)
tender offerormachine translation
「公開買付者」
In Section 1 of Chapter 2-2, a person that has given public notice of the commencement of a tender offer (公開買付開始公告) under Article 27-3, paragraph (1): a tender offer by someone other than the issuer of the share certificates, etc. (株券等).
Short name set inArticle 27-3, paragraph (2)· applies only in this section
tendered share certificates, etc.machine translation
「応募株券等」
In Section 1 of Chapter II-2 (tender offers for share certificates, etc. by persons other than the issuer), the share certificates, etc. (株券等) that a tendering shareholder, etc. (応募株主等) has sold, etc. in response to a tender offer (公開買付け).
Defined inArticle 27-12, paragraph (3)· applies only in this section
pro rata method
「あん分比例方式」
In Section 1 of Chapter 2-2, the pro rata method set by a Cabinet Office Order (内閣府令) by which a tender offeror (公開買付者) that has attached the condition in Article 27-13, paragraph (4), item (ii) settles its purchases when the share certificates, etc. (株券等) tendered exceed the number it planned to buy.
Short name set inArticle 27-13, paragraph (5)· applies only in this section
tender offer price
「公開買付価格」
In Section 1 of Chapter 2-2, the purchase price stated in the public notice of the commencement of a tender offer (公開買付開始公告) and the tender offer statement (公開買付届出書), or the changed price where it has been changed by public notice or announcement under Article 27-6, paragraph (2) or (3).
Defined inArticle 27-17, paragraph (2)· applies only in this section
tender offer purchaser
「公開買付けをした者」
In Article 27-18, a person that settled the purchases under its tender offer in breach of Article 27-13, paragraph (4).
Short name set inArticle 27-18, paragraph (1)· applies only in this article
sale, etc. of share certificates, etc.
「株券等の売付け等」
In Article 175-2, paragraph (4), item (i), a sale of share certificates, etc.; a transaction under Article 2, paragraph (21), item (ii) in which one is the party that pays money if the actual figure exceeds the agreed figure; a transaction under item (iii) of that paragraph in which one is the party that grants the option; and other transactions a Cabinet Order (政令) specifies.
Defined inArticle 175-2, paragraph (9)
purchase, etc. of share certificates, etc.
「株券等の買付け等」
In Article 175-2, paragraph (4), item (ii), a purchase of share certificates, etc.; a transaction under Article 2, paragraph (21), item (ii) in which one is the party that receives money if the actual figure exceeds the agreed figure; a transaction under item (iii) of that paragraph in which one is the party that acquires the option; and other transactions a Cabinet Order (政令) specifies.
Defined inArticle 175-2, paragraph (11)
damages
損害賠償
Compensation for loss one person has caused another. A debtor who does not perform an obligation as it should be performed, or cannot perform it, must compensate the creditor for the loss that results, unless the failure comes from a cause the debtor is not responsible for, judged by the contract or other source of the obligation and by accepted views in dealings (Civil Code, Article 415, paragraph (1)); and a person who, intentionally or negligently, infringes another's rights or legally protected interests must compensate for the loss that results (Article 709). It is paid in money unless otherwise agreed (Articles 417 and 722, paragraph (1)), and the parties to a contract may agree in advance the amount due if it is not performed; a sum fixed for breach (違約金) is presumed to be such an agreement (Article 420, paragraphs (1) and (3)). The Consumer Contract Act makes void the part of such an amount in a consumer contract, for its cancellation, with any penalty added, above the average loss the business would suffer from the cancellation of consumer contracts of that kind, measured separately for each category the clause sets, such as the reason for and time of cancellation (Consumer Contract Act, Article 9, paragraph (1), item (i)).
Written by AI using Civil Code, Arts. 415, 417, 420, 709, 722 and Consumer Contract Act, Art. 9 as a reference.