現金逐出合併交易為併購交易中最具爭議的類型之一。現金逐出合併係以現金作為對價，強制收買異議少數股東之股權，而將其他少數股東逐出公司，使少數股東因併購決議喪失其股份財產權。現金逐出合併交易有許多爭議，其中大股東、控制股東又或公司董事與少數股東之間產生的利益衝突問題，所導致的交易公平性議題，為主要討論重點。司法院大法官釋字第770號解釋公布後，即引起學者們對於現金逐出合併的熱烈討論，其中爭點包含資訊揭露、利益迴避、特別委員會等議題。依現行企業併購法規定，若以受託義務觀察現金逐出合併制度，公司董事會若欲符合資訊揭露規範，履行其受託義務，現行法下並無明確的資訊揭露規定能作為履行依據。此外，具利害關係之董事，身為公司負責人卻能排除議案表決利益迴避規定，似已明顯違背了公司法制受託義務之規範。再者，特別委員會而言，現行法欲藉由特別委員會的設置，協助公司董事會履行其公司負責人受託義務，維持交易公平性，進而保障少數股東權益；惟現行特別委員會制度不僅缺乏獨立性，並且無實質協商與議案否決權，無法發揮真正的實質效益。最後，現金逐出合併交易所產生的利益衝突，主要係發生於控制股東與少數股東之間。按現行法，我國控制股東並無受託義務。若能於現金逐出合併時，加諸控制股東受託義務，方能緩解現金逐出合併的利益衝突議題。若欲改善現行制度的問題，則應將上述與現金逐出合併受託義務相關疑義作出改善，以使公司負責人能完整履行其受託義務，進而有助於改善我國在現金逐出合併對於少數股東權利的保護。
The cash-out mergers is a controversial type of M&A transaction. Cash-out merger expels other minority shareholders from the company’s shareholding structure by taking cash as the consideration and makes minority shareholders lose their share property rights due to the merger shareholders’ meeting resolution. In the cash-out mergers, the conflict of interest between the major shareholders, controlling shareholders, or company directors and minority shareholders is an important fairness issue. The J.Y. Interpretation No.770 has triggered a heated debate among law scholars. The issues include the information disclosure, the avoidance of conflict of interest and the special committee. According to Taiwan Business Mergers and Acquisitions Act, the system of the cash-out merger contains many fiduciary issues and unresolved problems. The main issues include there are no specified disclosure requirements for the Board to follow and the duties and power of the special committee are not clear and without independent authority. The last but not the least is the issue of the fiduciary duties of controlling shareholders in a cash-out merger. The current laws and regulations do not impose any fiduciary duties on controlling shareholder, which is the core of the conflict of interest issue of cash-out merger. This paper will introduce the system of the cash-out merger, the information disclosure requirements, the avoidance of conflict of interest and the special committee of Taiwan laws and regulations, analyze the problems and drawbacks, and then compare with the U.S. laws and regulations. Finally, this paper will try to provide some possible suggestions for the system of the cash-out merger in Taiwan.
