{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2002_legacy_chugai_roche","headline":"中外製薬のTOB・MBO事例：ロシュ・ファームホールディングB.V.（2002-08-15公表・2002年収録）","description":"ロシュによる中外製薬取引では、TOBで30,000,000株を2,800円、総額840億円で取得した後、第三者割当21,100,000株と日本ロシュ合併を組み合わせて50.1％へ到達した。50.1％をTOB単独の取得割合として表示しないことが核心である。","canonicalUrl":"https://tobradar.com/tob/deals/2002-legacy_chugai_roche/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2002-legacy_chugai_roche.json","catalogUrl":"https://tobradar.com/tob-data/cases.json","inLanguage":"ja","datePublished":"2026-07-17","dateModified":"2026-07-17","dataUpdatedAt":"2026-07-16T20:20:13.770Z","author":{"@type":"Person","name":"noru","url":"https://tobradar.com/about/"},"citation":[{"@type":"DigitalDocument","identifier":"chugai-sec-start","name":"Tender offer bid for Chugai shares","url":"https://www.sec.gov/Archives/edgar/vprr/0204/02049343.pdf","datePublished":"2002-08-15","publisher":{"@type":"Organization","name":"Roche Holding Ltd / U.S. Securities and Exchange Commission"},"encodingFormat":"application/pdf"},{"@type":"CreativeWork","identifier":"chugai-sec-noaction","name":"Chugai Pharmaceutical Co., Ltd. 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Incoming letter","url":"https://www.sec.gov/divisions/corpfin/cf-noaction/chugai082902.htm","source":"SEC","kind":"official","confidence":"high"},{"title":"Roche and Chugai announce strategic alliance","url":"https://assets.roche.com/f/176343/x/3c12fa350d/chugai-e.pdf","source":"Roche","kind":"official","confidence":"high"},{"title":"10%の株式をTOBしたらどうなるか（中外製薬）","url":"https://jcoffee.skr.jp/tsure3.html","source":"J_Coffee","kind":"reference","confidence":"medium"},{"title":"ロシュによる中外製薬株式の取得","url":"https://knak.jp/munikai/ta-sangyo/pharma/pharmacy-1n.htm","source":"化学業界の話題","kind":"reference","confidence":"medium"}],"bidderCode":null,"year":2002,"caseStudyUrl":"https://tobradar.com/tob/deals/2002-legacy_chugai_roche/","caseStudyJsonUrl":"https://tobradar.com/tob-data/cases/2002-legacy_chugai_roche.json"},"research":{"schemaVersion":2,"year":2002,"dealId":"2002_legacy_chugai_roche","coveredDeals":[{"year":2002,"dealId":"2002_legacy_chugai_roche"}],"editorialStatus":"publish_ready","evidenceMode":"primary_verified","researchedAt":"2026-07-17","reviewedAt":"2026-07-17","author":"noru","reviewedBy":"noru","sources":[{"id":"chugai-sec-start","tier":"primary","documentType":"tender_offer_announcement","publisher":"Roche Holding Ltd / U.S. Securities and Exchange Commission","title":"Tender offer bid for Chugai shares","url":"https://www.sec.gov/Archives/edgar/vprr/0204/02049343.pdf","publishedAt":"2002-08-15","accessedAt":"2026-07-17","mediaType":"application/pdf","accessMode":"browser_required","browserVerifiedAt":"2026-07-17"},{"id":"chugai-sec-noaction","tier":"primary","documentType":"regulatory_filing","publisher":"U.S. Securities and Exchange Commission","title":"Chugai Pharmaceutical Co., Ltd. No-Action Letter","url":"https://www.sec.gov/divisions/corpfin/cf-noaction/chugai043002.htm","publishedAt":"2002-04-30","accessedAt":"2026-07-17","mediaType":"text/html","accessMode":"browser_required","browserVerifiedAt":"2026-07-17"},{"id":"roche-sec-annual","tier":"primary","documentType":"annual_report","publisher":"Roche Holding Ltd / U.S. Securities and Exchange Commission","title":"Roche Annual Report furnished to the SEC","url":"https://www.sec.gov/Archives/edgar/vprr/0401/04012955.pdf","publishedAt":"2004","accessedAt":"2026-07-17","mediaType":"application/pdf","accessMode":"browser_required","browserVerifiedAt":"2026-07-17"}],"facts":[{"id":"f-chugai-1","text":"ロシュは中外製薬株式30,000,000株を対象に、1株2,800円で公開買付けを行うと発表した。","sourceIds":["chugai-sec-start"],"locator":"SEC提出開始資料・対象株数と価格","confidence":"confirmed"},{"id":"f-chugai-2","text":"買付期間は2002年8月16日から9月19日までで、公開買付代理人は野村證券だった。","sourceIds":["chugai-sec-start"],"locator":"SEC提出開始資料・期間と代理人","confidence":"confirmed"},{"id":"f-chugai-3","text":"応募が30,000,000株を超えた場合は比例按分し、全株主を同じ条件で対象とする設計だった。","sourceIds":["chugai-sec-start"],"locator":"SEC提出開始資料・超過応募時の取扱い","confidence":"confirmed"},{"id":"f-chugai-4","text":"ロシュの後年年次報告は、公開買付けで30,000,000株を取得し、現金支出が84,000,000,000円だったと記録している。","sourceIds":["roche-sec-annual"],"locator":"SEC提出年次報告・Chugai acquisition section","confidence":"confirmed"},{"id":"f-chugai-5","text":"公開買付け後、ロシュは第三者割当で21,100,000株を1株1,780円、総額37,600,000,000円で引き受けた。","sourceIds":["roche-sec-annual"],"locator":"SEC提出年次報告・subsequent share issue","confidence":"confirmed"},{"id":"f-chugai-6","text":"日本ロシュとの合併は2002年10月1日に効力を生じ、TOBと第三者割当を含む一連の取引後にロシュの中外製薬持分は50.1％となった。","sourceIds":["chugai-sec-noaction","roche-sec-annual"],"locator":"SEC資料・merger and final ownership","confidence":"confirmed"},{"id":"f-chugai-7","text":"取引計画は中外製薬の上場を継続する前提で、完全子会社化を目的とする公開買付けではなかった。","sourceIds":["chugai-sec-noaction"],"locator":"SECノーアクション資料・listing continuation","confidence":"confirmed"}],"analysis":{"lead":{"text":"ロシュによる中外製薬取引では、TOBで30,000,000株を2,800円、総額840億円で取得した後、第三者割当21,100,000株と日本ロシュ合併を組み合わせて50.1％へ到達した。50.1％をTOB単独の取得割合として表示しないことが核心である。","evidence":["f-chugai-1","f-chugai-4","f-chugai-5","f-chugai-6"]},"background":[{"text":"この案件は少数株主を全て退出させる非公開化ではなく、日本の研究開発型製薬会社とロシュの事業統合を上場維持のまま進める戦略提携だった。規制対応を含む複数手段を事前設計し、TOBは50.1％支配を構成する一要素に位置付けられた。","evidence":["f-chugai-6","f-chugai-7"]},{"text":"8月16日から9月19日の公開買付けは30,000,000株を対象とし、超過応募なら比例按分する数量固定型だった。後年年次報告で同数の取得が確認できるため予定数量と実績が一致するが、これは後続の第三者割当株数まで含むものではない。","evidence":["f-chugai-1","f-chugai-2","f-chugai-3","f-chugai-4","f-chugai-5"]}],"rationale":[{"text":"TOBは既存株主から現金で持分を取得し、第三者割当は中外製薬へ新たな資金を入れ、合併は日本ロシュの事業を統合する。それぞれ経済効果と相手方が異なるため、840億円と376億円を一つの買付代金に合算せず、資本注入と株式取得を分離する。","evidence":["f-chugai-4","f-chugai-5","f-chugai-6"]},{"text":"最終50.1％はロシュに安定支配を与えながら、残余株式の市場流通と上場を維持する水準だった。完全所有を狙う一般的な親子上場解消案件と異なり、少数株主を残したままグローバル研究開発・販売網へ接続するガバナンス設計が特徴となる。","evidence":["f-chugai-6","f-chugai-7"]}],"premiumView":{"text":"2,800円というTOB価格は一次資料で確定するが、現行リストにある市場プレミアム率は今回のSEC資料だけでは基準株価を再検証できないため分析値として採用しない。第三者割当価格1,780円とは対象と目的が違い、単純な価格差を既存株主への優遇幅と解釈しない。","evidence":["f-chugai-1","f-chugai-5"]},"shareholderAngle":{"text":"既存株主には2,800円で応募する機会があり、応募超過時は比例按分される設計だった。取引後も中外製薬は上場継続を予定したため、非応募株主はロシュ50.1％支配の下で株主として残る選択肢を持ち、強制的な現金退出とは異なる判断を求められた。","evidence":["f-chugai-1","f-chugai-3","f-chugai-6","f-chugai-7"]},"outcomeAssessment":{"text":"SEC上の開始資料と年次報告により、期間、2,800円、3,000万株、840億円をTOB部分として閉じられる。さらに2,110万株、1,780円、376億円の第三者割当と10月1日合併を別記し、最終50.1％の形成過程を予定・実績・後続行為へ分解できた。","evidence":["f-chugai-1","f-chugai-2","f-chugai-4","f-chugai-5","f-chugai-6"]},"limitations":[{"text":"応募者数と超過応募の有無、当時の基準株価、各当局承認の全日程は今回の三資料から本文へ転記していない。TOB後の上場継続状況や50.1％持分のその後の変化を論じる場合は、別年度の資料で追跡する必要がある。","evidence":["f-chugai-2","f-chugai-3","f-chugai-4","f-chugai-6"]}]}}}