{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2004_rakuten_13","headline":"サロモンテーラーのTOB・MBO事例：サロモン エス・アー（2004-04-01公表・2004年収録）","description":"サロモンテーラーへのTOBは、親会社サロモンが1200円で322万8400株を予定し、実際に312万7361株を取得して所有比率を79.2％から99.3％へ高めた案件である。さらに年内の追加取得で99.87％となり、残余持分を段階的に縮小した。","canonicalUrl":"https://tobradar.com/tob/deals/2004-rakuten_13/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2004-rakuten_13.json","catalogUrl":"https://tobradar.com/tob-data/cases.json","inLanguage":"ja","datePublished":"2026-07-19","dateModified":"2026-07-19","dataUpdatedAt":"2026-07-19T03:45:28.344Z","author":{"@type":"Person","name":"noru","url":"https://tobradar.com/about/"},"citation":[{"@type":"CreativeWork","identifier":"s-rakuten-13-1","name":"adidas Consolidating Global Brand…","url":"https://sgbonline.com/adidas-consolidating-global-brand/","datePublished":"2004-04-05","publisher":{"@type":"Organization","name":"SGB Media"},"encodingFormat":"text/html"},{"@type":"CreativeWork","identifier":"s-rakuten-13-2","name":"Salomon S.A. 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Increases Ownership in Japanese Subsidiary","url":"https://sgbonline.com/salomon-sa-increases-ownership-in-japanese-subsidiary/","publishedAt":"2004-05-14","accessedAt":"2026-07-19","mediaType":"text/html","accessMode":"browser_required","browserVerifiedAt":"2026-07-19"},{"id":"s-rakuten-13-3","tier":"primary","documentType":"annual_report","publisher":"adidas-Salomon AG","title":"Annual Report 2004","url":"https://res.cloudinary.com/confirmed-web/raw/upload/v1706002625/adidas-group/investors/financial-publications/2004/gb04_englisch_odytby.pdf","publishedAt":"2005","accessedAt":"2026-07-19","mediaType":"application/pdf"},{"id":"s-rakuten-13-4","tier":"secondary","documentType":"reference_database","publisher":"楽天証券","title":"公開買付銘柄 -国内株式- 2004年","url":"https://www.rakuten-sec.co.jp/ITS/Companyfile/koukaikaitsuke2004.html","publishedAt":"2006-11-17","accessedAt":"2026-07-19","mediaType":"text/html"}],"facts":[{"id":"f-salomon-1","text":"サロモンテーラーへのTOBは2004年4月1日から5月13日まで、1株1200円で実施された。","locator":"同時代記事と一覧・期間と価格","confidence":"qualified","sourceIds":["s-rakuten-13-1","s-rakuten-13-4"]},{"id":"f-salomon-2","text":"同時代報道に記載された買付予定株数は322万8400株だった。","locator":"SGB Media・予定株数","confidence":"qualified","sourceIds":["s-rakuten-13-2"]},{"id":"f-salomon-3","text":"adidas-Salomonの年次報告書は、実際の取得株数を312万7361株と記載する。","locator":"Annual Report 2004・Salomon Taylor acquisition","confidence":"confirmed","sourceIds":["s-rakuten-13-3"]},{"id":"f-salomon-4","text":"年次報告書によれば、公開買付けで所有比率は79.2％から99.3％へ上昇した。","locator":"Annual Report 2004・ownership percentage","confidence":"confirmed","sourceIds":["s-rakuten-13-3"]},{"id":"f-salomon-5","text":"決済日は2004年5月20日で、取得額は約2900万ユーロだった。","locator":"Annual Report 2004・settlement and consideration","confidence":"confirmed","sourceIds":["s-rakuten-13-3"]},{"id":"f-salomon-6","text":"年次報告書は2004年後半の追加取得によって所有比率が99.87％まで上昇したと記す。","locator":"Annual Report 2004・subsequent acquisition","confidence":"confirmed","sourceIds":["s-rakuten-13-3"]},{"id":"f-salomon-7","text":"1200円は2004年3月30日終値に31％、過去6か月の平均終値に45.5％を加えた水準と同時代報道で説明された。","locator":"SGB Media・公表前株価と平均終値へのプレミアム","confidence":"confirmed","sourceIds":["s-rakuten-13-1","s-rakuten-13-2"]},{"id":"f-salomon-8","text":"adidas-Salomonの年次報告書は、この取得が2004年5月から12月までのグループ純利益へ250万ユーロ寄与したと記載する。","locator":"Annual Report 2004・Acquisition/Disposal of Subsidiaries","confidence":"confirmed","sourceIds":["s-rakuten-13-3"]}],"analysis":{"lead":{"text":"サロモンテーラーへのTOBは、親会社サロモンが1200円で322万8400株を予定し、実際に312万7361株を取得して所有比率を79.2％から99.3％へ高めた案件である。さらに年内の追加取得で99.87％となり、残余持分を段階的に縮小した。","evidence":["f-salomon-1","f-salomon-2","f-salomon-3","f-salomon-4","f-salomon-6"]},"background":[{"text":"開始前から79.2％を保有していたため、目的は新規支配権の獲得ではなく、日本子会社の少数持分解消に近い。予定322万8400株に対し実績312万7361株で、予定数の約96.9％が応募され、TOBだけでは全残余株を集め切らなかった。","evidence":["f-salomon-2","f-salomon-3","f-salomon-4"]},{"text":"取得後99.3％、追加取得後99.87％という推移は、単一手続で100％へ到達したわけではないことを示す。公開買付実績と後続取得を分ければ、1200円で応募した株主と後に処理された残存株主の条件を混同せずに済む。","evidence":["f-salomon-1","f-salomon-4","f-salomon-6","f-salomon-8"]}],"rationale":[{"text":"99％超の保有はブランド管理、商品戦略、資金配分を親会社内で一体化しやすくする。少数株主対応と上場維持コストを減らす便益も考えられるが、統合価値は日本事業の売上、利益率、ブランド投資で事後検証すべきである。","evidence":["f-salomon-4","f-salomon-5","f-salomon-6"]},{"text":"年次報告書の約2900万ユーロは312万7361株の取得と結び付くが、1200円を掛けた円貨額とは通貨換算や取引費用で差が出る。単純換算の不一致を誤りとせず、決済日為替と費用範囲を確認する必要がある。","evidence":["f-salomon-3","f-salomon-5"]}],"premiumView":{"text":"1200円は3月30日終値に31％、過去6か月の平均終値に45.5％を加えた水準だった。既に79.2％を持つ親会社による残余取得では、この上乗せが流動性低下への補償と完全支配で得る便益をどこまで少数株主へ配分したかを、未収集の算定資料と併せて評価する必要がある。","evidence":["f-salomon-1","f-salomon-4","f-salomon-7"]},"shareholderAngle":{"text":"応募株主は1200円で現金化し、応募しなかった少数株主は99.3％支配下に残った。その後99.87％まで取得が進んだため、流動性と交渉力はさらに低下し得る。後続取得の価格・手法を確認し、株主間で条件差がなかったかを評価したい。","evidence":["f-salomon-1","f-salomon-3","f-salomon-4","f-salomon-6","f-salomon-8"]},"outcomeAssessment":{"text":"年次報告書で決済日、実績株数、取得額、99.3％への上昇が確認でき、少数持分の大半を取得する目的は達成した。100％到達は確認できず、99.87％で残った持分の処理と日本事業の統合成果を追って最終評価する必要がある。","evidence":["f-salomon-3","f-salomon-4","f-salomon-5","f-salomon-6"]},"limitations":[{"text":"実績はadidas-Salomon年次報告書で確認したが、1200円、期間、予定数は二次資料に依存する。日本側の開始公告、結果通知、対象意見、価格算定、後続0.57ポイント取得の条件が未収集であり、結果の数量は強い一方で公正性評価は未完である。","evidence":["f-salomon-1","f-salomon-2","f-salomon-3","f-salomon-4","f-salomon-5","f-salomon-6","f-salomon-8"]}]}}}