{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2005_legacy_kyushu_sanko_his_hs","headline":"九州産業交通のTOB・MBO事例：HIS-HS九州産交投資事業有限責任組合（2005-08-26公表・2005年収録）","description":"九州産業交通への1株228円のTOBで、産業再生機構は保有67.03％の応募方針を示し、HIS・HS証券系投資組合は19,583,500株を取得した。取得後比率は93.69％で、122件の応募を全て買い付けた。","canonicalUrl":"https://tobradar.com/tob/deals/2005-legacy_kyushu_sanko_his_hs/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2005-legacy_kyushu_sanko_his_hs.json","catalogUrl":"https://tobradar.com/tob-data/cases.json","inLanguage":"ja","datePublished":"2026-07-17","dateModified":"2026-07-19","dataUpdatedAt":"2026-07-19T03:45:28.564Z","author":{"@type":"Person","name":"noru","url":"https://tobradar.com/about/"},"citation":[{"@type":"DigitalDocument","identifier":"s-legacy-kyushu-sanko-his-hs-0","name":"九州産業交通株式会社株式の譲渡について","url":"https://www8.cao.go.jp/sangyo/ircj/ja/pdf/shien_kyusyu_2005072501.pdf","datePublished":"2005-07-25","publisher":{"@type":"Organization","name":"産業再生機構"},"encodingFormat":"application/pdf"},{"@type":"DigitalDocument","identifier":"s-legacy-kyushu-sanko-his-hs-1","name":"公開買付けの開始に関するお知らせ（九州産業交通の賛同資料を添付）","url":"https://www.jtg-sec.co.jp/hs_press/050826.pdf","datePublished":"2005-08-26","publisher":{"@type":"Organization","name":"九州産業交通"},"encodingFormat":"application/pdf"},{"@type":"DigitalDocument","identifier":"s-legacy-kyushu-sanko-his-hs-2","name":"公開買付けの結果に関するお知らせ","url":"https://www.jtg-sec.co.jp/hs_press/051007.pdf","datePublished":"2005-10-07","publisher":{"@type":"Organization","name":"エイチ・エス証券"},"encodingFormat":"application/pdf"},{"@type":"DigitalDocument","identifier":"s-legacy-kyushu-sanko-his-hs-3","name":"九州産業交通株式会社の決算上の取扱いに関するお知らせ","url":"https://www.jtg-sec.co.jp/hs_press/051222.pdf","datePublished":"2005-12-22","publisher":{"@type":"Organization","name":"エイチ・エス証券"},"encodingFormat":"application/pdf"}],"recommendedCitation":"TOBレーダー「九州産業交通のTOB・MBO事例：HIS-HS九州産交投資事業有限責任組合（2005-08-26公表・2005年収録）」noru、記事確認 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して決定された。個別レンジは未回収であり、株式対価4,465,038,000円と、手数料等を含み得る所要資金4,495百万円を混同しない。","evidence":["f-legacy-kyushu-sanko-his-hs-6","f-legacy-kyushu-sanko-his-hs-8","f-legacy-kyushu-sanko-his-hs-9"]},"shareholderAngle":{"text":"対象会社は提案に賛同し、価格算定に時価純資産とDCFが使われた。取得後比率は93.69％となったが、独立算定の個別レンジと非応募株主への後続条件は未回収であり、利益相反調整の十分性は評価できない。","evidence":["f-legacy-kyushu-sanko-his-hs-3","f-legacy-kyushu-sanko-his-hs-6","f-legacy-kyushu-sanko-his-hs-9"]},"outcomeAssessment":{"text":"122件、19,583,500株の応募を全て買い付け、取得後93.69％へ達したため、TOBによる支配移転は完了した。エイチ・エス証券の投資組合出資80％も確認できるが、路線継続や観光サービス向上の事後成果は別に評価する。","evidence":["f-legacy-kyushu-sanko-his-hs-5","f-legacy-kyushu-sanko-his-hs-6","f-legacy-kyushu-sanko-his-hs-7","f-legacy-kyushu-sanko-his-hs-10"]},"limitations":[{"text":"産業再生機構資料で計画と67.03％の応募方針を確認し、買付者・対象会社の当時資料で価格228円、期間、応募・取得19,583,500株、取得後93.69％、所要資金4,495百万円、投資組合への80％出資を確認した。公開買付届出書は未収集のため、時価純資産評価・DCFの具体的レンジや第三者算定の前提は確認できない。","evidence":["f-legacy-kyushu-sanko-his-hs-1","f-legacy-kyushu-sanko-his-hs-2","f-legacy-kyushu-sanko-his-hs-3","f-legacy-kyushu-sanko-his-hs-4","f-legacy-kyushu-sanko-his-hs-5","f-legacy-kyushu-sanko-his-hs-6","f-legacy-kyushu-sanko-his-hs-7","f-legacy-kyushu-sanko-his-hs-8","f-legacy-kyushu-sanko-his-hs-9","f-legacy-kyushu-sanko-his-hs-10"]}]}}}