アセット・バリュー・インベスターズ・リミテッド（本社：ロンドン、最高経営責任者 兼 最高投資責任者：ジョー・バウエルンフロイント、以下、「AVI」）は、本日、ダイビル株式会社（以下、「ダイビル」、東証１部：証券コード8806）およびダイビルの親会社である株式会社商船三井（以下、「商船三井」、東証１部：証券コード9104）に対し、2021年11月30日に発表された、商船三井によるダイビル株式に対する公開買付け（以下、「本公開買付け」）に対し、ダイビルは公開買付価格1株2,200円（以下、「本公開買付価格」）での応募推奨を撤回し、マジョリティ・オブ・マイノリティの買付予定数の下限の設定および1株3,000円以上での公開買付価格の設定を実現すべく、価格交渉を再開することを提言いたしました。
AVIは、2020年9月にダイビルの株主となって以来、ダイビルの様々なステークホルダーの利益の実現に向け、持続的な企業価値向上を目指した提案を行ってまいりました。なかでも、慢性的な商船三井からダイビル取締役・監査役への落下傘人事、いわゆる「天下り」によって引き起こされるガバナンス上の問題、ダイビル従業員の皆様のキャリアモチベーションの低下および経営の独立性信頼性の欠如に関する懸念について、面談等の対話の機会を通じ、ダイビルおよび商船三井に対して改善を訴え続けてまいりました。
しかしながら、依然として、2021年12月時点において、ダイビルの社内取締役4名のうち代表取締役社長含む取締役3名が商船三井から過去6年以内にダイビル取締役として直接登用されております。また、当該3名の社内取締役は、いずれもダイビルに入社するまでに、ダイビルの主たる事業である不動産事業に携わった経験がございません。
こうした親会社である商船三井によるダイビルの事実上の「支配」が続いてきたことは、ダイビルの少数株主のみならず、ダイビル従業員の皆様に対しても、経営に対する不信感を与えかねません。そして、このような親子上場におけるガバナンスの欠如に対する懸念が、日本の株式市場に対する国内・海外の投資家からの信頼を損ね、米国等海外の株式市場と比べ、日本の株式市場の株式が割安であることの一因となってきたことに、疑いの余地はありません。
そこで、親子上場におけるガバナンス上の課題を解消し、企業価値の持続的な向上に資する観点から、AVIは、ダイビルに対し、親子上場の解消について、提言してまいりました。その中で、オークションプロセス等、積極的なマーケット・チェックなどを通じ企業価値向上に最も資する売却先が選定される方式を用いた非公開化や、商船三井による適正な価格算定に基づく完全子会社化を提言してまいりました。そして、そうした対話を経て、この度、ダイビルおよび商船三井が、公開買付けを通じて親子上場の問題を解消することを選択したことは、AVIとしても、コーポレートガバナンス向上に向けた大きな一歩であるものとして歓迎しております。
なお、商船三井も、公開買付届出書において、親子上場の解消に向けて、ダイビルの完全子会社化を行うことは、ガバナンス体制の公正性・透明性を求める昨今の潮流に沿う取り組みであると考えている旨、明らかにしております。
しかしながら、公開買付価格の交渉プロセスは、これまでの商船三井によるダイビル支配の歴史から脱却できていないように見受けられ、AVIとしては極めて残念に受け止めております。
本公開買付け成立後は、スクイーズアウト手続きによって商船三井以外のダイビル株主らは株主として残ることができませんので、当該株主らは、完全子会社化による様々なシナジーの直接的な利益を享受することはできず、完全親会社となる商船三井およびその株主のみが、こうしたシナジーによる利益を享受することができる建付けとなっています。したがって、こうしたシナジーのしかるべき部分については、少数株主の利益保護の観点から、公開買付価格に反映されることが適切でありますが、ダイビルおよび商船三井は、上場関連費用の削減を除くシナジーを一切考慮していない事業計画を、公開買付価格の算定根拠の一つとしています。
また、ダイビルから、少数株主保護に向けた主張が十分に行われなかった可能性が、合意された公開買付価格そのものからも示唆されます。これまでダイビルは、対外的に、ダイビル株式の価値について、ダイビルが保有する不動産の鑑定時価評価を反映した上で、1株2,948円と開示しておりました。しかしながら、本公開買付けにおける公開買付価格は、1株2,200円と設定されており、ダイビルがこれまで開示してきた価格に基づく2021年9月末時点の価値約3,000円（ただし、これにはシナジー相当分および再開発等がもたらす将来価値を反映していません。）を3割近くも下回っています。したがって、本公開買付価格は、ダイビルが保有する不動産の鑑定時価評価が反映されていない、不当に低廉な価格であると考えられます。
そもそも、公開買付価格が妥当なものかどうかを判断するには、積極的なマーケット・チェックを行うことも手段の一つですが、ダイビルはそうした手段を実施せず、商船三井が主張した公開買付価格（商船三井による最初の提案価格は2,000円）を土台として、最終的な本公開買付価格の合意に至っています。経済産業省が公表している「グループ・ガバナンス・システムに関する実務指針（グループガイドライン）」において指摘されているとおり、「支配株主による完全子会社化」に際しては、「親会社は、できる限り安価で子会社株主を締め出し、完全子会社化したい」という状況にあるため、親会社と一般株主との間で利益相反が生じています。ダイビルは、AVIとの対話の中で、商船三井がダイビル株式の売却を一切考えていないと回答していることを理由に、積極的なマーケット・チェックは実施しないとの結論に至ったとしていますが、少数株主保護の観点から極めて重要な意義を有する、積極的なマーケット・チェックが行われていないことは、本公開買付価格の妥当性に疑念を生じさせるものです。
仮に、完全子会社化後に創出されるシナジーや、ダイビルが保有する不動産の時価、今後の事業成長の可能性を勘案したプレミアムが、本公開買付価格に反映されているのであれば、少数株主からも過半数以上の賛同が得られるであろうにもかかわらず、公開買付けが成立しないことを懸念して、マジョリティ・オブ・マイノリティの買付予定数の下限を設定していないことは、ダイビルおよび商船三井が、本公開買付価格の2,200円では買収プレミアムが十分でないと考えていること、ないし、少なくとも、そのように考えるダイビル少数株主が一定程度存在すると認識していたことを裏付けています。
こうしたこれまでの公開買付価格の交渉プロセスおよび合意された本公開買付価格ならびにこれまでのダイビルと商船三井との親子関係の歴史に鑑み、本公開買付価格が、少数株主の利益を最大限尊重するよう努力して決定されたと判断することは、極めて難しいといわざるを得ません。
従いまして、AVIは、本公開買付けにおける交渉が高い公正性・透明性のもと、少数株主の利益を尊重し適切に実施されるためにも、ダイビルおよび商船三井に対し、ダイビルは商船三井の本公開買付価格2,200円の公開買付けへの応募推奨を撤回し、マジョリティ・オブ・マイノリティの買付予定数の下限の設定および1株3,000円以上での公開買付価格の設定に向けて再交渉されることを提言いたします。
本公開買付けにおいて、少数株主との開かれた対話が実施され、公正なプロセスに基づく意思決定が広く国内・海外の投資家へ知られることを通じて、日本のコーポレートガバナンスの信頼回復への端緒が開かれることを願い、AVIの意向を公表いたします。
アセット・バリュー・インベスターズ
最高経営責任者 兼 最高投資責任者
ジョー・バウエルンフロイント
2021年12月9日
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU. AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
To the extent that material on this website is issued in the UK, it is issued for the purposes of the Financial Services and Markets Act 2000
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website. The information on this website is subject to change without notice.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
This website is primarily intended for United Kingdom (“UK”) residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution, publication or use would be contrary to local law or regulation or in which AVI does not hold any necessary licence or registration. Individuals or entities in respect of whom such prohibitions apply, must not access or use the AVI website.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied.
Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is, subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility and liability for the content on third party sites.
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of this e webSite, any breach of any applicable law, statute, ordinace, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
AVI Global Trust – General Risk Factors
AVI Global Trust plc is a public company listed and traded on the London Stock Exchange. Past performance should not be seen as an indication of future performance. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The trust uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details effecting your investment.
Applications to invest in AVI Global Trust referred to on this website, must only be made on the basis of the current Key Features Document, or other applicable terms and conditions. Past performance should not be seen as an indication of future performance. Market and exchange rate movements may cause the value of a fund to rise or fall and an investor may not get back the amount invested.
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant application documents.
If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
By agreeing to these terms, you agree that we may contact you by post, fax, email, SMS messaging or by other forms of electronic media to inform you of our products and services that we believe you might be interested in.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU.
AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website.The information on this website is subject to change without notice.
This website is primarily intended for UK residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution or use would be contrary to local law or regulation.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied. Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is, subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility for the content of third party sites
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error.
You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of thise website, any breach of any applicable law, statute, ordinace, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
AVI Global Trust – General Risk Factors
AVI Global Trust plc is a public company listed and traded on the London Stock Exchange.
Past performance should not be seen as an indication of future performance. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The trust uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details effecting affecting your investment.
Applications to invest in AV Global Trust referred to on this Site, must only be made on the basis of the current Key Features Document, or other applicable terms and conditions. Past performance should not be seen as an indication of future performance. Market and exchange rate movements may cause the value of a fund to rise or fall and an investor may not get back the amount invested.
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant application documents. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
By agreeing to these terms, you agree that we may contact you by post, fax, email, SMS messaging or by other forms of electronic media to inform you of our products and services that we believe you might be interested in.
INVESTOR – Risk Warnings
It is very important that you read this warning and disclaimer before proceeding, as it explains certain legal and regulatory restrictions applicable to any investment services and products we provide.
The content of this website is issued by Asset Value Investors Ltd (“AVI”), 2 Cavendish Square, London W1G 0PU
AVI is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom.
This website is not directed at any person in any jurisdiction where it is illegal or unlawful to access and use such information. AVI disclaims all responsibility if you access any information in breach of any local law or regulation. All persons who access this website are required to inform themselves and to abide with all applicable local law, regulations and restrictions.
The information on this website is not directed at any person or entity in the United States, and this site is not intended for distribution or to be used by any person or entity in the United States unless those persons or entities are existing investors in funds managed by AVI and they have applicable US exemptions.
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
The funds referred to in this website are alternative investment funds (“AIFs”). The promotion of such funds and the distribution of offering materials in relation to such funds is accordingly restricted by law.
Shares in the funds mentioned in this website are not dealt in or on a recognised or designated investment exchange, nor is there a market maker in such shares, and it may therefore be difficult for an investor to dispose of his shares.
The information on this website is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by AVI.
An application for shares in any of the funds referred to on this site should only be made having fully read fully the relevant prospectus and most recent financial statement and semi-annual financial statements published thereafter.
The Information is provided for information purposes only and on the basis that you make your own investment decisions and do not rely upon it.
AVI is not soliciting any action based on it and it does not constitute a personal recommendation or investment advice.
Should you have any queries about the investment funds referred to on this website, you should contact your financial adviser.
Past performance is not an indication of future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount invested.
The funds noted in this website may be subject to higher risk and volatility than other funds and may not be suitable for all investors. These funds are not regulated.
Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall.
The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.
The information on this website, including any expression of opinion or forecast, has been obtained from, or is based on, sources believed by AVI to be reliable, but are not guaranteed as to their accuracy or completeness and should not be relied upon.
You should be aware that the Internet is not a completely reliable transmission medium. AVI does not accept any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to any direct, indirect or consequential damage, arising out of the use of the products or services referred to herein. This does not exclude or restrict any duty or liability that AVI has to its customers under the regulatory system in the United Kingdom.
To make a complaint about this website ,please send a written complaint for the attention of the Compliance Officer at the registered address: 2 Cavendish Square, London W1G 0PU.
You agree to indemnify, defend, and hold harmless AVI, its affiliates and licensors, and the officers, partners, employees, and agents of AVI and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Information.
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party websites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party websites.
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Nothing on this site should be considered as granting any licence or right under any trademark of AVI or any third party.
Deliberate misuse of any element of this Website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the Website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations. You irrevocably waive any right to a jury trial in any dispute or proceeding arising from the use of this site.
