{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2003_legacy_unicharm_self_tender","headline":"ユニ・チャームのTOB・MBO事例：ユニ・チャーム（2003-08-22公表・2003年収録）","description":"ユニ・チャームの自己株式TOBは、100万株・70億円の株主総会枠に対して1,319,621株の応募が集まり、999,000株を53億2,467万円で取得した。応募が取得数を上回る点が特徴で、支配権取得ではなく、取得枠の範囲で売却需要の一部を受け止める資本取引である。","canonicalUrl":"https://tobradar.com/tob/deals/2003-legacy_unicharm_self_tender/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2003-legacy_unicharm_self_tender.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":"unicharm-2004-filing","name":"第44期 有価証券報告書","url":"https://www.unicharm.co.jp/content/dam/sites/www_unicharm_co_jp/pdf/ir/library/securities/yuho_200403_all.pdf","datePublished":"2004-06-29","publisher":{"@type":"Organization","name":"ユニ・チャーム株式会社"},"encodingFormat":"application/pdf"},{"@type":"CreativeWork","identifier":"unicharm-rakuten-archive","name":"公開買付銘柄 −国内株式","url":"https://web.archive.org/web/20041109071455/http://www.rakuten-sec.co.jp/ITS/Companyfile/koukaikaitsuke.html","datePublished":"2004-11-05","publisher":{"@type":"Organization","name":"楽天証券 / Internet Archive"},"encodingFormat":"text/html"}],"recommendedCitation":"TOBレーダー「ユニ・チャームのTOB・MBO事例：ユニ・チャーム（2003-08-22公表・2003年収録）」noru、記事確認 2026-07-17、https://tobradar.com/tob/deals/2003-legacy_unicharm_self_tender/（参照日を追記）","citationGuidance":["確認済み事実はfactsのsourceIdsとsourcesを対応させて確認してください。","analysisはnoruの独自分析であり、リンク先原資料の記述とは区別してください。","limitationsに記載した未確認事項を断定しないでください。"],"record":{"dealId":"2003_legacy_unicharm_self_tender","startDate":"2003-08-22","startStatus":"自己株式","startTitle":"ユニ・チャーム、ユニ・チャームに公開買付開始","startUrl":"https://www.unicharm.co.jp/content/dam/sites/www_unicharm_co_jp/pdf/ir/library/securities/yuho_200403_all.pdf","caseUrl":"https://www.unicharm.co.jp/content/dam/sites/www_unicharm_co_jp/pdf/ir/library/securities/yuho_200403_all.pdf","targetCode":"8113","targetName":"ユニ・チャーム","bidderName":"ユニ・チャーム","relationLabel":"ユニ・チャーム←ユニ・チャーム","offerPriceYen":5330,"offerPriceText":null,"announcementPriceYen":null,"announcementPriceText":null,"announcementPriceSource":null,"premiumPct":null,"premiumBasis":null,"threeMonthPremiumPct":null,"tenderStartDate":"2003-08-22","tenderEndDate":"2003-09-11","tenderPeriodLabel":"2003-08-22 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有価証券報告書","url":"https://www.unicharm.co.jp/content/dam/sites/www_unicharm_co_jp/pdf/ir/library/securities/yuho_200403_all.pdf","publishedAt":"2004-06-29","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"unicharm-rakuten-archive","tier":"secondary","documentType":"reference_database","publisher":"楽天証券 / Internet Archive","title":"公開買付銘柄 −国内株式","url":"https://web.archive.org/web/20041109071455/http://www.rakuten-sec.co.jp/ITS/Companyfile/koukaikaitsuke.html","publishedAt":"2004-11-05","accessedAt":"2026-07-17","mediaType":"text/html","accessMode":"browser_required","browserVerifiedAt":"2026-07-17"}],"facts":[{"id":"f-legacy-unicharm-self-tender-1","text":"ユニ・チャームは2003年6月27日の株主総会で、自己株式1,000,000株・70億円を上限とする取得枠を決議した。","sourceIds":["unicharm-2004-filing"],"locator":"第44期有価証券報告書・自己株式取得決議","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-2","text":"自己株式の公開買付期間は2003年8月22日から9月11日までで、買付価格は1株5,330円だった。","sourceIds":["unicharm-2004-filing","unicharm-rakuten-archive"],"locator":"有価証券報告書と楽天証券保存表・期間と価格","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-3","text":"公開買付けへの応募株数は1,319,621株だった。","sourceIds":["unicharm-2004-filing"],"locator":"第44期有価証券報告書・応募株数","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-4","text":"ユニ・チャームが実際に取得した自己株式は999,000株だった。","sourceIds":["unicharm-2004-filing"],"locator":"第44期有価証券報告書・取得株数","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-5","text":"自己株式TOBの取得総額は5,324,670,000円だった。","sourceIds":["unicharm-2004-filing"],"locator":"第44期有価証券報告書・取得総額","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-6","text":"同有価証券報告書は、TOBで999,000株を取得して金庫株として保有したと説明し、前決議期間の表でも2004年6月29日現在の保有自己株式数を999,000株と記載する。","sourceIds":["unicharm-2004-filing"],"locator":"第44期有価証券報告書・キャッシュフロー説明と前決議期間の保有状況（冊子14、33頁）","confidence":"confirmed"},{"id":"f-legacy-unicharm-self-tender-7","text":"楽天証券保存表も、ユニ・チャームを対象・買付者として8月22日から9月11日、5,330円と記録する。","sourceIds":["unicharm-rakuten-archive"],"locator":"楽天証券保存表・ユニ・チャーム行","confidence":"qualified"}],"analysis":{"lead":{"text":"ユニ・チャームの自己株式TOBは、100万株・70億円の株主総会枠に対して1,319,621株の応募が集まり、999,000株を53億2,467万円で取得した。応募が取得数を上回る点が特徴で、支配権取得ではなく、取得枠の範囲で売却需要の一部を受け止める資本取引である。","evidence":["f-legacy-unicharm-self-tender-1","f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-5"]},"background":[{"text":"総会枠1,000,000株と実取得999,000株はほぼ一致する一方、応募は約32万株上回った。全応募を買い付ける設計ではなく、上限に沿って取得した結果であるため、応募株数を取得株数として表示しない。","evidence":["f-legacy-unicharm-self-tender-1","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4"]},{"text":"第44期有価証券報告書は取引後の法定開示で、期間、価格、応募、取得、総額を一つの資料で確認できる。楽天証券保存表は期間と価格の外部確認に使えるが、応募・取得など結果の根拠は法定開示側に置く。","evidence":["f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-5","f-legacy-unicharm-self-tender-7"]}],"rationale":[{"text":"自己株式TOBは一定価格でまとまった売却需要を募れるため、大口株主の流動性と会社の資本政策を同時に扱える。応募超過は売却需要の強さを示すものの、応募者構成がないため特定株主の退出だったかは判定しない。","evidence":["f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4"]},{"text":"有価証券報告書は取得した999,000株を金庫株として保有したと説明し、前決議期間の表にも2004年6月29日現在の同数を示す。そのため、取得直後に消却済みだったと仮定して議決権や1株指標を計算しない。","evidence":["f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-6"]}],"premiumView":{"text":"5,330円は法定開示と保存表で一致するが、基準終値や価格算定方法は今回の根拠から確認していない。応募超過だけを理由に割高・割安を論じることもできず、価格評価には発表前株価と取締役会の算定資料が必要になる。","evidence":["f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-7"]},"shareholderAngle":{"text":"応募された全株式が取得されたわけではなく、1,319,621株の応募に対し999,000株が買い付けられた。応募しなかった株主や取得されず残った応募株式の保有者にとっては、会社の現金53億円超が減る一方、自己株式保有による相対持分変化が生じるため、両面で見る必要がある。","evidence":["f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-5","f-legacy-unicharm-self-tender-6"]},"outcomeAssessment":{"text":"株主総会枠、期間、5,330円、応募1,319,621株、取得999,000株、取得総額5,324,670,000円、金庫株保有の説明、2004年6月29日現在の前決議期間の保有数999,000株まで公式法定開示で確認できる。取得枠100万株と実績999,000株、応募数を明確に分ければ結果は数量で閉じる。","evidence":["f-legacy-unicharm-self-tender-1","f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-5","f-legacy-unicharm-self-tender-6"]},"limitations":[{"text":"個別TOBの目的、価格算定、応募者数、按分方式、主要売主は未確認である。したがって、取得枠、応募株数、実取得数、取得総額という法定開示で追える範囲に分析を限定し、特定株主の換金要請や会社側の価格判断を推測で補っていない。","evidence":["f-legacy-unicharm-self-tender-1","f-legacy-unicharm-self-tender-2","f-legacy-unicharm-self-tender-3","f-legacy-unicharm-self-tender-4","f-legacy-unicharm-self-tender-5"]}]}}}