{"id":807,"date":"2025-05-14T20:57:52","date_gmt":"2025-05-14T11:57:52","guid":{"rendered":"https:\/\/www.roadmap.co.jp\/cybervalue\/?p=807"},"modified":"2025-05-14T21:54:14","modified_gmt":"2025-05-14T12:54:14","slug":"delisting-what-will-happen","status":"publish","type":"post","link":"https:\/\/www.roadmap.co.jp\/cybervalue\/delisting-what-will-happen\/","title":{"rendered":"\u4e0a\u5834\u5ec3\u6b62\u3059\u308b\u3068\u3069\u3046\u306a\u308b\uff1f\u682a\u30fb\u4f1a\u793e\u30fb\u793e\u54e1\u3078\u306e\u5f71\u97ff\u3068\u53d6\u308b\u3079\u304d\u884c\u52d5\u3092\u5fb9\u5e95\u89e3\u8aac"},"content":{"rendered":"\n<div class=\"box1\">\n<div 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class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u3068\u306f\uff1f\u57fa\u672c\u7684\u306a\u610f\u5473\u3092\u7406\u89e3\u3059\u308b<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1.jpg\" alt=\"\" class=\"wp-image-812\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" 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class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u306e\u5b9a\u7fa9\uff1a\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u505c\u6b62<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u3068\u306f\u3001\u4f01\u696d\u304c\u767a\u884c\u3059\u308b\u682a\u5f0f\u304c\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u5bfe\u8c61\u304b\u3089\u9664\u5916\u3055\u308c\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u63aa\u7f6e\u304c\u6c7a\u5b9a\u3055\u308c\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u305d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u901a\u3058\u3066\u58f2\u8cb7\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u91cd\u8981\u306a\u70b9\u3068\u3057\u3066\u3001\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u5fc5\u305a\u3057\u3082\u4f1a\u793e\u306e\u89e3\u6563\u3084\u682a\u4e3b\u306e\u6a29\u5229\u305d\u306e\u3082\u306e\u304c\u6d88\u6ec5\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u80cc\u666f\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u69d8\u3005\u306a\u7406\u7531\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7d4c\u55b6\u7834\u7dbb<\/li>\n\n\n\n<li>\u696d\u7e3e\u4e0d\u632f\uff08\u4f8b\uff1a\u4e0a\u5834\u7dad\u6301\u57fa\u6e96\u3092\u6e80\u305f\u305b\u306a\u3044\uff09<\/li>\n\n\n\n<li>\u4f01\u696d\u306e\u81ea\u4e3b\u7684\u306a\u5224\u65ad\uff08\u4f8b\uff1aMBO\u306b\u3088\u308b\u975e\u516c\u958b\u5316\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u4e0a\u5834\u5ec3\u6b62\u306f\u4f01\u696d\u306e\u72b6\u6cc1\u3092\u793a\u3059\u91cd\u8981\u306a\u51fa\u6765\u4e8b\u3067\u3042\u308a\u3001\u305d\u306e\u5b9a\u7fa9\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306e\u5b9a\u7fa9\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u306f\u3001\u682a\u5f0f\u6295\u8cc7\u3084\u4f01\u696d\u7d4c\u55b6\u306b\u304a\u3044\u3066\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e0a\u5834\u3068\u975e\u4e0a\u5834\u306e\u9055\u3044<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u6700\u3082\u6839\u672c\u7684\u306a\u9055\u3044\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u304c\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u516c\u958b\u3055\u308c\u3001\u4e0d\u7279\u5b9a\u591a\u6570\u306e\u6295\u8cc7\u5bb6\u306b\u3088\u3063\u3066\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u308b\u304b\u5426\u304b\u3068\u3044\u3046\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u65e5\u672c\u306e\u4f01\u696d\u306e\u591a\u304f\uff08\u7d0499%\u3068\u3082\u8a00\u308f\u308c\u308b\uff09\u306f\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e21\u8005\u306e\u4e3b\u306a\u9055\u3044\u3092\u4ee5\u4e0b\u306e\u8868\u306b\u307e\u3068\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>\u4e0a\u5834\u4f01\u696d<\/th><th>\u975e\u4e0a\u5834\u4f01\u696d<\/th><\/tr><\/thead><tbody><tr><td>\u682a\u5f0f\u516c\u958b<\/td><td>\u3042\u308a\uff08\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u58f2\u8cb7\u53ef\u80fd\uff09<\/td><td>\u306a\u3057\uff08\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u306f\u4e0d\u53ef\uff09<\/td><\/tr><tr><td>\u4e3b\u306a\u682a\u4e3b<\/td><td>\u4e0d\u7279\u5b9a\u591a\u6570\u306e\u6295\u8cc7\u5bb6<\/td><td>\u7d4c\u55b6\u8005\u4e00\u65cf\u3001\u5f79\u54e1\u3001\u5f93\u696d\u54e1\u3001\u53d6\u5f15\u5148\u3001\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u306a\u3069<\/td><\/tr><tr><td>\u8cc7\u91d1\u8abf\u9054<\/td><td>\u5e02\u5834\u304b\u3089\u306e\u5e83\u7bc4\u306a\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\uff08\u682a\u5f0f\u767a\u884c\u306a\u3069\uff09<\/td><td>\u9280\u884c\u501f\u5165\u3084\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u51fa\u8cc7\u304c\u4e2d\u5fc3<\/td><\/tr><tr><td>\u60c5\u5831\u958b\u793a<\/td><td>\u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u305f\u3081\u3001\u7d4c\u55b6\u72b6\u6cc1\u306b\u95a2\u3059\u308b\u53b3\u683c\u306a\u60c5\u5831\u958b\u793a\u7fa9\u52d9\u3042\u308a<\/td><td>\u60c5\u5831\u958b\u793a\u7fa9\u52d9\u306f\u9650\u5b9a\u7684<\/td><\/tr><tr><td>\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u30fb\u610f\u601d\u6c7a\u5b9a<\/td><td>\u682a\u4e3b\u306e\u610f\u5411\u3092\u5c0a\u91cd\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u610f\u601d\u6c7a\u5b9a\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u50be\u5411<\/td><td>\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u304c\u9ad8\u304f\u3001\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a\u304c\u53ef\u80fd<\/td><\/tr><tr><td>\u793e\u4f1a\u7684\u4fe1\u7528\u5ea6<\/td><td>\u4e00\u822c\u7684\u306b\u9ad8\u3044\u3068\u3055\u308c\u308b<\/td><td>\u4e0a\u5834\u4f01\u696d\u306b\u6bd4\u3079\u308b\u3068\u76f8\u5bfe\u7684\u306b\u4f4e\u3044\u5834\u5408\u304c\u3042\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u4e0a\u5834\u4f01\u696d\u306f\u8cc7\u91d1\u8abf\u9054\u306e\u9078\u629e\u80a2\u304c\u5e83\u3044\u53cd\u9762\u3001\u60c5\u5831\u958b\u793a\u3084\u682a\u4e3b\u3078\u306e\u8aac\u660e\u8cac\u4efb\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306f\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u304c\u9650\u3089\u308c\u308b\u3082\u306e\u306e\u3001\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u304c\u9ad8\u3044\u3068\u3044\u3046\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3069\u3061\u3089\u306e\u5f62\u614b\u304c\u9069\u3057\u3066\u3044\u308b\u304b\u306f\u3001\u4f01\u696d\u306e\u6210\u9577\u6bb5\u968e\u3084\u7d4c\u55b6\u6226\u7565\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u306e\u304b\uff1f\u4e3b\u306a\u7406\u7531\u3068\u80cc\u666f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-2.jpg\" alt=\"\" class=\"wp-image-814\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-2.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-2-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-2-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u7406\u7531\u306f\u69d8\u3005\u3067\u3059\u304c\u3001\u5927\u304d\u304f\u5206\u3051\u3066\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u5b9a\u3081\u308b\u57fa\u6e96\u306b\u62b5\u89e6\u3059\u308b\u5834\u5408\u3068\u3001\u4f01\u696d\u304c\u81ea\u4e3b\u7684\u306b\u7d4c\u55b6\u6226\u7565\u3068\u3057\u3066\u9078\u629e\u3059\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u307e\u305a\u3001\u4f01\u696d\u306e\u610f\u601d\u306b\u95a2\u308f\u3089\u305a\u3001\u5f37\u5236\u7684\u306b\u4e0a\u5834\u304c\u5ec3\u6b62\u3055\u308c\u3066\u3057\u307e\u3046\u4e3b\u306a\u7406\u7531\u3068\u305d\u306e\u80cc\u666f\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7406\u75311\uff1a\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u3078\u306e\u62b5\u89e6\uff08\u5f37\u5236\u7684\u306a\u5ec3\u6b62\uff09<\/h3>\n\n\n\n<p><strong>\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u3078\u306e\u62b5\u89e6\u306f\u3001\u4f01\u696d\u306e\u610f\u601d\u3068\u306f\u7121\u95a2\u4fc2\u306b\u4e0a\u5834\u304c\u5ec3\u6b62\u3055\u308c\u308b\u4e3b\u306a\u7406\u7531\u306e\u4e00\u3064\u3067\u3059\u3002<\/strong> 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class=\"wp-block-list\">\n<li>\u4e0a\u5834\u7dad\u6301\u57fa\u6e96\u3078\u306e\u4e0d\u9069\u5408<\/li>\n\n\n\n<li>\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u7b49\u306e\u63d0\u51fa\u9045\u5ef6\u30fb\u4e0d\u8a18\u8f09<\/li>\n\n\n\n<li>\u865a\u507d\u8a18\u8f09<\/li>\n\n\n\n<li>\u76e3\u67fb\u6cd5\u4eba\u306e\u4e0d\u9069\u6b63\u610f\u898b\u7b49<\/li>\n\n\n\n<li>\u7279\u8a2d\u6ce8\u610f\u5e02\u5834\u9298\u67c4\u7b49\u304b\u3089\u306e\u6539\u5584\u898b\u8fbc\u307f\u306a\u3057<\/li>\n\n\n\n<li>\u4e0a\u5834\u5951\u7d04\u9055\u53cd\u30fb\u305d\u306e\u4ed6\uff08\u53cd\u793e\u4f1a\u7684\u52e2\u529b\u3068\u306e\u95a2\u4e0e\u306a\u3069\uff09<\/li>\n\n\n\n<li>\u7d4c\u55b6\u7834\u7dbb<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e0a\u5834\u7dad\u6301\u57fa\u6e96\u3078\u306e\u4e0d\u9069\u5408\uff08\u7d14\u8cc7\u7523\u3001\u682a\u4e3b\u6570\u3001\u58f2\u8cb7\u9ad8\u306a\u3069\uff09<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u7dad\u6301\u57fa\u6e96\u3078\u306e\u4e0d\u9069\u5408\u306f\u3001\u5f37\u5236\u7684\u306a\u4e0a\u5834\u5ec3\u6b62\u306b\u3064\u306a\u304c\u308b\u4ee3\u8868\u7684\u306a\u7406\u7531\u3067\u3059\u3002<\/strong> \u8a3c\u5238\u53d6\u5f15\u6240\u306f\u3001\u5e02\u5834\u533a\u5206\u3054\u3068\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u5177\u4f53\u7684\u306a\u7dad\u6301\u57fa\u6e96\u3092\u5b9a\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u682a\u4e3b\u6570<\/li>\n\n\n\n<li>\u6d41\u901a\u682a\u5f0f\u6570<\/li>\n\n\n\n<li>\u6d41\u901a\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d<\/li>\n\n\n\n<li>\u58f2\u8cb7\u4ee3\u91d1\uff08\u307e\u305f\u306f\u58f2\u8cb7\u9ad8\uff09\u306a\u3069<\/li>\n<\/ul>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u30d7\u30e9\u30a4\u30e0\u5e02\u5834\u3067\u306f\u682a\u4e3b\u6570800\u4eba\u4ee5\u4e0a\u3001\u6d41\u901a\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d100\u5104\u5186\u4ee5\u4e0a\u3068\u3044\u3063\u305f\u57fa\u6e96\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u57fa\u6e96\u3092\u4e00\u5b9a\u671f\u9593\uff08\u539f\u5247\u3068\u3057\u30661\u5e74\u3001\u58f2\u8cb7\u9ad8\u57fa\u6e96\u306e\u5834\u5408\u306f6\u304b\u6708\uff09\u6e80\u305f\u305b\u306a\u3044\u72b6\u614b\u304c\u7d9a\u304f\u3068\u3001\u6539\u5584\u671f\u9593\u304c\u8a2d\u3051\u3089\u308c\u305f\u5f8c\u3001\u6700\u7d42\u7684\u306b\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u7b49\u306e\u63d0\u51fa\u9045\u5ef6\u30fb\u4e0d\u8a18\u8f09<\/h4>\n\n\n\n<p><strong>\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u3084\u534a\u671f\u5831\u544a\u66f8\u3068\u3044\u3063\u305f\u6cd5\u5b9a\u958b\u793a\u66f8\u985e\u306e\u63d0\u51fa\u9045\u5ef6\u3084\u4e0d\u8a18\u8f09\u3082\u3001\u4e0a\u5834\u5ec3\u6b62\u306e\u7406\u7531\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u865a\u507d\u8a18\u8f09\u30fb\u4e0d\u9069\u6b63\u610f\u898b\u7b49<\/h4>\n\n\n\n<p><strong>\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u306a\u3069\u306b\u4e8b\u5b9f\u3068\u7570\u306a\u308b\u91cd\u5927\u306a\u8a18\u8f09\uff08\u865a\u507d\u8a18\u8f09\uff09\u304c\u3042\u3063\u305f\u5834\u5408\u3084\u3001\u76e3\u67fb\u6cd5\u4eba\u304b\u3089\u300c\u4e0d\u9069\u6b63\u610f\u898b\u300d\u307e\u305f\u306f\u300c\u610f\u898b\u4e0d\u8868\u660e\u300d\u3068\u3044\u3063\u305f\u76e3\u67fb\u610f\u898b\u304c\u51fa\u3055\u308c\u305f\u5834\u5408\u3082\u3001\u4e0a\u5834\u5ec3\u6b62\u306e\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u7279\u8a2d\u6ce8\u610f\u5e02\u5834\u9298\u67c4\u7b49\u304b\u3089\u306e\u6539\u5584\u898b\u8fbc\u307f\u306a\u3057<\/h4>\n\n\n\n<p><strong>\u7279\u8a2d\u6ce8\u610f\u5e02\u5834\u9298\u67c4\uff08\u3044\u308f\u3086\u308b\u7279\u6ce8\u9298\u67c4\uff09\u306a\u3069\u306b\u6307\u5b9a\u3055\u308c\u3001\u5b9a\u3081\u3089\u308c\u305f\u671f\u9593\u5185\u306b\u5185\u90e8\u7ba1\u7406\u4f53\u5236\u306e\u6539\u5584\u304c\u8a8d\u3081\u3089\u308c\u306a\u3044\u5834\u5408\u3001\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">MBO\u306b\u3088\u308b\u975e\u516c\u958b\u5316<\/h4>\n\n\n\n<p><strong>MBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09\u3068\u306f\u3001\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u304c\u682a\u4e3b\u304b\u3089\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308a\u3001\u975e\u516c\u958b\u5316\u3059\u308b\u624b\u6cd5\u3092\u6307\u3057\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u5411\u4e0a\u30fb\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a\u306e\u305f\u3081<\/h4>\n\n\n\n<p><strong>\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u3092\u9ad8\u3081\u3001\u3088\u308a\u30b9\u30d4\u30fc\u30c7\u30a3\u30fc\u306a\u610f\u601d\u6c7a\u5b9a\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u3082\u3001\u4f01\u696d\u304c\u81ea\u4e3b\u7684\u306b\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u3076\u91cd\u8981\u306a\u52d5\u6a5f\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u307e\u3067\u306e\u6d41\u308c\uff1a\u6c7a\u5b9a\u304b\u3089\u5b9f\u65bd\u307e\u3067<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-3.jpg\" alt=\"\" class=\"wp-image-832\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-3.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-3-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-3-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" 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\u4f8b\u3048\u3070\u3001\u682a\u5f0f\u306e\u4f75\u5408\u306a\u3069\u7279\u5225\u306a\u624b\u7d9a\u304d\u304c\u4f34\u3046\u5834\u5408\u306b\u306f\u3001\u58f2\u8cb7\u6574\u7406\u671f\u9593\u304c\u901a\u5e38\u3088\u308a\u3082\u77ed\u304f\u306a\u308b\u3053\u3068\u3082\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u3053\u306e\u671f\u9593\u306b\u4f55\u3092\u3059\u3079\u304d\u304b\uff1f<\/h4>\n\n\n\n<p><strong>\u682a\u4e3b\u306f\u3001\u3053\u306e\u6574\u7406\u9298\u67c4\u306e\u671f\u9593\u4e2d\u306b\u3001\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u3092\u3069\u3046\u3059\u308b\u304b\u6700\u7d42\u7684\u306a\u5224\u65ad\u3092\u4e0b\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u4e3b\u306a\u9078\u629e\u80a2\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u5e02\u5834\u3067\u58f2\u5374\u3059\u308b<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u8a3c\u5238\u4f1a\u793e\u3092\u901a\u3058\u3066\u58f2\u5374\u6ce8\u6587\u3092\u51fa\u3059\u3053\u3068\u304c\u53ef\u80fd<\/li>\n\n\n\n<li>\u682a\u4fa1\u306f\u4e0d\u5b89\u5b9a\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u5e0c\u671b\u4fa1\u683c\u3067\u306e\u58f2\u5374\u304c\u56f0\u96e3\u306a\u5834\u5408\u3082<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>TOB\u306b\u5fdc\u52df\u3059\u308b<\/strong>\uff08MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u304c\u7406\u7531\u306e\u5834\u5408\uff09\n<ul class=\"wp-block-list\">\n<li>\u516c\u8868\u3055\u308c\u305fTOB\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u3063\u3066\u3082\u3089\u3046<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u975e\u516c\u958b\u682a\u5f0f\u3068\u3057\u3066\u6301\u3061\u7d9a\u3051\u308b<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u63db\u91d1\u6027\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3059\u308b\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3059\u308b\u5fc5\u8981<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u65e5\uff1a\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u6700\u7d42\u65e5<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u65e5\u306f\u3001\u305d\u306e\u682a\u5f0f\u304c\u516c\u958b\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u308b\u6700\u5f8c\u306e\u65e5\u3067\u3042\u308a\u3001\u3053\u306e\u65e5\u3092\u3082\u3063\u3066\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u306f\u5b8c\u5168\u306b\u505c\u6b62\u3055\u308c\u307e\u3059\u3002<\/strong> \u901a\u5e38\u3001\u6574\u7406\u9298\u67c4\u306e\u6307\u5b9a\u671f\u9593\u304c\u6e80\u4e86\u3057\u305f\u65e5\u306e\u7fcc\u55b6\u696d\u65e5\u304c\u3001\u4e0a\u5834\u5ec3\u6b62\u65e5\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u65e5\u3092\u904e\u304e\u308b\u3068\u3001\u8a3c\u5238\u4f1a\u793e\u306e\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u304b\u3089\u3082\u5f53\u8a72\u9298\u67c4\u306e\u60c5\u5831\u306f\u524a\u9664\u3055\u308c\u3001\u6295\u8cc7\u5bb6\u306f\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u901a\u3058\u3066\u305d\u306e\u682a\u5f0f\u3092\u58f2\u8cb7\u3059\u308b\u3053\u3068\u304c\u4e00\u5207\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002 \u4e0a\u5834\u5ec3\u6b62\u65e5\u4ee5\u964d\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u304c\u5b8c\u5168\u306b\u306a\u304f\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u63db\u91d1\u3059\u308b\u624b\u6bb5\u306f\u6975\u3081\u3066\u9650\u5b9a\u7684\u306b\u306a\u308b\u3053\u3068\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3010\u682a\u4e3b\u3078\u306e\u5f71\u97ff\u3011\u4fdd\u6709\u3057\u3066\u3044\u308b\u682a\u306f\u3069\u3046\u306a\u308b\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-4.jpg\" alt=\"\" class=\"wp-image-833\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-4.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-4-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-4-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u682a\u306e\u4fa1\u5024\uff1a\u300c\u7d19\u5207\u308c\u300d\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u304c\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u306f\u4e0d\u53ef\u306b<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u3063\u3066\u3001\u4fdd\u6709\u682a\u5f0f\u304c\u5373\u5ea7\u306b\u300c\u7d19\u5207\u308c\u300d\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> 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class=\"wp-block-heading\">\u975e\u516c\u958b\u682a\u5f0f\u3068\u3057\u3066\u306e\u6a29\u5229\uff08\u914d\u5f53\u8acb\u6c42\u6a29\u3001\u8b70\u6c7a\u6a29\u306a\u3069\uff09\u306f\u5b58\u7d9a\u3059\u308b\uff1f<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u3082\u682a\u4e3b\u3068\u3057\u3066\u306e\u57fa\u672c\u7684\u306a\u6a29\u5229\u306f\u539f\u5247\u3068\u3057\u3066\u5b58\u7d9a\u3057\u307e\u3059\u3002<\/strong> \u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u9650\u308a\u3001\u682a\u4e3b\u306f\u4f1a\u793e\u306e\u6240\u6709\u8005\u306e\u4e00\u54e1\u3067\u3042\u308b\u3053\u3068\u306b\u5909\u308f\u308a\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5177\u4f53\u7684\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u6a29\u5229\u304c\u7dad\u6301\u3055\u308c\u307e\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u914d\u5f53\u8acb\u6c42\u6a29\uff1a\u4f1a\u793e\u304c\u5229\u76ca\u3092\u4e0a\u3052\u3066\u914d\u5f53\u3092\u5b9f\u65bd\u3059\u308b\u5834\u5408\u306b\u914d\u5f53\u91d1\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229<\/li>\n\n\n\n<li>\u8b70\u6c7a\u6a29\uff1a\u682a\u4e3b\u7dcf\u4f1a\u306b\u51fa\u5e2d\u3057\u3066\u8b70\u6848\u306b\u5bfe\u3057\u3066\u6295\u7968\u3059\u308b\u6a29\u5229<\/li>\n<\/ul>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u4f1a\u793e\u304c\u7d4c\u55b6\u7834\u7dbb\u3057\u305f\u5834\u5408\u306a\u3069\u306f\u3001\u3053\u308c\u3089\u306e\u6a29\u5229\u304c\u5b9f\u8cea\u7684\u306b\u884c\u4f7f\u3067\u304d\u306a\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u3066\u3082\u3001\u6cd5\u5f8b\u4e0a\u5b9a\u3081\u3089\u308c\u305f\u682a\u4e3b\u306e\u6a29\u5229\u306f\u3001\u4f1a\u793e\u304c\u6e05\u7b97\u3055\u308c\u306a\u3044\u9650\u308a\u539f\u5247\u3068\u3057\u3066\u4fdd\u8b77\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u58f2\u8cb7\u306e\u6a5f\u4f1a\uff1a\u3044\u3064\u3001\u3069\u3046\u3084\u3063\u3066\u58f2\u308b\uff1f<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u6c7a\u5b9a\u5f8c\u3082\u3001\u682a\u4e3b\u304c\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b\u6a5f\u4f1a\u306f\u3044\u304f\u3064\u304b\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong> \u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u89b3\u70b9\u3084\u3001MBO\u30fb\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3068\u3044\u3063\u305f\u975e\u516c\u958b\u5316\u306e\u624b\u7d9a\u304d\u306b\u4f34\u3044\u3001\u58f2\u5374\u306e\u6a5f\u4f1a\u304c\u8a2d\u3051\u3089\u308c\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e3b\u306a\u58f2\u5374\u65b9\u6cd5\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6574\u7406\u9298\u67c4\u671f\u9593\u4e2d\u306e\u5e02\u5834\u58f2\u5374<\/li>\n\n\n\n<li>TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u3078\u306e\u5fdc\u52df\uff08MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306e\u5834\u5408\uff09<\/li>\n\n\n\n<li>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u76f8\u5bfe\u53d6\u5f15\u3084\u4f1a\u793e\u3078\u306e\u8cb7\u53d6\u8acb\u6c42\uff08\u9650\u5b9a\u7684\uff09<\/li>\n<\/ol>\n\n\n\n<p>\u3069\u306e\u65b9\u6cd5\u3092\u9078\u629e\u3059\u308b\u304b\u306f\u3001\u4e0a\u5834\u5ec3\u6b62\u306e\u7406\u7531\u3084\u3054\u81ea\u8eab\u306e\u72b6\u6cc1\u306b\u3088\u3063\u3066\u614e\u91cd\u306b\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6574\u7406\u9298\u67c4\u671f\u9593\u4e2d\u306e\u5e02\u5834\u58f2\u5374\u304c\u6700\u5f8c\u306e\u30c1\u30e3\u30f3\u30b9<\/h4>\n\n\n\n<p><strong>\u6574\u7406\u9298\u67c4\u671f\u9593\u306f\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u5e02\u5834\u3092\u901a\u3058\u3066\u682a\u5f0f\u3092\u58f2\u5374\u3067\u304d\u308b\u6700\u5f8c\u306e\u6a5f\u4f1a\u3067\u3059\u3002<\/strong> 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class=\"wp-block-heading\">TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u306b\u5fdc\u3058\u308b\uff08MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306e\u5834\u5408\uff09<\/h4>\n\n\n\n<p><strong>MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3092\u76ee\u7684\u3068\u3057\u305f\u4e0a\u5834\u5ec3\u6b62\u306e\u5834\u5408\u3001TOB\u306b\u5fdc\u3058\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u306a\u58f2\u5374\u65b9\u6cd5\u3067\u3059\u3002<\/strong> MBO\u5b9f\u65bd\u8005\u3084\u89aa\u4f1a\u793e\u306f\u3001\u975e\u516c\u958b\u5316\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306b\u5e02\u5834\u306e\u682a\u4e3b\u304b\u3089\u682a\u5f0f\u3092\u8cb7\u3044\u96c6\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p>TOB\u3067\u306f\u3001\u901a\u5e38\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u5b9a\u306e\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u4e0a\u4e57\u305b\u4fa1\u683c\uff09\u3092\u4ed8\u3051\u305f\u4fa1\u683c\u3067\u682a\u5f0f\u306e\u8cb7\u3044\u4ed8\u3051\u304c\u884c\u308f\u308c\u307e\u3059\u3002\u682a\u4e3b\u306f\u3001\u63d0\u793a\u3055\u308c\u305fTOB\u4fa1\u683c\u3084\u6761\u4ef6\u3092\u78ba\u8a8d\u3057\u3001\u671f\u9593\u5185\u306b\u8a3c\u5238\u4f1a\u793e\u3092\u901a\u3058\u3066\u5fdc\u52df\u624b\u7d9a\u304d\u3092\u884c\u3044\u307e\u3059\u3002TOB\u306f\u3001\u682a\u4e3b\u306b\u3068\u3063\u3066\u5e02\u5834\u4fa1\u683c\u3088\u308a\u3082\u6709\u5229\u306a\u6761\u4ef6\u3067\u682a\u5f0f\u3092\u58f2\u5374\u3067\u304d\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u91cd\u8981\u306a\u9078\u629e\u80a2\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u76f8\u5bfe\u53d6\u5f15\u3084\u8cb7\u53d6\u8acb\u6c42\uff08\u9650\u5b9a\u7684\uff09<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306b\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b\u65b9\u6cd5\u306f\u3001\u76f8\u5bfe\u53d6\u5f15\u3084\u4f1a\u793e\u306b\u5bfe\u3059\u308b\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u306a\u3069\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u304c\u3001\u305d\u306e\u6a5f\u4f1a\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u682a\u3092\u6301\u3061\u7d9a\u3051\u308b\u9078\u629e\u80a2\u3068\u30ea\u30b9\u30af\u30fb\u671f\u5f85<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u305f\u5f8c\u3067\u3082\u3001\u682a\u4e3b\u304c\u305d\u306e\u682a\u5f0f\u3092\u6301\u3061\u7d9a\u3051\u308b\u3068\u3044\u3046\u9078\u629e\u80a2\u306f\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u6301\u3061\u7d9a\u3051\u308b\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/h4>\n\n\n\n<p><strong>\u975e\u516c\u958b\u3068\u306a\u3063\u305f\u682a\u5f0f\u3092\u6301\u3061\u7d9a\u3051\u308b\u3053\u3068\u306b\u306f\u3001\u826f\u3044\u9762\u3068\u6ce8\u610f\u3059\u3079\u304d\u9762\u306e\u4e21\u65b9\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u30e1\u30ea\u30c3\u30c8\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5c06\u6765\u3001\u4f01\u696d\u304c\u7d4c\u55b6\u518d\u5efa\u3084\u518d\u4e0a\u5834\u3092\u679c\u305f\u3057\u305f\u5834\u5408\u306b\u3001\u5927\u304d\u306a\u5229\u76ca\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u70b9\n<ul class=\"wp-block-list\">\n<li>\u7279\u306b\u3001\u7d4c\u55b6\u9663\u306b\u660e\u78ba\u306a\u518d\u5efa\u8a08\u753b\u304c\u3042\u308a\u3001\u4e8b\u696d\u6539\u5584\u304c\u898b\u8fbc\u3081\u308b\u5834\u5408<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>\u30c7\u30e1\u30ea\u30c3\u30c8\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u3001\u58f2\u5374\u304c\u975e\u5e38\u306b\u56f0\u96e3\u306b\u306a\u308b\u70b9<\/li>\n\n\n\n<li>\u4f01\u696d\u306e\u7d4c\u55b6\u72b6\u6cc1\u304c\u60aa\u5316\u3057\u305f\u5834\u5408\u3001\u682a\u5f0f\u4fa1\u5024\u304c\u3055\u3089\u306b\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b\u70b9<\/li>\n<\/ul>\n\n\n\n<p>\u682a\u5f0f\u3092\u6301\u3061\u7d9a\u3051\u308b\u3068\u3044\u3046\u9078\u629e\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u306b\u5bfe\u3059\u308b\u5f37\u3044\u78ba\u4fe1\u3068\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3001\u305d\u3057\u3066\u30ea\u30b9\u30af\u3092\u53d7\u3051\u5165\u308c\u308b\u899a\u609f\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u518d\u4e0a\u5834\u3078\u306e\u671f\u5f85\u306f\uff1f<\/h4>\n\n\n\n<p><strong>\u518d\u4e0a\u5834\u3078\u306e\u671f\u5f85\u306f\u3001\u6301\u3061\u7d9a\u3051\u308b\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u5927\u304d\u306a\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u4e00\u3064\u3067\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u682a\u4fa1\u306f\u3069\u3046\u52d5\u304f\uff1f<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u304c\u767a\u8868\u3055\u308c\u305f\u308a\u3001\u305d\u306e\u53ef\u80fd\u6027\u304c\u5831\u3058\u3089\u308c\u305f\u308a\u3059\u308b\u3068\u3001\u682a\u4fa1\u306f\u3069\u306e\u3088\u3046\u306b\u5909\u52d5\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/strong> 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class=\"wp-block-heading\">\u5ec3\u6b62\u7406\u7531\u306b\u3088\u308b\u682a\u4fa1\u3078\u306e\u5f71\u97ff<\/h4>\n\n\n\n<p><strong>\u682a\u4fa1\u304c\u4e0a\u5834\u5ec3\u6b62\u306b\u95a2\u9023\u3057\u3066\u3069\u306e\u3088\u3046\u306b\u52d5\u304f\u304b\u306f\u3001\u305d\u306e\u80cc\u666f\u306b\u3042\u308b\u7406\u7531\u306b\u3088\u3063\u3066\u5168\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\uff08\u7d4c\u55b6\u6226\u7565\uff09\u306e\u5834\u5408\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li>TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u304c\u5b9f\u65bd\u3055\u308c\u308b\u3053\u3068\u304c\u4e00\u822c\u7684<\/li>\n\n\n\n<li>TOB\u4fa1\u683c\u306f\u901a\u5e38\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u4ed8\u3051\u3089\u308c\u3001\u682a\u4fa1\u306fTOB\u4fa1\u683c\u306b\u8fd1\u3065\u304d\u4e0a\u6607\u3059\u308b\u50be\u5411<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u696d\u7e3e\u4e0d\u632f\u3001\u7d4c\u55b6\u7834\u7dbb\u306a\u3069\u306e\u5834\u5408\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u4f01\u696d\u306e\u5148\u884c\u304d\u4e0d\u5b89\u304b\u3089\u58f2\u308a\u6ce8\u6587\u304c\u6bba\u5230<\/li>\n\n\n\n<li>\u682a\u4fa1\u306f\u6025\u843d\u3059\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u682a\u4fa1\u306e\u52d5\u304d\u3092\u4e88\u6e2c\u3059\u308b\u306b\u306f\u3001\u306a\u305c\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u306e\u304b\u3001\u305d\u306e\u6839\u672c\u7684\u306a\u7406\u7531\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002\u4e0a\u5834\u5ec3\u6b62\u306e\u7406\u7531\u304c\u682a\u4fa1\u306e\u52d5\u304d\u3092\u5de6\u53f3\u3059\u308b\u6700\u3082\u5927\u304d\u306a\u8981\u56e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u300c\u4e0a\u5834\u5ec3\u6b62\u3067\u5132\u304b\u308b\u300d\u306f\u672c\u5f53\u304b\uff1f<\/h4>\n\n\n\n<p><strong>\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001\u300c\u4e0a\u5834\u5ec3\u6b62\u3067\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u306e\u306f\u3001\u975e\u5e38\u306b\u9650\u5b9a\u7684\u306a\u72b6\u6cc1\u3067\u306e\u307f\u8d77\u3053\u308a\u5f97\u308b\u8a71\u3067\u3042\u308a\u3001\u4e00\u822c\u7684\u306b\u5f53\u3066\u306f\u307e\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p>\u78ba\u304b\u306b\u3001\u5148\u8ff0\u3057\u305fMBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306b\u4f34\u3046TOB\u306e\u30b1\u30fc\u30b9\u3067\u306f\u3001TOB\u4fa1\u683c\u304c\u5e02\u5834\u4fa1\u683c\u3088\u308a\u3082\u9ad8\u304f\u8a2d\u5b9a\u3055\u308c\u308b\u305f\u3081\u3001\u305d\u306e\u5dee\u984d\u5206\u306e\u5229\u76ca\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u6975\u3081\u3066\u7a00\u306a\u30b1\u30fc\u30b9\u3067\u3059\u304c\u3001\u7d4c\u55b6\u4e0d\u632f\u3067\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u3063\u305f\u4f01\u696d\u304c\u3001\u305d\u306e\u5f8c\u306e\u518d\u5efa\u671f\u5f85\u304b\u3089\u975e\u516c\u958b\u5e02\u5834\u3067\u682a\u4fa1\u304c\u8a55\u4fa1\u3055\u308c\u308b\u3053\u3068\u3082\u8003\u3048\u3089\u308c\u306a\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u591a\u304f\u306e\u4e0a\u5834\u5ec3\u6b62\u3001\u7279\u306b\u7d4c\u55b6\u60aa\u5316\u304c\u7406\u7531\u306e\u5834\u5408\u3001\u682a\u4fa1\u306f\u5927\u5e45\u306b\u4e0b\u843d\u3057\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u6574\u7406\u9298\u67c4\u671f\u9593\u3092\u904e\u304e\u308b\u3068\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u63db\u91d1\u81ea\u4f53\u304c\u56f0\u96e3\u306b\u306a\u308b\u30ea\u30b9\u30af\u304c\u975e\u5e38\u306b\u9ad8\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3010\u4f1a\u793e\u3078\u306e\u5f71\u97ff\u3011\u7d4c\u55b6\u306f\u3069\u3046\u5909\u308f\u308b\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1.jpg\" alt=\"\" class=\"wp-image-812\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-1-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u4f01\u696d\u7d4c\u55b6\u306e\u3042\u308a\u65b9\u306b\u5927\u304d\u306a\u5909\u5316\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u7279\u306b\u3001\u3053\u308c\u307e\u3067\u4eab\u53d7\u3057\u3066\u304d\u305f\u4e0a\u5834\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u5931\u3046\u3053\u3068\u306b\u3088\u308b\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\u7121\u8996\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u304b\u3089\u793e\u4f1a\u7684\u306a\u8a55\u4fa1\u306b\u81f3\u308b\u307e\u3067\u3001\u69d8\u3005\u306a\u5074\u9762\u3067\u5236\u7d04\u3084\u8ab2\u984c\u304c\u751f\u3058\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001\u4e0a\u5834\u5ec3\u6b62\u304c\u4f1a\u793e\u306b\u3082\u305f\u3089\u3059\u4e3b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u3001\u3064\u307e\u308a\u300c\u5931\u3046\u3082\u306e\u300d\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3\u3064\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<\/h3>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u4f01\u696d\u304c\u5931\u3046\u3082\u306e\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u5236\u9650\uff08\u5e02\u5834\u304b\u3089\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4e0d\u53ef\uff09<\/li>\n\n\n\n<li>\u793e\u4f1a\u7684\u4fe1\u7528\u30fb\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u306e\u4f4e\u4e0b\u30ea\u30b9\u30af<\/li>\n\n\n\n<li>\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165<strong>\u6761\u4ef6\u3078\u306e\u5f71\u97ff<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1.\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u5236\u9650\uff08\u5e02\u5834\u304b\u3089\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4e0d\u53ef\uff09<\/h4>\n\n\n\n<p><strong>\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u901a\u3058\u305f\u682a\u5f0f\u767a\u884c\u306b\u3088\u308b\u8cc7\u91d1\u8abf\u9054\u304c\u4e0d\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/strong> \u65b0\u682a\u767a\u884c\u306b\u3088\u308b\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u8abf\u9054\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u9280\u884c\u501f\u5165\u306a\u3069\u3078\u306e\u4f9d\u5b58\u5ea6\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u7d50\u679c\u3001\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3084\u8ca1\u52d9\u72b6\u6cc1\u3078\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304c\u5897\u5927\u3059\u308b\u30ea\u30b9\u30af\u306b\u76f4\u9762\u3059\u308b\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2.\u793e\u4f1a\u7684\u4fe1\u7528\u30fb\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u306e\u4f4e\u4e0b\u30ea\u30b9\u30af<\/h4>\n\n\n\n<p><strong>\u300c\u4e0a\u5834\u4f01\u696d\u300d\u3068\u3044\u3046\u80a9\u66f8\u304d\u304c\u6301\u3064\u4fe1\u983c\u6027\u3084\u77e5\u540d\u5ea6\u304c\u5931\u308f\u308c\u307e\u3059\u3002<\/strong> \u53d6\u5f15\u5148\u3084\u9867\u5ba2\u3001\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u898b\u65b9\u304c\u5909\u5316\u3057\u3001\u4fe1\u983c\u95a2\u4fc2\u306b\u5f71\u97ff\u304c\u51fa\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u3001\u53d6\u5f15\u6761\u4ef6\u306e\u898b\u76f4\u3057\u3092\u6c42\u3081\u3089\u308c\u305f\u308a\u3001\u65b0\u898f\u53d6\u5f15\u958b\u59cb\u304c\u96e3\u3057\u304f\u306a\u3063\u305f\u308a\u3059\u308b\u3053\u3068\u3082\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3.\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165\u6761\u4ef6\u3078\u306e\u5f71\u97ff<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u898b\u3066\u4fe1\u7528\u529b\u306e\u4f4e\u4e0b\u8981\u56e0\u3068\u306a\u308a\u3001\u501f\u5165\u6761\u4ef6\u304c\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u4e8b\u614b\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9069\u7528\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052<\/li>\n\n\n\n<li>\u8ffd\u52a0\u62c5\u4fdd\u306e\u8981\u6c42<\/li>\n\n\n\n<li>\u878d\u8cc7\u67a0\u306e\u7e2e\u5c0f<\/li>\n<\/ul>\n\n\n\n<p>\u8ca1\u52d9\u72b6\u6cc1\u306e\u5065\u5168\u6027\u7dad\u6301\u3068\u3001\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u826f\u597d\u306a\u95a2\u4fc2\u7dad\u6301\u306b\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u52aa\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4\u3064\u306e\u30e1\u30ea\u30c3\u30c8<\/h3>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30e1\u30ea\u30c3\u30c8\u304c\u5f97\u3089\u308c\u307e\u3059\u3002&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u5411\u4e0a\u3068\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a<\/li>\n\n\n\n<li>\u4e0a\u5834\u7dad\u6301\u30b3\u30b9\u30c8\u306e\u5927\u5e45\u524a\u6e1b<\/li>\n\n\n\n<li>\u6575\u5bfe\u7684\u8cb7\u53ce\u30ea\u30b9\u30af\u306e\u4f4e\u6e1b<\/li>\n\n\n\n<li>\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6226\u7565\u5b9f\u884c<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1.\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u5411\u4e0a\u3068\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a<\/h4>\n\n\n\n<p><strong>\u5916\u90e8\u682a\u4e3b\u304b\u3089\u306e\u7d4c\u55b6\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304b\u3089\u89e3\u653e\u3055\u308c\u3001\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u304c\u683c\u6bb5\u306b\u5411\u4e0a\u3057\u307e\u3059\u3002<\/strong> 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class=\"wp-block-list\">\n<li>\u76e3\u67fb\u6cd5\u4eba\u3078\u306e\u76e3\u67fb\u5831\u916c<\/li>\n\n\n\n<li>\u682a\u4e3b\u7dcf\u4f1a\u904b\u55b6\u8cbb\u7528<\/li>\n\n\n\n<li>IR\u6d3b\u52d5\u8cbb\u7528<\/li>\n\n\n\n<li>\u8a3c\u5238\u53d6\u5f15\u6240\u3078\u306e\u4e0a\u5834\u6599<\/li>\n<\/ul>\n\n\n\n<p>\u524a\u6e1b\u3055\u308c\u305f\u30b3\u30b9\u30c8\u306f\u3001\u7814\u7a76\u958b\u767a\u3084\u4eba\u6750\u80b2\u6210\u306a\u3069\u4f01\u696d\u6210\u9577\u306b\u76f4\u63a5\u3064\u306a\u304c\u308b\u5206\u91ce\u3078\u632f\u308a\u5411\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3.\u6575\u5bfe\u7684\u8cb7\u53ce\u30ea\u30b9\u30af\u306e\u4f4e\u6e1b<\/h4>\n\n\n\n<p><strong>\u5e02\u5834\u3067\u306e\u682a\u5f0f\u6d41\u901a\u304c\u306a\u304f\u306a\u308a\u3001\u6575\u5bfe\u7684\u8cb7\u53ce\u306e\u30ea\u30b9\u30af\u304c\u5927\u5e45\u306b\u4f4e\u6e1b\u3057\u307e\u3059\u3002<\/strong> \u8cb7\u53ce\u8005\u304c\u682a\u5f0f\u3092\u8cb7\u3044\u96c6\u3081\u308b\u3053\u3068\u81ea\u4f53\u304c\u6975\u3081\u3066\u56f0\u96e3\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306b\u3088\u308a\u3001\u7d4c\u55b6\u9663\u306f\u8cb7\u53ce\u306e\u8105\u5a01\u306b\u7169\u308f\u3055\u308c\u308b\u3053\u3068\u306a\u304f\u3001\u5b89\u5b9a\u3057\u305f\u7d4c\u55b6\u57fa\u76e4\u306e\u3082\u3068\u3067\u4e8b\u696d\u904b\u55b6\u306b\u96c6\u4e2d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4.\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6226\u7565\u5b9f\u884c<\/h4>\n\n\n\n<p><strong>\u77ed\u671f\u7684\u306a\u696d\u7e3e\u3084\u682a\u4fa1\u5909\u52d5\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u9577\u671f\u7684\u8996\u70b9\u306e\u7d4c\u55b6\u6226\u7565\u3092\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002<\/strong> \u56db\u534a\u671f\u6c7a\u7b97\u767a\u8868\u306a\u3069\u306b\u3088\u308b\u5e02\u5834\u304b\u3089\u306e\u77ed\u671f\u7684\u5727\u529b\u304b\u3089\u89e3\u653e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7814\u7a76\u958b\u767a\u3084\u65b0\u898f\u4e8b\u696d\u6295\u8cc7\u306a\u3069\u3001\u5c06\u6765\u306e\u6210\u9577\u306b\u4e0d\u53ef\u6b20\u3060\u304c\u6642\u9593\u304c\u304b\u304b\u308b\u53d6\u308a\u7d44\u307f\u306b\u7740\u5b9f\u306b\u6295\u8cc7\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3010\u5f93\u696d\u54e1\u3078\u306e\u5f71\u97ff\u3011\u96c7\u7528\u3084\u5f85\u9047\u3001\u30ad\u30e3\u30ea\u30a2\u306f\u3069\u3046\u306a\u308b\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-6.jpg\" alt=\"\" class=\"wp-image-835\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-6.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-6-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-6-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u682a\u4e3b\u3084\u4f1a\u793e\u7d4c\u55b6\u3060\u3051\u3067\u306a\u304f\u3001\u305d\u3053\u3067\u50cd\u304f\u5f93\u696d\u54e1\u306e\u96c7\u7528\u74b0\u5883\u3084\u30ad\u30e3\u30ea\u30a2\u306b\u3082\u5c11\u306a\u304b\u3089\u305a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u96c7\u7528\u5951\u7d04\u306f\u5b88\u3089\u308c\u308b\u306e\u304b\u3001\u7d66\u4e0e\u3084\u798f\u5229\u539a\u751f\u306f\u3069\u3046\u5909\u308f\u308b\u306e\u304b\u3001\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3001\u3055\u3089\u306b\u306f\u793e\u4f1a\u7684\u4fe1\u7528\u3084\u4ed5\u4e8b\u3078\u306e\u610f\u6b32\u3001\u8ee2\u8077\u6d3b\u52d5\u306b\u81f3\u308b\u307e\u3067\u3001\u5f93\u696d\u54e1\u304c\u76f4\u9762\u3059\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u5909\u5316\u306b\u3064\u3044\u3066\u3001\u69d8\u3005\u306a\u5074\u9762\u304b\u3089\u7406\u89e3\u3092\u6df1\u3081\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u96c7\u7528\u5951\u7d04\uff1a\u30ea\u30b9\u30c8\u30e9\u306f\u3042\u308b\u306e\u304b\uff1f<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u305d\u306e\u3082\u306e\u304c\u76f4\u63a5\u7684\u306a\u7406\u7531\u3067\u30ea\u30b9\u30c8\u30e9\u304c\u884c\u308f\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u4f01\u696d\u306f\u6cd5\u7684\u306b\u96c7\u7528\u5951\u7d04\u3092\u5c0a\u91cd\u3059\u308b\u7fa9\u52d9\u304c\u3042\u308a\u3001\u4e0a\u5834\u5ec3\u6b62\u3060\u3051\u3067\u4e00\u65b9\u7684\u306a\u89e3\u96c7\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u5ec3\u6b62\u306e\u80cc\u666f\u306b\u7d4c\u55b6\u4e0d\u632f\u304c\u3042\u308b\u5834\u5408\u306f\u3001\u7d4c\u55b6\u4e0a\u306e\u5224\u65ad\u3067\u4eba\u54e1\u6574\u7406\u304c\u691c\u8a0e\u3055\u308c\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002 \u4f1a\u793e\u306e\u72b6\u6cc1\u3092\u6ce8\u8996\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d66\u4e0e\u30fb\u8cde\u4e0e\u30fb\u798f\u5229\u539a\u751f\uff1a\u5f85\u9047\u306e\u5909\u5316<\/h3>\n\n\n\n<p><strong>\u4f01\u696d\u306e\u7d4c\u55b6\u72b6\u6cc1\u3084\u65b0\u65b9\u91dd\u306b\u3088\u308a\u3001\u7d66\u4e0e\u4f53\u7cfb\u3084\u798f\u5229\u539a\u751f\u306e\u898b\u76f4\u3057\u304c\u884c\u308f\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u30b3\u30b9\u30c8\u524a\u6e1b\u7b56\u3068\u3057\u3066\u3001\u798f\u5229\u539a\u751f\u5236\u5ea6\u306e\u7e2e\u5c0f\u306a\u3069\u304c\u691c\u8a0e\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u5168\u3066\u306e\u4f01\u696d\u3067\u5f85\u9047\u60aa\u5316\u304c\u8d77\u304d\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 \u7d4c\u55b6\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308c\u3070\u5f85\u9047\u306b\u5909\u66f4\u306f\u306a\u3044\u3001\u3082\u3057\u304f\u306f\u6539\u5584\u3055\u308c\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6271\u3044<\/h3>\n\n\n\n<p><strong>\u682a\u5f0f\u306e\u975e\u516c\u958b\u5316\u306b\u3088\u308a\u3001\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3084\u884c\u4f7f\u6761\u4ef6\u306b\u5927\u304d\u304f\u5f71\u97ff\u3057\u307e\u3059\u3002<\/strong> \u5e02\u5834\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u6a29\u5229\u884c\u4f7f\u5f8c\u306e\u682a\u5f0f\u73fe\u91d1\u5316\u304c\u975e\u5e38\u306b\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>MBO\u306e\u5834\u5408\u306fTOB\u4fa1\u683c\u306b\u3088\u308b\u91d1\u92ad\u4ea4\u4ed8\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u6a29\u5229\u5931\u52b9\u306e\u30b1\u30fc\u30b9\u3082\u3042\u308b\u305f\u3081\u8981\u6ce8\u610f\u3067\u3059\u3002 \u4f1a\u793e\u767a\u8868\u306e\u8a73\u7d30\u78ba\u8a8d\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u793e\u4f1a\u7684\u4fe1\u7528\u306e\u5909\u5316\uff08\u30ed\u30fc\u30f3\u5be9\u67fb\u306a\u3069\uff09<\/h3>\n\n\n\n<p><strong>\u52e4\u52d9\u5148\u306e\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u5f93\u696d\u54e1\u500b\u4eba\u306e\u4fe1\u7528\u529b\u306b\u3082\u5f71\u97ff\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30ed\u30fc\u30f3\u5be9\u67fb\u3067\u5f71\u97ff\u304c\u51fa\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f4f\u5b85\u30ed\u30fc\u30f3<\/li>\n\n\n\n<li>\u81ea\u52d5\u8eca\u30ed\u30fc\u30f3<\/li>\n\n\n\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9<\/li>\n<\/ul>\n\n\n\n<p>\u52e4\u52d9\u5148\u306e\u5b89\u5b9a\u6027\u304c\u8a55\u4fa1\u9805\u76ee\u3068\u306a\u308b\u305f\u3081\u3001\u4e0a\u5834\u5ec3\u6b62\u304c\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u3068\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002 \u4e8b\u524d\u306e\u60c5\u5831\u53ce\u96c6\u304c\u671b\u307e\u3057\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u50cd\u304f\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u3078\u306e\u5f71\u97ff<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u5f93\u696d\u54e1\u306e\u4e0d\u5b89\u3092\u62db\u304d\u3001\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u4f4e\u4e0b\u306b\u3064\u306a\u304c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u7d4c\u55b6\u4e0d\u632f\u304c\u7406\u7531\u306e\u5834\u5408\u3084\u3001\u60c5\u5831\u958b\u793a\u304c\u4e0d\u5341\u5206\u306a\u5834\u5408\u306f\u52d5\u63fa\u304c\u5e83\u304c\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3001\u7d4c\u55b6\u9663\u304c\u660e\u78ba\u306a\u30d3\u30b8\u30e7\u30f3\u3092\u793a\u305b\u3070\u3001\u4e00\u4f53\u611f\u304c\u9ad8\u307e\u308a\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002 \u7d4c\u55b6\u9663\u306b\u3088\u308b\u4e01\u5be7\u306a\u8aac\u660e\u3068\u900f\u660e\u6027\u306e\u3042\u308b\u60c5\u5831\u5171\u6709\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8ee2\u8077\u6d3b\u52d5\u3078\u306e\u5f71\u97ff\u306f\uff1f<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u8ee2\u8077\u6d3b\u52d5\u306b\u4e00\u5b9a\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u4f01\u696d\u306e\u77e5\u540d\u5ea6\u3084\u8a55\u4fa1\u306f\u3001\u8ee2\u8077\u5e02\u5834\u3067\u306e\u5fdc\u52df\u8005\u8a55\u4fa1\u306b\u3082\u5f71\u97ff\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u6700\u7d42\u7684\u306b\u91cd\u8996\u3055\u308c\u308b\u306e\u306f\u500b\u4eba\u306e\u30b9\u30ad\u30eb\u3068\u5b9f\u7e3e\u3067\u3059\u3002 \u5177\u4f53\u7684\u306a\u80fd\u529b\u3068\u6210\u679c\u3092\u30a2\u30d4\u30fc\u30eb\u3067\u304d\u308c\u3070\u3001\u4f1a\u793e\u306e\u72b6\u6cc1\u306b\u95a2\u4fc2\u306a\u304f\u6709\u5229\u306b\u8ee2\u8077\u6d3b\u52d5\u3092\u9032\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u4f01\u696d\u306e\u884c\u65b9\u3068\u518d\u4e0a\u5834\u306e\u53ef\u80fd\u6027<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-5.jpg\" alt=\"\" class=\"wp-image-834\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-5.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-5-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-5-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u4f01\u696d\u306e\u7d42\u308f\u308a\u3092\u610f\u5473\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u975e\u516c\u958b\u3068\u306a\u3063\u305f\u5f8c\u3001\u4f01\u696d\u306f\u69d8\u3005\u306a\u9053\u3092\u6b69\u3080\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8b\u696d\u7d99\u7d9a\u3001M&amp;A\u3001\u518d\u4e0a\u5834\u306a\u3069\u3001\u4f01\u696d\u306e\u5c06\u6765\u3092\u6c7a\u3081\u308b\u9078\u629e\u80a2\u3068\u3001\u5b9f\u969b\u306e\u4e8b\u4f8b\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8b\u696d\u7d99\u7d9a\u3001M&amp;A\u3001\u4e8b\u696d\u8b72\u6e21\u3001\u6e05\u7b97\u306a\u3069<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u4f01\u696d\u306f\u3001\u69d8\u3005\u306a\u9078\u629e\u80a2\u304b\u3089\u9032\u3080\u3079\u304d\u9053\u3092\u9078\u629e\u3057\u307e\u3059\u3002<\/strong> \u4e3b\u306a\u9078\u629e\u80a2\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u975e\u516c\u958b\u306e\u307e\u307e\u4e8b\u696d\u3092\u7d99\u7d9a<\/li>\n\n\n\n<li>M&amp;A\u3067\u4ed6\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u306b\u52a0\u308f\u308b<\/li>\n\n\n\n<li>\u7279\u5b9a\u4e8b\u696d\u306e\u307f\u8b72\u6e21\uff08\u4e8b\u696d\u8b72\u6e21\uff09<\/li>\n\n\n\n<li>\u4f1a\u793e\u6e05\u7b97<\/li>\n<\/ol>\n\n\n\n<p>\u3069\u306e\u9053\u3092\u9078\u3076\u304b\u306f\u5ec3\u6b62\u7406\u7531\u3001\u8ca1\u52d9\u72b6\u6cc1\u3001\u682a\u4e3b\u69cb\u6210\u3001\u7d4c\u55b6\u9663\u306e\u610f\u5411\u7b49\u306b\u3088\u308a\u7570\u306a\u308a\u307e\u3059\u3002 MBO\u306b\u3088\u308b\u975e\u516c\u958b\u5316\u306e\u5834\u5408\u306f\u3001\u7d4c\u55b6\u9663\u4e3b\u5c0e\u3067\u4e8b\u696d\u7d99\u7d9a\u30fb\u518d\u5efa\u304c\u9078\u629e\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>M&amp;A\u3084\u4e8b\u696d\u8b72\u6e21\u306f\u4e8b\u696d\u4fa1\u5024\u7dad\u6301\u306b\u6709\u52b9\u3067\u3059\u304c\u3001\u6e05\u7b97\u306f\u8cc7\u7523\u4fa1\u5024\u304c\u4f4e\u304f\u8a55\u4fa1\u3055\u308c\u308b\u30ea\u30b9\u30af\u3082\u3042\u308a\u3001\u614e\u91cd\u306a\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u518d\u4e0a\u5834\u3092\u76ee\u6307\u3059\u30b1\u30fc\u30b9\u3068\u305d\u306e\u6761\u4ef6<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u305f\u4f01\u696d\u3067\u3082\u3001\u518d\u4e0a\u5834\u306f\u53ef\u80fd\u3067\u3059\u3002<\/strong> \u975e\u516c\u958b\u671f\u9593\u4e2d\u306e\u7d4c\u55b6\u6539\u5584\u3084\u4e8b\u696d\u518d\u69cb\u7bc9\u3092\u7d4c\u3066\u3001\u8cc7\u91d1\u8abf\u9054\u3084\u4fe1\u7528\u529b\u5411\u4e0a\u3092\u76ee\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>MBO\u4f01\u696d\u306e\u4e2d\u306b\u306f\u3001\u5f53\u521d\u304b\u3089\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u5f8c\u306e\u6295\u8cc7\u56de\u53ce\u6226\u7565\u3068\u3057\u3066\u518d\u4e0a\u5834\u3092\u4e88\u5b9a\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002 \u305f\u3060\u3057\u3001\u518d\u4e0a\u5834\u306b\u306f\u65b0\u898f\u4e0a\u5834\u540c\u69d8\u307e\u305f\u306f\u305d\u308c\u4ee5\u4e0a\u306b\u53b3\u3057\u3044\u5be9\u67fb\u304c\u5f85\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e3b\u306a\u5be9\u67fb\u57fa\u6e96<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u682a\u4e3b\u6570<\/li>\n\n\n\n<li>\u6d41\u901a\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d<\/li>\n\n\n\n<li>\u8ca1\u52d9\u72b6\u6cc1<\/li>\n\n\n\n<li>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236<\/li>\n<\/ul>\n\n\n\n<p>MBO\u5f8c\u306e\u518d\u4e0a\u5834\u3067\u306f\u3001\u5408\u7406\u6027\u3084\u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u3001\u901a\u5e38\u3088\u308a\u8a73\u7d30\u306a\u8ffd\u52a0\u5be9\u67fb\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u904e\u53bb\u306e\u4e0a\u5834\u5ec3\u6b62\u4e8b\u4f8b\u304b\u3089\u5b66\u3076\uff08\u6210\u529f\u4f8b\u30fb\u5931\u6557\u4f8b\uff09<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u4f01\u696d\u306e\u884c\u65b9\u306f\u69d8\u3005\u3067\u3001\u6210\u529f\u4e8b\u4f8b\u3082\u5931\u6557\u4e8b\u4f8b\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong> \u4ee3\u8868\u7684\u306a\u4e8b\u4f8b\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6226\u7565\u7684\u306a\u975e\u516c\u958b\u5316\u4e8b\u4f8b<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6771\u829d<\/strong>\uff1a\u7d4c\u55b6\u306e\u5b89\u5b9a\u5316\u3068\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a\u3092\u76ee\u6307\u3057\u3001\u56fd\u5185\u9023\u5408\u306b\u3088\u308b TOB\u3092\u53d7\u3051\u5165\u308c\u3066\u975e\u516c\u958b\u5316<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\u671f\u5f85\u901a\u308a\u306b\u9032\u307e\u306a\u304b\u3063\u305f\u4e8b\u4f8b<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u30cb\u30c3\u30bb\u30f3<\/strong>\uff1a\u30bb\u30d6\u30f3\uff06\u30a2\u30a4HD\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u5f8c\u3082\u7d4c\u55b6\u4e0d\u632f\u304c\u7d99\u7d9a<\/li>\n\n\n\n<li><strong>\u30d6\u30e9\u30b8\u30eb\u30d3\u30fc\u30eb\u4e8b\u696d<\/strong>\uff1a\u30ad\u30ea\u30f3HD\u306b\u3088\u308b\u8cb7\u53ce\u5f8c\u3001\u696d\u7e3e\u4e0d\u632f\u306b\u3088\u308a\u58f2\u5374<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">TOB\u4e0d\u6210\u7acb\u4e8b\u4f8b<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u30d6\u30eb\u30c9\u30c3\u30af\u30bd\u30fc\u30b9<\/strong>\uff1a\u8cb7\u53ce\u9632\u885b\u7b56\u306b\u3088\u308a\u7c73\u56fd\u30d5\u30a1\u30f3\u30c9\u306e\u6575\u5bfe\u7684TOB\u304c\u5931\u6557<\/li>\n\n\n\n<li><strong>\u307a\u3093\u3066\u308b<\/strong>\uff1a\u7d4c\u55b6\u9663\u306e\u53cd\u767a\u306b\u3088\u308a\u30b3\u30af\u30e8\u306eTOB\u304c\u64a4\u9000<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u4e8b\u4f8b\u304b\u3089\u3001\u4e0a\u5834\u5ec3\u6b62\u3084\u975e\u516c\u958b\u5316\u306f\u30b4\u30fc\u30eb\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u5f8c\u306e\u6226\u7565\u5b9f\u884c\u529b\u3068\u74b0\u5883\u5909\u5316\u3078\u306e\u5bfe\u5fdc\u529b\u304c\u4f01\u696d\u306e\u5c06\u6765\u3092\u5de6\u53f3\u3059\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u3057\u305f\u3089\u3069\u3046\u306a\u308b\u304b\u306b\u3064\u3044\u3066\u306e\u3088\u304f\u3042\u308b\u8cea\u554f\uff08Q\uff06A\uff09<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-7.jpg\" alt=\"\" class=\"wp-image-838\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-7.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-7-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-7-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u95a2\u3057\u3066\u3001\u591a\u304f\u306e\u65b9\u304c\u7591\u554f\u306b\u601d\u3046\u70b9\u306b\u3064\u3044\u3066\u3001Q&amp;A\u5f62\u5f0f\u3067\u304a\u7b54\u3048\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q. \u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u3063\u305f\u682a\u306f\u3001\u8a3c\u5238\u4f1a\u793e\u306e\u53e3\u5ea7\u304b\u3089\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4e0a\u5834\u5ec3\u6b62\u304c\u6c7a\u5b9a\u3059\u308b\u3068\u3001\u305d\u306e\u682a\u5f0f\u306f\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u8a3c\u5238\u4fdd\u7ba1\u632f\u66ff\u6a5f\u69cb\uff08\u307b\u3075\u308a\uff09\u3067\u306e\u53d6\u308a\u6271\u3044\u3082\u7d42\u4e86\u3059\u308b\u305f\u3081\u3001\u539f\u5247\u3068\u3057\u3066\u8a3c\u5238\u4f1a\u793e\u306e\u53e3\u5ea7\u304b\u3089\u306f\u304a\u9810\u304b\u308a\u6b8b\u9ad8\u304c\u62b9\u6d88\u3055\u308c\u3001\u51fa\u5eab\u6271\u3044\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c\u3001\u682a\u4e3b\u306e\u60c5\u5831\u306f\u767a\u884c\u4f1a\u793e\u306e\u682a\u4e3b\u540d\u7c3f\u3067\u76f4\u63a5\u7ba1\u7406\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u5b9a\u7ba1\u7406\u53e3\u5ea7\u3067\u306e\u7ba1\u7406\u304c\u53ef\u80fd\u306a\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u9650\u5b9a\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8a73\u3057\u304f\u306f\u3001\u3054\u5229\u7528\u306e\u8a3c\u5238\u4f1a\u793e\u3084\u767a\u884c\u4f1a\u793e\u306b\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q. \u4e0a\u5834\u5ec3\u6b62\u5f8c\u3082\u3001\u682a\u4e3b\u3068\u3057\u3066\u306e\u6a29\u5229\uff08\u914d\u5f53\u3084\u8b70\u6c7a\u6a29\uff09\u306f\u6b8b\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4f1a\u793e\u304c\u5012\u7523\u3084100%\u6e1b\u8cc7\u306a\u3069\u306b\u3088\u3063\u3066\u682a\u4e3b\u6a29\u305d\u306e\u3082\u306e\u304c\u5931\u308f\u308c\u308b\u30b1\u30fc\u30b9\u3092\u9664\u304d\u3001\u4f1a\u793e\u304c\u5b58\u7d9a\u3059\u308b\u5834\u5408\u306f\u3001\u682a\u4e3b\u3068\u3057\u3066\u306e\u57fa\u672c\u7684\u306a\u6a29\u5229\uff08\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u3084\u682a\u4e3b\u7dcf\u4f1a\u3067\u306e\u8b70\u6c7a\u6a29\u306a\u3069\uff09\u306f\u539f\u5247\u3068\u3057\u3066\u6b8b\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u682a\u5f0f\u306f\u8a3c\u5238\u4f1a\u793e\u306e\u53e3\u5ea7\u3067\u306f\u306a\u304f\u767a\u884c\u4f1a\u793e\u306e\u682a\u4e3b\u540d\u7c3f\u3067\u7ba1\u7406\u3055\u308c\u308b\u305f\u3081\u3001\u6a29\u5229\u884c\u4f7f\u306e\u65b9\u6cd5\u306a\u3069\u304c\u5909\u308f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5177\u4f53\u7684\u306a\u53d6\u308a\u6271\u3044\u306b\u3064\u3044\u3066\u306f\u3001\u682a\u5f0f\u306e\u767a\u884c\u4f1a\u793e\u306b\u76f4\u63a5\u304a\u554f\u3044\u5408\u308f\u305b\u3044\u305f\u3060\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q. \u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u3068\u3001\u5fc5\u305a\u4f1a\u793e\u306f\u5012\u7523\u3059\u308b\u306e\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u3044\u3044\u3048\u3001\u4e0a\u5834\u5ec3\u6b62\u304c\u5fc5\u305a\u3057\u3082\u4f1a\u793e\u306e\u5012\u7523\u3092\u610f\u5473\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p>\u78ba\u304b\u306b\u3001\u7d4c\u55b6\u7834\u7dbb\u3084\u6df1\u523b\u306a\u696d\u7e3e\u4e0d\u632f\u304c\u7406\u7531\u3067\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u306b\u62b5\u89e6\u3057\u3001\u5ec3\u6b62\u306b\u81f3\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u8fd1\u5e74\u3067\u306fMBO\uff08\u7d4c\u55b6\u9663\u306b\u3088\u308b\u8cb7\u53ce\uff09\u3084\u89aa\u4f1a\u793e\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3068\u3044\u3063\u305f\u3001\u7d4c\u55b6\u6226\u7565\u306e\u4e00\u74b0\u3068\u3057\u3066\u81ea\u4e3b\u7684\u306b\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u629e\u3059\u308b\u4f01\u696d\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7d71\u8a08\u30c7\u30fc\u30bf\u3092\u898b\u3066\u3082\u3001\u4e0a\u5834\u5ec3\u6b62\u4f01\u696d\u306e\u3059\u3079\u3066\u304c\u5012\u7523\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q. \u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u3063\u305f\u682a\u306e\u58f2\u5374\u76ca\u3084\u640d\u5931\u306f\u3001\u7a0e\u91d1\u306e\u8a08\u7b97\u3067\u3069\u3046\u6271\u308f\u308c\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u682a\u5f0f\u58f2\u5374\uff08\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308b\u91d1\u92ad\u4ea4\u4ed8\u3092\u542b\u3080\uff09\u306f\u3001\u7a0e\u52d9\u4e0a\u300c\u975e\u4e0a\u5834\u682a\u5f0f\u300d\u306e\u8b72\u6e21\u3068\u3057\u3066\u6271\u308f\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u7279\u5b9a\u53e3\u5ea7\u3084NISA\u53e3\u5ea7\u3067\u4fdd\u6709\u3057\u3066\u3044\u305f\u3068\u3057\u3066\u3082\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u4f34\u3063\u3066\u53e3\u5ea7\u304b\u3089\u6255\u3044\u51fa\u3055\u308c\u308b\u305f\u3081\u3001\u3053\u308c\u3089\u306e\u5236\u5ea6\u306e\u5bfe\u8c61\u3068\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u7a0e\u91d1\u306e\u6271\u3044\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8b72\u6e21\u76ca\u304c\u51fa\u305f\u5834\u5408:<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\uff08\u7a0e\u738720.315%\uff09\u3068\u306a\u308a\u3001\u539f\u5247\u3068\u3057\u3066\u78ba\u5b9a\u7533\u544a\u304c\u5fc5\u8981\u3002<\/li>\n\n\n\n<li>\u4ed6\u306e\u4e0a\u5834\u682a\u5f0f\u3068\u306e\u640d\u76ca\u901a\u7b97\u3084\u640d\u5931\u306e\u7e70\u8d8a\u63a7\u9664\u306f\u4e0d\u53ef\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u640d\u5931\u304c\u51fa\u305f\u5834\u5408:<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u4ed6\u306e\u4e0a\u5834\u682a\u5f0f\u3068\u306e\u640d\u76ca\u901a\u7b97\u3084\u640d\u5931\u306e\u7e70\u8d8a\u63a7\u9664\u306f\u4e0d\u53ef\u3002<\/li>\n\n\n\n<li>\u4f8b\u5916\u7684\u306b\u7279\u5b9a\u7ba1\u7406\u53e3\u5ea7\u306e\u6761\u4ef6\u3092\u6e80\u305f\u3057\u305f\u5834\u5408\u306b\u9650\u308a\u3001\u640d\u5931\u8a08\u4e0a\u304c\u8a8d\u3081\u3089\u308c\u308b\u3053\u3068\u3082\u3042\u308b\uff08\u4e00\u822c\u7684\u3067\u306f\u306a\u3044\uff09\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u8a73\u3057\u304f\u306f\u7a0e\u52d9\u7f72\u3084\u7a0e\u7406\u58eb\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q. MBO\u3084\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3067\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u5834\u5408\u3001\u682a\u4e3b\u306f\u4f55\u3082\u3057\u306a\u304f\u3066\u3082\u304a\u91d1\u3092\u53d7\u3051\u53d6\u308c\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u306b\u5fdc\u52df\u3057\u306a\u304b\u3063\u305f\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u3082\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u6700\u7d42\u7684\u306b\u306f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u3044\u3046\u624b\u7d9a\u304d\u304c\u53d6\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u306f\u682a\u5f0f\u4f75\u5408\u306a\u3069\u3092\u7528\u3044\u3066\u3001\u5c11\u6570\u682a\u4e3b\u306e\u4fdd\u6709\u682a\u30921\u682a\u672a\u6e80\u306e\u7aef\u6570\u306b\u3057\u3001\u305d\u306e\u7aef\u6570\u76f8\u5f53\u5206\u306e\u91d1\u92ad\u3092\u4ea4\u4ed8\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4ea4\u4ed8\u3055\u308c\u308b\u91d1\u984d\u306f\u901a\u5e38\u3001TOB\u4fa1\u683c\u3068\u540c\u984d\u306b\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u91d1\u92ad\u306e\u53d7\u3051\u53d6\u308a\u65b9\u6cd5\u306f\u3001\u4ee5\u4e0b\u306e\u3044\u305a\u308c\u304b\u3068\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<ul 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