{"id":816,"date":"2025-05-14T21:03:16","date_gmt":"2025-05-14T12:03:16","guid":{"rendered":"https:\/\/www.roadmap.co.jp\/cybervalue\/?p=816"},"modified":"2025-05-14T21:54:35","modified_gmt":"2025-05-14T12:54:35","slug":"delisting-advantages-disadvantages","status":"publish","type":"post","link":"https:\/\/www.roadmap.co.jp\/cybervalue\/delisting-advantages-disadvantages\/","title":{"rendered":"\u4e0a\u5834\u5ec3\u6b62\u3068\u306f\uff1f\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u57fa\u6e96\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"\n<div class=\"box1\">\n<div class=\"bold\">\u300a\u3053\u306e\u8a18\u4e8b\u3067\u308f\u304b\u308b\u3053\u3068\u300b<\/div>\n<ul>\n<li>\u306a\u305c\u4f01\u696d\u306f\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u3076\u306e\u304b\uff1f\u305d\u306e\u7406\u7531\uff08\u7d4c\u55b6\u6226\u7565\u3001\u3084\u3080\u3092\u5f97\u306a\u3044\u4e8b\u60c5\uff09\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/li>\n<li>\u4e0a\u5834\u5ec3\u6b62\u304c\u3082\u305f\u3089\u3059\u30e1\u30ea\u30c3\u30c8\uff08\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u5411\u4e0a\u3001\u30b3\u30b9\u30c8\u524a\u6e1b\u306a\u3069\uff09\u3092\u7406\u89e3\u3067\u304d\u307e\u3059\u3002<\/li>\n<li>\u4e0a\u5834\u5ec3\u6b62\u306b\u4f34\u3046\u30c7\u30e1\u30ea\u30c3\u30c8\uff08\u8cc7\u91d1\u8abf\u9054\u306e\u5236\u7d04\u3001\u4fe1\u7528\u306e\u4f4e\u4e0b\u3001\u682a\u5f0f\u6d41\u52d5\u6027\u306e\u55aa\u5931\u306a\u3069\uff09\u3092\u77e5\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/li>\n<li>\u4fdd\u6709\u3057\u3066\u3044\u308b\u682a\u5f0f\u304c\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306b\u6271\u308f\u308c\u308b\u304b\uff08TOB\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3001\u4fdd\u6709\u7d99\u7d9a\u306a\u3069\uff09\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/li>\n<li>\u4e00\u5ea6\u4e0a\u5834\u5ec3\u6b62\u3057\u305f\u4f01\u696d\u304c\u3001\u518d\u3073\u4e0a\u5834\uff08\u518d\u4e0a\u5834\uff09\u3067\u304d\u308b\u306e\u304b\u3001\u305d\u306e\u53ef\u80fd\u6027\u3068\u6761\u4ef6\u306b\u3064\u3044\u3066\u7406\u89e3\u3067\u304d\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u4f01\u696d\u3084\u682a\u4e3b\u306b\u3068\u3063\u3066\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u91cd\u8981\u306a\u30c6\u30fc\u30de\u3067\u3059\u3002 \u300c\u4fdd\u6709\u682a\u306f\u3069\u3046\u306a\u308b\u306e\uff1f\u300d\u300c\u4f1a\u793e\u306b\u3069\u3093\u306a\u5f71\u97ff\u304c\u3042\u308b\u306e\uff1f\u300d\u3068\u3044\u3063\u305f\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u95a2\u3059\u308b\u7591\u554f\u3084\u4e0d\u5b89\u3092\u304a\u6301\u3061\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4e0a\u5834\u5ec3\u6b62\u306e\u5b9a\u7fa9\u3084\u7406\u7531\u304b\u3089\u3001\u5177\u4f53\u7684\u306a\u624b\u7d9a\u304d\u306e\u6d41\u308c\u3001\u682a\u4e3b\u30fb\u5f93\u696d\u54e1\u3078\u306e\u5f71\u97ff\u3001\u3055\u3089\u306b\u306f\u518d\u4e0a\u5834\u306e\u53ef\u80fd\u6027\u307e\u3067\u3001\u7db2\u7f85\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002 \u4e0a\u5834\u5ec3\u6b62\u306b\u95a2\u3059\u308b\u6b63\u3057\u3044\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u3001\u3082\u3057\u3082\u306e\u6642\u306b\u9069\u5207\u306a\u5224\u65ad\u304c\u3067\u304d\u308b\u3088\u3046\u3001\u305c\u3072\u3054\u4e00\u8aad\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u3068\u306f\uff1f\u57fa\u672c\u7684\u306a\u610f\u5473\u3068\u5ec3\u6b62\u306b\u81f3\u308b\u30d1\u30bf\u30fc\u30f3<\/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><strong>\u4e0a\u5834\u5ec3\u6b62\u3068\u306f\u3001\u4f01\u696d\u304c\u767a\u884c\u3059\u308b\u682a\u5f0f\u304c\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u5bfe\u8c61\u304b\u3089\u5916\u308c\u308b\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002<\/strong> \u4e0a\u5834\u72b6\u614b\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u901a\u3058\u3066\u682a\u5f0f\u3092\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u307e\u3059\u3002 \u3057\u304b\u3057\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u3068\u3001\u305d\u306e\u5e02\u5834\u3067\u306e\u53d6\u5f15\u306f\u4e0d\u53ef\u80fd\u306b\u306a\u308a\u3001\u682a\u5f0f\u304c\u6d41\u52d5\u6027\u3092\u5931\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u6771\u8a3c\u306b\u4e0a\u5834\u3057\u3066\u3044\u305f\u4f01\u696d\u304c\u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u6771\u8a3c\u30b7\u30b9\u30c6\u30e0\u3092\u901a\u3058\u3066\u58f2\u8cb7\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002 \u3053\u308c\u306b\u3088\u308a\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u4e0b\u3001\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306e\u5909\u5316\u3001\u4f01\u696d\u4fe1\u7528\u5ea6\u3078\u306e\u5f71\u97ff\u306a\u3069\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u306e\u7a2e\u985e\uff1a\u5927\u304d\u304f\u5206\u3051\u30662\u3064\u306e\u30d1\u30bf\u30fc\u30f3<\/h3>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306f\u5927\u304d\u304f\u4ee5\u4e0b\u306e2\u3064\u306e\u30d1\u30bf\u30fc\u30f3\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. \u4f01\u696d\u304c\u81ea\u4e3b\u7684\u306b\u7533\u8acb\u3059\u308b\u5834\u5408<\/h4>\n\n\n\n<p>\u7d4c\u55b6\u6226\u7565\u4e0a\u306e\u5224\u65ad\u306b\u57fa\u3065\u304d\u3001\u4f01\u696d\u304c\u81ea\u3089\u306e\u610f\u601d\u3067\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u629e\u3059\u308b\u30b1\u30fc\u30b9<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2. \u8a3c\u5238\u53d6\u5f15\u6240\u304c\u5b9a\u3081\u308b\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u306b\u62b5\u89e6\u3059\u308b\u5834\u5408<\/h4>\n\n\n\n<p>\u696d\u7e3e\u4e0d\u632f\u3084\u6cd5\u4ee4\u9055\u53cd\u306a\u3069\u306b\u3088\u308a\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u57fa\u6e96\u3092\u6e80\u305f\u305b\u306a\u304f\u306a\u3063\u305f\u30b1\u30fc\u30b9<\/p>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u306e\u30d1\u30bf\u30fc\u30f3\u3067\u80cc\u666f\u3084\u610f\u5473\u5408\u3044\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002 \u81ea\u4e3b\u7684\u7533\u8acb\u306fM&amp;A\u3084MBO\u306a\u3069\u306e\u6226\u7565\u7684\u5224\u65ad\u3001\u57fa\u6e96\u62b5\u89e6\u306f\u8ca1\u52d9\u57fa\u6e96\u672a\u9054\u3084\u4e0d\u7965\u4e8b\u306a\u3069\u304c\u539f\u56e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f01\u696d\u304c\u81ea\u4e3b\u7684\u306b\u7533\u8acb\u3059\u308b\u30b1\u30fc\u30b9<\/h3>\n\n\n\n<p><strong>\u4f01\u696d\u304c\u81ea\u4e3b\u7684\u306b\u4e0a\u5834\u5ec3\u6b62\u3092\u7533\u8acb\u3059\u308b\u30b1\u30fc\u30b9\u306f\u3001\u7d4c\u55b6\u6226\u7565\u4e0a\u306e\u5224\u65ad\u306b\u57fa\u3065\u3044\u3066\u884c\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/strong> \u4e0a\u5834\u7dad\u6301\u306b\u306f\u682a\u4e3b\u5bfe\u5fdc\u3001\u60c5\u5831\u958b\u793a\u3001\u682a\u4fa1\u914d\u616e\u306a\u3069\u69d8\u3005\u306a\u30b3\u30b9\u30c8\u3084\u5236\u7d04\u304c\u4f34\u3044\u307e\u3059\u3002 \u975e\u516c\u958b\u5316\u306b\u3088\u308a\u3001\u3053\u308c\u3089\u306e\u8ca0\u62c5\u304b\u3089\u89e3\u653e\u3055\u308c\u3001\u3088\u308a\u81ea\u7531\u3067\u6a5f\u52d5\u7684\u306a\u7d4c\u55b6\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e3b\u306a\u52d5\u6a5f\u3068\u3057\u3066\u3001M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3001\u7d4c\u55b6\u9663\u306b\u3088\u308bMBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09\u304c\u3042\u308a\u307e\u3059\u3002 \u307e\u305f\u3001\u77ed\u671f\u7684\u5e02\u5834\u8a55\u4fa1\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u4e2d\u9577\u671f\u7684\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6539\u9769\u3092\u65ad\u884c\u3057\u305f\u3044\u3068\u3044\u3046\u7406\u7531\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u306b\u62b5\u89e6\u3059\u308b\u30b1\u30fc\u30b9<\/h3>\n\n\n\n<p><strong>\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u5b9a\u3081\u308b\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u306b\u62b5\u89e6\u3057\u305f\u5834\u5408\u3001\u4f01\u696d\u306f\u610f\u56f3\u305b\u305a\u3068\u3082\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u8a3c\u5238\u53d6\u5f15\u6240\u306f\u6295\u8cc7\u5bb6\u4fdd\u8b77\u3084\u5e02\u5834\u4fe1\u983c\u6027\u7dad\u6301\u306e\u89b3\u70b9\u304b\u3089\u3001\u4e0a\u5834\u4f01\u696d\u306b\u4e00\u5b9a\u57fa\u6e96\u3092\u8a2d\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e3b\u306a\u4e0a\u5834\u5ec3\u6b62\u57fa\u6e96\u306b\u306f\u4ee5\u4e0b\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u57fa\u6e96\u5206\u985e<\/td><td>\u5177\u4f53\u7684\u5185\u5bb9<\/td><\/tr><tr><td>\u5e02\u5834\u6027\u57fa\u6e96<\/td><td>\u682a\u4e3b\u6570\u3001\u6d41\u901a\u682a\u5f0f\u6bd4\u7387\u3001\u6642\u4fa1\u7dcf\u984d<\/td><\/tr><tr><td>\u8ca1\u52d9\u57fa\u6e96<\/td><td>\u50b5\u52d9\u8d85\u904e\u3001\u7834\u7523\u624b\u7d9a\u304d\u958b\u59cb<\/td><\/tr><tr><td>\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9<\/td><td>\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u306e\u63d0\u51fa\u9045\u5ef6\u30fb\u865a\u507d\u8a18\u8f09\u3001\u91cd\u5927\u306a\u6cd5\u4ee4\u9055\u53cd\u3001\u53cd\u793e\u4f1a\u7684\u52e2\u529b\u3068\u306e\u95a2\u4e0e<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306a\u57fa\u6e96\u3078\u306e\u62b5\u89e6\u306f\u3001\u4f01\u696d\u306e\u7d4c\u55b6\u72b6\u6cc1\u3084\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236\u306b\u6df1\u523b\u306a\u554f\u984c\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u5834\u5408\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u4f01\u696d\u306f\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u3076\u306e\u304b\uff1f\u4e3b\u306a\u7406\u7531\u3092\u30d1\u30bf\u30fc\u30f3\u5225\u306b\u89e3\u8aac<\/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-8.jpg\" alt=\"\" class=\"wp-image-841\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-8.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-8-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-8-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4f01\u696d\u304c\u4e0a\u5834\u5ec3\u6b62\u3068\u3044\u3046\u9078\u629e\u3092\u3059\u308b\u80cc\u666f\u306b\u306f\u3001\u69d8\u3005\u306a\u7406\u7531\u304c\u5b58\u5728\u3057\u307e\u3059\u3002 \u5927\u304d\u304f\u5206\u3051\u308b\u3068\u3001\u4ee5\u4e0b\u306e2\u3064\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7d4c\u55b6\u6226\u7565\u3068\u3057\u3066\u306e\u7a4d\u6975\u7684\u306a\u9078\u629e<\/li>\n\n\n\n<li>\u3084\u3080\u3092\u5f97\u306a\u3044\u4e8b\u60c5\u30fb\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u7406\u7531<\/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<h3 class=\"wp-block-heading\">1. 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\u975e\u516c\u958b\u5316\u306b\u3088\u308a\u3001\u3053\u308c\u3089\u306e\u8ca0\u62c5\u304b\u3089\u89e3\u653e\u3055\u308c\u3001\u7d4c\u55b6\u8cc7\u6e90\u3092\u672c\u696d\u306b\u96c6\u4e2d\u3055\u305b\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7af6\u5408\u4ed6\u793e\u306b\u77e5\u3089\u308c\u305f\u304f\u306a\u3044\u6a5f\u5bc6\u6027\u306e\u9ad8\u3044\u7d4c\u55b6\u6226\u7565\u306e\u5b9f\u884c\u3001\u682a\u4fa1\u5909\u52d5\u3092\u6c17\u306b\u305b\u305a\u5927\u80c6\u306a\u4e8b\u696d\u518d\u7de8\u3084\u6295\u8cc7\u306e\u5b9f\u65bd\u306a\u3069\u304c\u5229\u70b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(1) M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/h4>\n\n\n\n<p><strong>M&amp;A\u306e\u4e00\u74b0\u3068\u3057\u3066\u3001\u4f01\u696d\u304c\u4ed6\u306e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u3092\u3059\u3079\u3066\u53d6\u5f97\u3057\u3001\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3059\u308b\u5834\u5408\u3001\u5b50\u4f1a\u793e\u3068\u306a\u3063\u305f\u4f01\u696d\u306f\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/strong> 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\u5b50\u4f1a\u793e\u5316\u3055\u308c\u305f\u4f01\u696d\u306e\u682a\u4e3b\u306b\u306f\u3001\u901a\u5e38\u3001\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff08TOB\uff09\u306a\u3069\u3092\u901a\u3058\u3066\u5e02\u5834\u4fa1\u683c\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u52a0\u7b97\u3055\u308c\u305f\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u308a\u306e\u6a5f\u4f1a\u304c\u63d0\u4f9b\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(2) \u7d4c\u55b6\u9663\u306b\u3088\u308b\u81ea\u793e\u8cb7\u53ce\uff08MBO\uff1aManagement Buyout\uff09<\/h4>\n\n\n\n<p><strong>MBO\u306f\u3001\u7d4c\u55b6\u9663\u304c\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u3068\u5354\u529b\u3057\u3001\u65e2\u5b58\u306e\u682a\u4e3b\u304b\u3089\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u3053\u3068\u3067\u3001\u4e0a\u5834\u5ec3\u6b62\u3092\u884c\u3046\u624b\u6cd5\u3067\u3059\u3002<\/strong> 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MBO\u306b\u3088\u308a\u975e\u516c\u958b\u5316\u3059\u308c\u3070\u3001\u7d4c\u55b6\u9663\u306f\u5916\u90e8\u306e\u610f\u898b\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u81ea\u3089\u4fe1\u3058\u308b\u7d4c\u55b6\u65b9\u91dd\u3092\u8fc5\u901f\u306b\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u6575\u5bfe\u7684\u8cb7\u53ce\u306e\u30ea\u30b9\u30af\u56de\u907f\u3082\u76ee\u7684\u306e\u4e00\u3064\u3068\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(3) 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\u7d4c\u55b6\u9663\u304c\u5916\u90e8\u304b\u3089\u306e\u5e72\u6e09\u3092\u53d7\u3051\u305a\u306b\u7d4c\u55b6\u306b\u96c6\u4e2d\u3057\u305f\u3044\u3068\u8003\u3048\u308b\u5834\u5408\u3001\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u5bfe\u5fdc\u306e\u8ca0\u62c5\u8efd\u6e1b\u3092\u76ee\u7684\u3068\u3057\u3066\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. 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\u682a\u4e3b\u7dcf\u4f1a\u904b\u55b6\u3084IR\u6d3b\u52d5\u306e\u8ca0\u62c5\u8efd\u6e1b<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308b\u3053\u3068\u306f\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u904b\u55b6\u3084IR\u6d3b\u52d5\u3068\u3044\u3063\u305f\u3001\u682a\u4e3b\u5bfe\u5fdc\u306b\u95a2\u3059\u308b\u69d8\u3005\u306a\u696d\u52d9\u8ca0\u62c5\u3092\u4f34\u3044\u307e\u3059\u3002<\/strong> \u682a\u4e3b\u7dcf\u4f1a\u306e\u6e96\u5099\u3084\u904b\u55b6\u3001\u62db\u96c6\u901a\u77e5\u3084\u4e8b\u696d\u5831\u544a\u66f8\u306e\u4f5c\u6210\u30fb\u9001\u4ed8\u3001\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u958b\u50ac\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u554f\u3044\u5408\u308f\u305b\u5bfe\u5fdc\u306a\u3069\u3001\u3053\u308c\u3089\u306e\u696d\u52d9\u306b\u306f\u591a\u304f\u306e\u4eba\u54e1\u3068\u6642\u9593\u3001\u30b3\u30b9\u30c8\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u682a\u4e3b\u304c\u5c11\u6570\u306b\u9650\u5b9a\u3055\u308c\u308c\u3070\u3001\u3053\u308c\u3089\u306e\u8ca0\u62c5\u306f\u5927\u5e45\u306b\u8efd\u6e1b\u3055\u308c\u3001\u7d4c\u55b6\u9663\u3084\u5f93\u696d\u54e1\u306f\u672c\u6765\u6ce8\u529b\u3059\u3079\u304d\u4e8b\u696d\u6d3b\u52d5\u306b\u96c6\u4e2d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u4e0a\u5834\u7dad\u6301\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u524a\u6e1b<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u591a\u984d\u306e\u30b3\u30b9\u30c8\u304c\u767a\u751f\u3057\u307e\u3059\u304c\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u3063\u3066\u3053\u308c\u3089\u306e\u8cbb\u7528\u3092\u524a\u6e1b\u3067\u304d\u308b\u70b9\u306f\u5927\u304d\u306a\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/strong> \u4f01\u696d\u304c\u8ca0\u62c5\u3059\u308b\u4e0a\u5834\u95a2\u9023\u30b3\u30b9\u30c8\u306f\u3001\u76f4\u63a5\u7684\u8cbb\u7528\u304b\u3089\u9593\u63a5\u7684\u8cbb\u7528\u307e\u3067\u591a\u5c90\u306b\u308f\u305f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8cbb\u7528\u306e\u7a2e\u985e<\/th><th>\u5177\u4f53\u4f8b<\/th><\/tr><\/thead><tbody><tr><td>\u76f4\u63a5\u7684\u8cbb\u7528<\/td><td>\u8a3c\u5238\u53d6\u5f15\u6240\u3078\u306e\u5e74\u9593\u4e0a\u5834\u6599\u3001TDnet\u5229\u7528\u6599<\/td><\/tr><tr><td>\u9593\u63a5\u7684\u8cbb\u7528<\/td><td>\u76e3\u67fb\u6cd5\u4eba\u3078\u306e\u76e3\u67fb\u5831\u916c\u3001\u958b\u793a\u66f8\u985e\u4f5c\u6210\u8cbb\u7528\u3001\u682a\u4e3b\u540d\u7c3f\u7ba1\u7406\u4eba\u3078\u306e\u4fe1\u8a17\u5831\u916c<\/td><\/tr><tr><td>\u4eba\u7684\u30fb\u6642\u9593\u7684\u30b3\u30b9\u30c8<\/td><td>\u60c5\u5831\u958b\u793a\u3084\u682a\u4e3b\u5bfe\u5fdc\u306b\u8cbb\u3084\u3055\u308c\u308b\u30ea\u30bd\u30fc\u30b9<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u30b3\u30b9\u30c8\u524a\u6e1b\u306f\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u6539\u5584\u3084\u8ca1\u52d9\u4f53\u8cea\u306e\u5f37\u5316\u306b\u76f4\u63a5\u7684\u306b\u8ca2\u732e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">(1) \u5e74\u9593\u4e0a\u5834\u6599\u3001TDnet\u5229\u7528\u6599\u306a\u3069\u306e\u76f4\u63a5\u7684\u8cbb\u7528<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u4f01\u696d\u304c\u8ca0\u62c5\u3059\u308b\u76f4\u63a5\u7684\u306a\u8cbb\u7528\u3068\u3057\u3066\u4ee3\u8868\u7684\u306a\u3082\u306e\u304c\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u6bce\u5e74\u652f\u6255\u3046\u5e74\u9593\u4e0a\u5834\u6599\u3067\u3059\u3002<\/strong> \u3053\u306e\u91d1\u984d\u306f\u4f01\u696d\u306e\u6642\u4fa1\u7dcf\u984d\u306a\u3069\u306b\u5fdc\u3058\u3066\u5909\u52d5\u3057\u3001\u898f\u6a21\u306e\u5927\u304d\u306a\u4f01\u696d\u307b\u3069\u9ad8\u984d\u306b\u306a\u308a\u307e\u3059\u3002 \u307e\u305f\u3001\u6295\u8cc7\u5bb6\u5411\u3051\u306e\u60c5\u5831\u958b\u793a\u30b7\u30b9\u30c6\u30e0\u3067\u3042\u308bTDnet\u306e\u5229\u7528\u6599\u3082\u3001\u4e0a\u5834\u4f01\u696d\u304c\u8ca0\u62c5\u3059\u308b\u8cbb\u7528\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u3001\u3053\u308c\u3089\u306e\u76f4\u63a5\u7684\u306a\u652f\u6255\u3044\u304c\u5b8c\u5168\u306b\u4e0d\u8981\u3068\u306a\u308a\u3001\u5373\u52b9\u6027\u306e\u3042\u308b\u30b3\u30b9\u30c8\u524a\u6e1b\u52b9\u679c\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">(2) \u76e3\u67fb\u6cd5\u4eba\u3078\u306e\u5831\u916c\u3001\u958b\u793a\u66f8\u985e\u4f5c\u6210\u306a\u3069\u306e\u9593\u63a5\u7684\u8cbb\u7528<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u7dad\u6301\u306b\u306f\u3001\u8ca1\u52d9\u8af8\u8868\u306e\u4fe1\u983c\u6027\u3092\u62c5\u4fdd\u3059\u308b\u305f\u3081\u306e\u76e3\u67fb\u6cd5\u4eba\u306b\u3088\u308b\u4f1a\u8a08\u76e3\u67fb\u5831\u916c\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong> \u4e0a\u5834\u4f01\u696d\u306b\u6c42\u3081\u3089\u308c\u308b\u76e3\u67fb\u306e\u57fa\u6e96\u306f\u53b3\u3057\u304f\u3001\u5831\u916c\u3082\u9ad8\u984d\u306b\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002 \u307e\u305f\u3001\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u306b\u57fa\u3065\u304f\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u3084\u56db\u534a\u671f\u5831\u544a\u66f8\u306a\u3069\u306e\u958b\u793a\u66f8\u985e\u306f\u3001\u4f5c\u6210\u306b\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3068\u591a\u304f\u306e\u5de5\u6570\u3092\u8981\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u9593\u63a5\u7684\u306a\u8cbb\u7528\u3082\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u3063\u3066\u5927\u5e45\u306b\u524a\u6e1b\u307e\u305f\u306f\u4e0d\u8981\u3068\u306a\u308a\u3001\u9577\u671f\u7684\u306a\u30b3\u30b9\u30c8\u8ca0\u62c5\u306e\u8efd\u6e1b\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">(3) \u76ee\u306b\u898b\u3048\u306b\u304f\u3044\u4eba\u7684\u30fb\u6642\u9593\u7684\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u52b9\u679c<\/h3>\n\n\n\n<p><strong>\u7d4c\u7406\u90e8\u9580\u3084\u6cd5\u52d9\u90e8\u9580\u3001IR\u62c5\u5f53\u90e8\u9580\u306a\u3069\u304c\u3001\u6cd5\u5b9a\u958b\u793a\u66f8\u985e\u306e\u4f5c\u6210\u3084\u9069\u6642\u958b\u793a\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u6e96\u5099\u30fb\u904b\u55b6\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u554f\u3044\u5408\u308f\u305b\u5bfe\u5fdc\u306a\u3069\u306b\u591a\u304f\u306e\u6642\u9593\u3068\u52b4\u529b\u3092\u8cbb\u3084\u3057\u3066\u3044\u307e\u3059\u3002<\/strong> 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\u4e0a\u5834\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u682a\u5f0f\u306f\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u901a\u3058\u3066\u8ab0\u3067\u3082\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u308b\u305f\u3081\u3001\u7279\u5b9a\u306e\u682a\u4e3b\u304c\u5e02\u5834\u3067\u682a\u5f0f\u3092\u8cb7\u3044\u96c6\u3081\u3001\u7d4c\u55b6\u6a29\u306e\u53d6\u5f97\u3092\u76ee\u6307\u3059\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u975e\u516c\u958b\u5316\u306b\u3088\u308a\u682a\u5f0f\u304c\u975e\u516c\u958b\u3068\u306a\u308c\u3070\u3001\u5e02\u5834\u3067\u306e\u81ea\u7531\u306a\u53d6\u5f15\u306f\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u8cb7\u53ce\u3092\u4ed5\u639b\u3051\u308b\u5074\u306f\u65e2\u5b58\u306e\u682a\u4e3b\u3068\u500b\u5225\u306b\u4ea4\u6e09\u3059\u308b\u5fc5\u8981\u304c\u751f\u3058\u307e\u3059\u3002 \u3053\u308c\u306b\u3088\u308a\u3001\u8cb7\u53ce\u306e\u30cf\u30fc\u30c9\u30eb\u306f\u683c\u6bb5\u306b\u9ad8\u307e\u308a\u3001\u7d4c\u55b6\u306e\u5b89\u5b9a\u6027\u3092\u78ba\u4fdd\u3057\u305f\u3044\u3068\u8003\u3048\u308b\u4f01\u696d\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u5927\u304d\u306a\u30e1\u30ea\u30c3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u60c5\u5831\u958b\u793a\u7fa9\u52d9\u306e\u8efd\u6e1b\u306b\u3088\u308b\u7d4c\u55b6\u6226\u7565\u4e0a\u306e\u6a5f\u5bc6\u4fdd\u6301<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u3001\u4f01\u696d\u306f\u60c5\u5831\u958b\u793a\u306b\u95a2\u3059\u308b\u7fa9\u52d9\u304b\u3089\u5927\u5e45\u306b\u89e3\u653e\u3055\u308c\u3001\u7d4c\u55b6\u6226\u7565\u4e0a\u306e\u6a5f\u5bc6\u3092\u4fdd\u6301\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/strong> \u4e0a\u5834\u4f01\u696d\u306f\u3001\u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u3001\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u306a\u3069\u306b\u57fa\u3065\u304d\u3001\u8ca1\u52d9\u72b6\u6cc1\u3084\u4e8b\u696d\u5185\u5bb9\u3001\u30ea\u30b9\u30af\u60c5\u5831\u306a\u3069\u3092\u8a73\u7d30\u304b\u3064\u30bf\u30a4\u30e0\u30ea\u30fc\u306b\u958b\u793a\u3059\u308b\u3053\u3068\u304c\u7fa9\u52d9\u4ed8\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u3053\u306e\u60c5\u5831\u958b\u793a\u304c\u6642\u3068\u3057\u3066\u7af6\u5408\u4ed6\u793e\u306b\u81ea\u793e\u306e\u6226\u7565\u3084\u5f31\u307f\u3092\u77e5\u3089\u308c\u308b\u304d\u3063\u304b\u3051\u3068\u306a\u308a\u3001\u7af6\u4e89\u4e0a\u4e0d\u5229\u306b\u306a\u308b\u53ef\u80fd\u6027\u3082\u5426\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002 \u975e\u516c\u958b\u5316\u3059\u308c\u3070\u3001\u6cd5\u5b9a\u958b\u793a\u7fa9\u52d9\u306f\u5927\u5e45\u306b\u8efd\u6e1b\u3055\u308c\u308b\u305f\u3081\u3001\u91cd\u8981\u306a\u7d4c\u55b6\u60c5\u5831\u3084\u958b\u767a\u4e2d\u306e\u65b0\u6280\u8853\u3001M&amp;A\u6226\u7565\u306a\u3069\u3092\u5916\u90e8\u306b\u6f0f\u3089\u3059\u3053\u3068\u306a\u304f\u3001\u6c34\u9762\u4e0b\u3067\u8a08\u753b\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u306e3\u3064\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<\/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-10.jpg\" alt=\"\" class=\"wp-image-844\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u306f\u4f01\u696d\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u5b58\u5728\u3057\u307e\u3059\u3002 \u8cc7\u91d1\u8abf\u9054\u306e\u5236\u7d04\u3084\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u306e\u4f4e\u4e0b\u3001\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u6e1b\u5c11\u306a\u3069\u3001\u4f01\u696d\u6d3b\u52d5\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u305f\u3081\u3001\u3053\u308c\u3089\u3092\u6b63\u3057\u304f\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u4f34\u3046\u4e3b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\u4ee5\u4e0b\u306e3\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u5236\u7d04\u3068\u9078\u629e\u80a2\u306e\u6e1b\u5c11<\/li>\n\n\n\n<li>\u4f01\u696d\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u30fb\u793e\u4f1a\u7684\u4fe1\u7528\u306e\u4f4e\u4e0b\u30ea\u30b9\u30af<\/li>\n\n\n\n<li>\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u4f4e\u4e0b\u3068\u65e2\u5b58\u682a\u4e3b\u3078\u306e\u5f71\u97ff<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u5236\u7d04\u3068\u9078\u629e\u80a2\u306e\u6e1b\u5c11<\/h3>\n\n\n\n<p><strong>\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u5236\u7d04\u3068\u9078\u629e\u80a2\u306e\u6e1b\u5c11\u306f\u3001\u4e0a\u5834\u5ec3\u6b62\u306e\u5927\u304d\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u306e\u4e00\u3064\u3067\u3059\u3002<\/strong> \u4e0a\u5834\u4f01\u696d\u306f\u682a\u5f0f\u5e02\u5834\u3092\u901a\u3058\u3066\u3001\u516c\u52df\u5897\u8cc7\u306a\u3069\u306b\u3088\u308a\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002 \u3057\u304b\u3057\u3001\u975e\u516c\u958b\u5316\u3059\u308b\u3068\u3001\u3053\u306e\u6709\u529b\u306a\u624b\u6bb5\u304c\u5229\u7528\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u65b0\u682a\u3092\u767a\u884c\u3057\u3066\u5e83\u304f\u6295\u8cc7\u5bb6\u304b\u3089\u8cc7\u91d1\u3092\u96c6\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u4e8b\u696d\u62e1\u5927\u3084\u5927\u578b\u6295\u8cc7\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u3092\u78ba\u4fdd\u3059\u308b\u4e0a\u3067\u3001\u9078\u629e\u80a2\u304c\u72ed\u307e\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(1) 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\u3057\u304b\u3057\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u975e\u516c\u958b\u4f01\u696d\u3068\u306a\u308b\u3068\u3001\u3053\u306e\u682a\u5f0f\u5e02\u5834\u3092\u901a\u3058\u305f\u8cc7\u91d1\u8abf\u9054\u306e\u9053\u304c\u9589\u3056\u3055\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306b\u3088\u308a\u3001\u5c06\u6765\u306e\u6210\u9577\u306b\u5411\u3051\u305f\u5927\u898f\u6a21\u306a\u7814\u7a76\u958b\u767a\u6295\u8cc7\u3084\u3001M&amp;A\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u306e\u78ba\u4fdd\u304c\u96e3\u3057\u304f\u306a\u308b\u30b1\u30fc\u30b9\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(2) 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\u878d\u8cc7\u6761\u4ef6\u304c\u53b3\u3057\u304f\u306a\u3063\u305f\u308a\u3001\u65b0\u898f\u53d6\u5f15\u306e\u30cf\u30fc\u30c9\u30eb\u304c\u4e0a\u304c\u3063\u305f\u308a\u3001\u512a\u79c0\u306a\u4eba\u6750\u306e\u78ba\u4fdd\u304c\u96e3\u3057\u304f\u306a\u3063\u305f\u308a\u3059\u308b\u4e8b\u614b\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(1) 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https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-11-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" 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class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u6c7a\u5b9a\u304b\u3089\u6700\u7d42\u58f2\u8cb7\u65e5\u307e\u3067\u306e\u30d7\u30ed\u30bb\u30b9<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u304c\u6c7a\u5b9a\u3055\u308c\u308b\u3068\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306f\u305d\u306e\u4e8b\u5b9f\u3092\u516c\u8868\u3057\u3001\u6295\u8cc7\u5bb6\u3078\u306e\u5468\u77e5\u3068\u58f2\u8cb7\u6a5f\u4f1a\u306e\u63d0\u4f9b\u306e\u305f\u3081\u3001\u4e00\u5b9a\u671f\u9593\u3092\u7d4c\u3066\u6700\u7d42\u58f2\u8cb7\u65e5\u3092\u8fce\u3048\u308b\u3068\u3044\u3046\u6bb5\u968e\u7684\u306a\u30d7\u30ed\u30bb\u30b9\u3092\u8e0f\u307f\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u3088\u308b\u4e0a\u5834\u5ec3\u6b62\u6c7a\u5b9a\u3068\u516c\u8868<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u6700\u7d42\u7684\u306b\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u6c7a\u5b9a\u3057\u3001\u305d\u306e\u60c5\u5831\u3092\u5e83\u304f\u4e00\u822c\u306b\u516c\u8868\u3059\u308b\u3053\u3068\u3067\u6b63\u5f0f\u306a\u624b\u7d9a\u304d\u304c\u958b\u59cb\u3055\u308c\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u6574\u7406\u9298\u67c4\u3078\u306e\u6307\u5b9a\u671f\u9593\u306f\u901a\u5e381\u30f6\u6708\u9593<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u304c\u6c7a\u5b9a\u3055\u308c\u308b\u3068\u3001\u305d\u306e\u682a\u5f0f\u306f\u901a\u5e38\u300c\u6574\u7406\u9298\u67c4\u300d\u306b\u6307\u5b9a\u3055\u308c\u3001\u6295\u8cc7\u5bb6\u3078\u306e\u5468\u77e5\u3068\u6700\u7d42\u7684\u306a\u58f2\u8cb7\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3059\u308b\u305f\u3081\u306e\u671f\u9593\u304c\u8a2d\u3051\u3089\u308c\u307e\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u6700\u7d42\u58f2\u8cb7\u65e5\u306e\u5230\u6765\u3068\u4e0a\u5834\u5ec3\u6b62<\/h4>\n\n\n\n<p><strong>\u6574\u7406\u9298\u67c4\u306e\u6307\u5b9a\u671f\u9593\u304c\u7d42\u4e86\u3059\u308b\u3068\u3001\u305d\u306e\u6700\u7d42\u65e5\u304c\u300c\u6700\u7d42\u58f2\u8cb7\u65e5\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> \u305d\u3057\u3066\u3001\u6700\u7d42\u58f2\u8cb7\u65e5\u306e\u7fcc\u55b6\u696d\u65e5\u4ed8\u3067\u3001\u305d\u306e\u682a\u5f0f\u306f\u6b63\u5f0f\u306b\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u65e5\u4ee5\u964d\u3001\u5f53\u8a72\u682a\u5f0f\u306f\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u58f2\u8cb7\u30b7\u30b9\u30c6\u30e0\u304b\u3089\u53d6\u308a\u9664\u304b\u308c\u3001\u5e02\u5834\u3092\u901a\u3058\u3066\u53d6\u5f15\u3059\u308b\u3053\u3068\u306f\u4e00\u5207\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002 \u3064\u307e\u308a\u3001\u682a\u4e3b\u306b\u3068\u3063\u3066\u306f\u3001\u8a3c\u5238\u4f1a\u793e\u3092\u901a\u3058\u3066\u81ea\u7531\u306b\u682a\u5f0f\u3092\u58f2\u8cb7\u3059\u308b\u6a5f\u4f1a\u304c\u5931\u308f\u308c\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306e\u682a\u5f0f\u306e\u4e3b\u306a\u53d6\u308a\u6271\u3044\u65b9\u6cd5<\/h3>\n\n\n\n<p>\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u4e3b\u306a\u53d6\u308a\u6271\u3044\u65b9\u6cd5\u3068\u3057\u3066\u4ee5\u4e0b\u306e3\u3064\u304c\u5b58\u5728\u3057\u307e\u3059\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u306b\u3088\u308b\u8cb7\u3044\u53d6\u308a<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/li>\n\n\n\n<li>\u975e\u516c\u958b\u682a\u5f0f\u3068\u3057\u3066\u4fdd\u6709\u7d99\u7d9a<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u306e\u65b9\u6cd5\u306b\u3064\u3044\u3066\u9806\u306b\u3054\u8aac\u660e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u306b\u3088\u308b\u8cb7\u3044\u53d6\u308a<\/h4>\n\n\n\n<p><strong>TOB\u3068\u306f\u3001\u7279\u5b9a\u306e\u4f01\u696d\uff08\u8cb7\u4ed8\u8005\uff09\u304c\u3001\u671f\u9593\u3001\u682a\u6570\u3001\u4fa1\u683c\u3092\u516c\u958b\u3057\u3066\u3001\u4e0d\u7279\u5b9a\u591a\u6570\u306e\u682a\u4e3b\u304b\u3089\u5e02\u5834\u5916\u3067\u682a\u5f0f\u3092\u8cb7\u3044\u4ed8\u3051\u308b\u5236\u5ea6\u306e\u3053\u3068\u3067\u3059\u3002<\/strong> M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3084MBO\uff08\u7d4c\u55b6\u9663\u306b\u3088\u308b\u81ea\u793e\u8cb7\u53ce\uff09\u306a\u3069\u3092\u76ee\u7684\u3068\u3057\u3066\u4e0a\u5834\u5ec3\u6b62\u3092\u884c\u3046\u969b\u306b\u3001\u3053\u306eTOB\u304c\u5b9f\u65bd\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8cb7\u4ed8\u8005\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u305f\u3081\u3001\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u682a\u5f0f\u306e\u58f2\u5374\u3092\u4fc3\u3057\u307e\u3059\u3002 \u901a\u5e38\u3001TOB\u4fa1\u683c\u306f\u3001\u767a\u8868\u524d\u306e\u5e02\u5834\u682a\u4fa1\u306b\u4e00\u5b9a\u306e\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u4e0a\u4e57\u305b\u4fa1\u683c\uff09\u304c\u52a0\u7b97\u3055\u308c\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/h4>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u306f\u3001\u5927\u682a\u4e3b\uff08\u591a\u304f\u306e\u5834\u5408\u3001\u89aa\u4f1a\u793e\u3084MBO\u3092\u5b9f\u65bd\u3059\u308b\u7d4c\u55b6\u9663\u306a\u3069\uff09\u304c\u3001\u5c11\u6570\u682a\u4e3b\u304b\u3089\u305d\u306e\u4fdd\u6709\u682a\u5f0f\u3092\u5f37\u5236\u7684\u306b\u8cb7\u3044\u53d6\u308b\u624b\u7d9a\u304d\u306e\u3053\u3068\u3067\u3059\u3002<\/strong> 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\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u3001\u4f01\u696d\u304c\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306a\u3069\u3092\u5b9f\u73fe\u3057\u3001\u7d4c\u55b6\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u8fc5\u901f\u5316\u3059\u308b\u305f\u3081\u306b\u884c\u308f\u308c\u308b\u6cd5\u7684\u306a\u624b\u6bb5\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u975e\u516c\u958b\u682a\u5f0f\u3068\u3057\u3066\u4fdd\u6709\u7d99\u7d9a<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u3082\u3001\u682a\u4e3b\u306f\u5f15\u304d\u7d9a\u304d\u305d\u306e\u4f01\u696d\u306e\u682a\u4e3b\u3068\u3057\u3066\u306e\u6a29\u5229\uff08\u5270\u4f59\u91d1\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u3084\u682a\u4e3b\u7dcf\u4f1a\u3067\u306e\u8b70\u6c7a\u6a29\u306a\u3069\uff09\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/strong> \u305f\u3060\u3057\u3001\u3053\u306e\u5834\u5408\u3001\u682a\u5f0f\u306f\u975e\u516c\u958b\u682a\u5f0f\uff08\u672a\u516c\u958b\u682a\u5f0f\u3001\u8b72\u6e21\u5236\u9650\u682a\u5f0f\uff09\u3068\u306a\u308a\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u58f2\u8cb7\u306f\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u3001\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u306f\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u3001\u58f2\u5374\u3057\u305f\u3044\u3068\u601d\u3063\u3066\u3082\u8cb7\u3044\u624b\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u304c\u975e\u5e38\u306b\u56f0\u96e3\u306b\u306a\u308a\u307e\u3059\u3002 \u307e\u305f\u3001\u975e\u516c\u958b\u4f01\u696d\u3068\u306a\u308b\u3068\u3001\u4e0a\u5834\u4f01\u696d\u306b\u6bd4\u3079\u3066\u60c5\u5831\u958b\u793a\u7fa9\u52d9\u304c\u8efd\u6e1b\u3055\u308c\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u8a73\u7d30\u306a\u7d4c\u55b6\u72b6\u6cc1\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3082\u96e3\u3057\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u306f\u8ab0\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\uff1f\u682a\u4e3b\u30fb\u5f93\u696d\u54e1\u3078\u306e\u5f71\u97ff<\/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-12.jpg\" alt=\"\" class=\"wp-image-848\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u3068\u3044\u3046\u4f01\u696d\u306e\u5927\u304d\u306a\u5909\u5316\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u3092\u4fdd\u6709\u3059\u308b\u682a\u4e3b\u3084\u3001\u305d\u3053\u3067\u50cd\u304f\u5f93\u696d\u54e1\u306a\u3069\u3001\u69d8\u3005\u306a\u95a2\u4fc2\u8005\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u682a\u4e3b\u306b\u3068\u3063\u3066\u306f\u3001\u4fdd\u6709\u8cc7\u7523\u306e\u4fa1\u5024\u3084\u6a29\u5229\u306b\u76f4\u63a5\u95a2\u308f\u308b\u91cd\u5927\u306a\u51fa\u6765\u4e8b\u3067\u3059\u3002 \u3053\u3053\u3067\u306f\u3001\u307e\u305a\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u3069\u306e\u3088\u3046\u306a\u5177\u4f53\u7684\u306a\u30e1\u30ea\u30c3\u30c8\u3084\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u751f\u3058\u308b\u306e\u304b\u3092\u518d\u6574\u7406\u3057\u3001\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u682a\u4e3b\u3078\u306e\u5f71\u97ff\uff1a\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306e\u518d\u6574\u7406<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u304c\u682a\u4e3b\u306b\u3082\u305f\u3089\u3059\u5f71\u97ff\u306f\u4e00\u69d8\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> 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class=\"has-fixed-layout\"><thead><tr><th>\u5f71\u97ff\u306e\u7a2e\u985e<\/th><th>\u5177\u4f53\u7684\u306a\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u30c7\u30e1\u30ea\u30c3\u30c8<\/td><td>\u30fb\u5e02\u5834\u3067\u306e\u81ea\u7531\u306a\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u682a\u5f0f\u306e\u63db\u91d1\u6027\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3059\u308b<br>\u30fb\u4f01\u696d\u306e\u7d4c\u55b6\u72b6\u6cc1\u306b\u3088\u3063\u3066\u306f\u3001\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u305f\u308a\u3001\u4fa1\u5024\u304c\u30bc\u30ed\u306b\u306a\u3063\u305f\u308a\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b<\/td><\/tr><tr><td>\u30e1\u30ea\u30c3\u30c8<\/td><td>\u30fbM&amp;A\u3084MBO\u306b\u4f34\u3046\u5834\u5408\u3001TOB\u306b\u3088\u308a\u5e02\u5834\u4fa1\u683c\u3088\u308a\u3082\u6709\u5229\u306a\u6761\u4ef6\u3067\u58f2\u5374\u3067\u304d\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b<\/td><\/tr><tr><td>\u305d\u306e\u4ed6<\/td><td>\u30fb\u914d\u5f53\u3084\u682a\u4e3b\u512a\u5f85\u306e\u6271\u3044\u304c\u5909\u308f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u63db\u91d1\u6a5f\u4f1a\u306e\u55aa\u5931\u3068\u4fa1\u5024\u5909\u52d5\u30ea\u30b9\u30af<\/h4>\n\n\n\n<p><strong>\u682a\u4e3b\u306b\u3068\u3063\u3066\u3001\u4fdd\u6709\u682a\u5f0f\u3092\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u306a\u304f\u306a\u308b\u3053\u3068\u306f\u3001\u5927\u304d\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/strong> 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\u52a0\u3048\u3066\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u7d4c\u7def\uff08\u7279\u306b\u696d\u7e3e\u4e0d\u632f\u3084\u4e0d\u7965\u4e8b\u306a\u3069\uff09\u306b\u3088\u3063\u3066\u306f\u3001\u4f01\u696d\u306e\u4fe1\u7528\u304c\u4f4e\u4e0b\u3057\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u305d\u306e\u3082\u306e\u304c\u5927\u304d\u304f\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u3082\u4f34\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">TOB\u4fa1\u683c\u304c\u5e02\u5834\u4fa1\u683c\u3088\u308a\u9ad8\u3044\u5834\u5408\u306e\u30e1\u30ea\u30c3\u30c8<\/h4>\n\n\n\n<p><strong>M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3084MBO\u3092\u76ee\u7684\u3068\u3057\u305f\u4e0a\u5834\u5ec3\u6b62\u306e\u5834\u5408\u3001\u305d\u306e\u30d7\u30ed\u30bb\u30b9\u306e\u4e00\u74b0\u3068\u3057\u3066TOB\u304c\u5b9f\u65bd\u3055\u308c\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/strong> 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class=\"wp-block-heading\">\u914d\u5f53\u3084\u682a\u4e3b\u512a\u5f85\u306e\u7d99\u7d9a\u30fb\u5909\u66f4\u30fb\u5ec3\u6b62\u306e\u53ef\u80fd\u6027<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u5f8c\u3082\u3001\u4f01\u696d\u304c\u5b58\u7d9a\u3059\u308b\u9650\u308a\u3001\u682a\u4e3b\u306f\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u3084\u3001\u4f01\u696d\u304c\u4efb\u610f\u3067\u8a2d\u3051\u3066\u3044\u308b\u682a\u4e3b\u512a\u5f85\u5236\u5ea6\u306e\u5bfe\u8c61\u3068\u306a\u308b\u6a29\u5229\u3092\u57fa\u672c\u7684\u306b\u306f\u6301\u3061\u7d9a\u3051\u307e\u3059\u3002<\/strong> 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class=\"wp-block-list\">\n<li>\u96c7\u7528\u5951\u7d04\u3078\u306e\u76f4\u63a5\u7684\u306a\u5f71\u97ff\u306f\u5c11\u306a\u3044\u50be\u5411<\/li>\n\n\n\n<li>\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6a29\u5229\u3084\u4fa1\u5024\u3078\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044<\/li>\n\n\n\n<li>\u7d4c\u55b6\u65b9\u91dd\u306e\u5909\u5316\u306b\u4f34\u3046\u4f01\u696d\u6587\u5316\u3084\u5f85\u9047\u3078\u306e\u9593\u63a5\u7684\u306a\u5f71\u97ff<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\u96c7\u7528\u5951\u7d04\u3078\u306e\u76f4\u63a5\u7684\u306a\u5f71\u97ff\u306f\u5c11\u306a\u3044\u30b1\u30fc\u30b9\u304c\u591a\u3044<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306f\u3001\u3042\u304f\u307e\u3067\u682a\u5f0f\u304c\u53d6\u5f15\u3055\u308c\u308b\u5e02\u5834\u304c\u5909\u308f\u308b\uff08\u3082\u3057\u304f\u306f\u306a\u304f\u306a\u308b\uff09\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u4f1a\u793e\u81ea\u4f53\u304c\u5373\u5ea7\u306b\u6d88\u6ec5\u3057\u305f\u308a\u3001\u4e8b\u696d\u5185\u5bb9\u304c\u6839\u672c\u304b\u3089\u5909\u308f\u3063\u305f\u308a\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> 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class=\"wp-block-heading\">\u7d4c\u55b6\u65b9\u91dd\u306e\u5909\u5316\u306b\u4f34\u3046\u4f01\u696d\u6587\u5316\u3084\u5f85\u9047\u3078\u306e\u9593\u63a5\u7684\u306a\u5f71\u97ff<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u306f\u77ed\u671f\u7684\u306a\u682a\u4fa1\u3084\u696d\u7e3e\u3078\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304b\u3089\u89e3\u653e\u3055\u308c\u3001\u3088\u308a\u4e2d\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u5224\u65ad\u3084\u3001\u5927\u80c6\u306a\u6539\u9769\u3092\u884c\u3044\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/strong> 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https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306f\u7406\u8ad6\u3060\u3051\u3067\u306a\u304f\u3001\u5b9f\u969b\u306e\u4f01\u696d\u304c\u3069\u306e\u3088\u3046\u306a\u80cc\u666f\u3067\u6c7a\u65ad\u3057\u3001\u305d\u306e\u5f8c\u3069\u3046\u306a\u3063\u305f\u304b\u3092\u77e5\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u6df1\u304f\u7406\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001MBO\u3001M&amp;A\u3001\u305d\u3057\u3066\u7279\u306b\u6ce8\u76ee\u3092\u96c6\u3081\u305f\u6709\u540d\u4f01\u696d\u306e\u4e8b\u4f8b\u3092\u3044\u304f\u3064\u304b\u3054\u7d39\u4ecb\u3057\u3001\u305d\u306e\u80cc\u666f\u3084\u52d5\u5411\u3092\u63a2\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MBO\u306b\u3088\u308b\u975e\u516c\u958b\u5316\u4e8b\u4f8b\u3068\u305d\u306e\u80cc\u666f<\/h3>\n\n\n\n<p>\u307e\u305a\u3001\u7d4c\u55b6\u9663\u304c\u81ea\u3089\u975e\u516c\u958b\u5316\u3092\u9078\u629e\u3059\u308bMBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09\u306e\u4e8b\u4f8b\u3092\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p><strong>\u8fd1\u5e74\u3001\u7d4c\u55b6\u9663\u304c\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u3068\u5354\u529b\u3057\u3066\u81ea\u793e\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308a\u3001\u975e\u516c\u958b\u5316\u3092\u76ee\u6307\u3059MBO\u306e\u4e8b\u4f8b\u304c\u5897\u52a0\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002<\/strong> \u3053\u306e\u80cc\u666f\u306b\u306f\u3001\u77ed\u671f\u7684\u306a\u682a\u4e3b\u306e\u610f\u5411\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u4e2d\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6539\u9769\u3092\u65ad\u884c\u3057\u305f\u3044\u3068\u3044\u3046\u7d4c\u55b6\u9663\u306e\u8003\u3048\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u4e0a\u5834\u7dad\u6301\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u3084\u3001\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\uff08\u7269\u8a00\u3046\u682a\u4e3b\uff09\u3078\u306e\u5bfe\u5fdc\u8ca0\u62c5\u8efd\u6e1b\u3001\u6575\u5bfe\u7684\u8cb7\u53ce\u30ea\u30b9\u30af\u306e\u56de\u907f\u3068\u3044\u3063\u305f\u76ee\u7684\u3082\u6319\u3052\u3089\u308c\u307e\u3059\u3002 \u5177\u4f53\u7684\u306a\u4e8b\u4f8b\u3068\u3057\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u77e5\u540d\u5ea6\u306e\u9ad8\u3044\u4f01\u696d\u304cMBO\u306b\u3088\u308b\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u629e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5927\u6b63\u88fd\u85ac\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\u300c\u30ea\u30dd\u30d3\u30bf\u30f3\u300d\u30b7\u30ea\u30fc\u30ba\uff09<\/li>\n\n\n\n<li>\u30d9\u30cd\u30c3\u30bb\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\u901a\u4fe1\u6559\u80b2\uff09<\/li>\n\n\n\n<li>\u30ad\u30ea\u30f3\u5802\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\u30c9\u30e9\u30c3\u30b0\u30b9\u30c8\u30a2\uff09<\/li>\n\n\n\n<li>\u30cb\u30c1\u30a4\u5b66\u9928\uff08\u4ecb\u8b77\u30b5\u30fc\u30d3\u30b9\uff09<\/li>\n\n\n\n<li>\u5e7b\u51ac\u820e\uff08\u51fa\u7248\u793e\u3001\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u682a\u5f0f\u8cb7\u3044\u5360\u3081\u3078\u306e\u5bfe\u6297\u7b56\u3068\u3057\u3066MBO\u3092\u5b9f\u65bd\u3057\u3001\u305d\u306e\u5f8c\u30c7\u30b8\u30bf\u30eb\u5206\u91ce\u3078\u306e\u6ce8\u529b\u3067\u6210\u9577\u3092\u9042\u3052\u307e\u3057\u305f\uff09<\/li>\n<\/ul>\n\n\n\n<p>MBO\u306f\u3001\u7d4c\u55b6\u9663\u304c\u4e3b\u4f53\u7684\u306b\u7d4c\u55b6\u74b0\u5883\u3092\u6574\u3048\u3001\u4f01\u696d\u306e\u6301\u7d9a\u7684\u306a\u6210\u9577\u3092\u76ee\u6307\u3059\u305f\u3081\u306e\u6226\u7565\u7684\u306a\u9078\u629e\u80a2\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306e\u4e8b\u4f8b<\/h3>\n\n\n\n<p>\u6b21\u306b\u3001\u4ed6\u306e\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u306e\u4e00\u54e1\u3068\u306a\u308bM&amp;A\uff08\u5408\u4f75\u30fb\u8cb7\u53ce\uff09\u306b\u3088\u3063\u3066\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u305f\u4f01\u696d\u306e\u4e8b\u4f8b\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>M&amp;A\u306e\u7d50\u679c\u3001\u3042\u308b\u4f01\u696d\u304c\u4ed6\u306e\u4f01\u696d\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u3068\u306a\u308b\u3053\u3068\u3067\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u308b\u30b1\u30fc\u30b9\u3082\u3001\u975e\u5e38\u306b\u591a\u304f\u898b\u3089\u308c\u307e\u3059\u3002<\/strong> \u3053\u308c\u306f\u3001\u89aa\u4f1a\u793e\u3068\u306a\u308b\u4f01\u696d\u304c\u3001\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u7d4c\u55b6\u52b9\u7387\u3092\u9ad8\u3081\u305f\u308a\u3001\u4e8b\u696d\u9593\u306e\u30b7\u30ca\u30b8\u30fc\uff08\u76f8\u4e57\u52b9\u679c\uff09\u3092\u6700\u5927\u5316\u3057\u305f\u308a\u3001\u610f\u601d\u6c7a\u5b9a\u3092\u8fc5\u901f\u5316\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8fd1\u5e74\u3067\u306f\u3001\u7d4c\u55b6\u4e0d\u632f\u306b\u9665\u3063\u305f\u4f01\u696d\u304c\u3001\u5927\u624b\u4f01\u696d\u306e\u5098\u4e0b\u306b\u5165\u308b\u5f62\u3067\u7d4c\u55b6\u518d\u5efa\u3092\u76ee\u6307\u3059\u4e8b\u4f8b\u3082\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002 \u4f8b\u3048\u3070\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u4e8b\u4f8b\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u30a4\u30aa\u30f3\u306b\u3088\u308b\u30a4\u30aa\u30f3\u30e2\u30fc\u30eb\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/li>\n\n\n\n<li>\u30bc\u30f3\u30b7\u30e7\u30fc\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306b\u3088\u308b\u30de\u30eb\u30e4\uff08\u30b9\u30fc\u30d1\u30fc\u30de\u30fc\u30b1\u30c3\u30c8\uff09\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/li>\n\n\n\n<li>\u6751\u7530\u88fd\u4f5c\u6240\u306b\u3088\u308b\u6771\u5149\uff08\u96fb\u5b50\u90e8\u54c1\u30e1\u30fc\u30ab\u30fc\uff09\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/li>\n\n\n\n<li>\u30e4\u30de\u30c0\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306b\u3088\u308b\u5927\u585a\u5bb6\u5177\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\uff08\u7d4c\u55b6\u4e0d\u632f\uff09<\/li>\n\n\n\n<li>NIPPON EXPRESS\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306b\u3088\u308b\u65e5\u672c\u901a\u904b\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\uff08\u6301\u682a\u4f1a\u793e\u5236\u79fb\u884c\uff09<\/li>\n<\/ul>\n\n\n\n<p>M&amp;A\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306f\u3001\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u7af6\u4e89\u529b\u5f37\u5316\u3092\u76ee\u6307\u3059\u52d5\u304d\u306e\u4e2d\u3067\u591a\u304f\u898b\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6ce8\u76ee\u3055\u308c\u305f\u4e0a\u5834\u5ec3\u6b62\u4e8b\u4f8b\u3068\u305d\u306e\u5f8c\u306e\u52d5\u5411\u5206\u6790<\/h3>\n\n\n\n<p>\u6700\u5f8c\u306b\u3001\u305d\u306e\u7d4c\u7def\u3084\u898f\u6a21\u304b\u3089\u793e\u4f1a\u7684\u306a\u95a2\u5fc3\u3092\u96c6\u3081\u305f\u4e0a\u5834\u5ec3\u6b62\u4e8b\u4f8b\u3068\u3001\u305d\u306e\u5f8c\u306e\u52d5\u304d\u306b\u3064\u3044\u3066\u89e6\u308c\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u4f01\u696d\u306e\u898f\u6a21\u3084\u77e5\u540d\u5ea6\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u3063\u305f\u80cc\u666f\u306a\u3069\u304b\u3089\u3001\u793e\u4f1a\u7684\u306b\u5927\u304d\u306a\u6ce8\u76ee\u3092\u96c6\u3081\u308b\u4e8b\u4f8b\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong> \u305d\u306e\u4ee3\u8868\u683c\u3068\u8a00\u3048\u308b\u306e\u304c\u6771\u829d\u306e\u4e8b\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u540c\u793e\u306f\u30012015\u5e74\u306b\u767a\u899a\u3057\u305f\u4e0d\u6b63\u4f1a\u8a08\u554f\u984c\u3084\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u539f\u5b50\u529b\u4e8b\u696d\u306b\u304a\u3051\u308b\u5de8\u984d\u640d\u5931\u306b\u3088\u308a\u6df1\u523b\u306a\u7d4c\u55b6\u5371\u6a5f\u306b\u9665\u308a\u307e\u3057\u305f\u3002 \u305d\u306e\u5f8c\u3001\u7d4c\u55b6\u518d\u5efa\u3092\u76ee\u6307\u3059\u4e2d\u3067\u6d77\u5916\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u300c\u7269\u8a00\u3046\u682a\u4e3b\u300d\u3068\u306e\u5bfe\u7acb\u3082\u7d4c\u9a13\u3057\u3001\u6700\u7d42\u7684\u306b\u306f2023\u5e74\u306b\u56fd\u5185\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u65e5\u672c\u7523\u696d\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba\uff08JIP\uff09\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u4f01\u696d\u9023\u5408\u306b\u3088\u308bTOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u3092\u53d7\u3051\u5165\u308c\u3001\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u306f\u3001\u975e\u516c\u958b\u4f01\u696d\u306e\u7acb\u5834\u3067\u7d4c\u55b6\u306e\u5b89\u5b9a\u5316\u3068\u518d\u5efa\u3092\u9032\u3081\u3066\u3044\u308b\u6bb5\u968e\u3067\u3059\u3002 \u307e\u305f\u3001\u5929\u7136\u8abf\u5473\u6599\u30e1\u30fc\u30ab\u30fc\u306e\u713c\u6d25\u6c34\u7523\u5316\u5b66\u5de5\u696d\u306e\u4e8b\u4f8b\u3067\u306f\u3001\u8907\u6570\u306e\u4f01\u696d\u306b\u3088\u308bTOB\u5408\u6226\u304c\u7e70\u308a\u5e83\u3052\u3089\u308c\u3001\u682a\u4fa1\u304c\u5927\u304d\u304f\u4e0a\u6607\u3057\u305f\u3053\u3068\u3067\u8a71\u984c\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306b\u518d\u4e0a\u5834\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u304b\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-14.jpg\" alt=\"\" class=\"wp-image-852\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-14.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-14-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-14-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e00\u5ea6\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u305f\u4f01\u696d\u304c\u3001\u518d\u3073\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u975e\u516c\u958b\u5316\u3092\u9078\u629e\u3057\u305f\u4f01\u696d\u3084\u3001\u3084\u3080\u3092\u5f97\u305a\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u3063\u305f\u4f01\u696d\u304c\u3001\u5c06\u6765\u7684\u306b\u518d\u3073\u682a\u5f0f\u5e02\u5834\u3078\u306e\u5fa9\u5e30\u3092\u76ee\u6307\u3059\u30b1\u30fc\u30b9\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u53ef\u80fd\u6027\u3084\u6761\u4ef6\u3001\u52d5\u6a5f\u3001\u305d\u3057\u3066\u4e57\u308a\u8d8a\u3048\u308b\u3079\u304d\u30cf\u30fc\u30c9\u30eb\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u518d\u4e0a\u5834\u306e\u53ef\u80fd\u6027\u3068\u57fa\u672c\u7684\u306a\u6761\u4ef6<\/h3>\n\n\n\n<p>\u307e\u305a\u3001\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306b\u518d\u3073\u4e0a\u5834\u3092\u76ee\u6307\u3059\u3053\u3068\u306f\u53ef\u80fd\u306a\u306e\u304b\u3001\u305d\u3057\u3066\u305d\u306e\u305f\u3081\u306b\u306f\u3069\u306e\u3088\u3046\u306a\u6761\u4ef6\u304c\u5fc5\u8981\u3068\u306a\u308b\u306e\u304b\u306b\u3064\u3044\u3066\u3054\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6\u3068\u3057\u3066\u3001\u4e0a\u5834\u5ec3\u6b62\u5f8c\u306b\u518d\u4e0a\u5834\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u3067\u3059\u3002<\/strong> \u3057\u304b\u3057\u3001\u305d\u308c\u306f\u7c21\u5358\u306a\u9053\u306e\u308a\u3067\u306f\u306a\u304f\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u5b9a\u3081\u308b\u53b3\u3057\u3044\u6761\u4ef6\u3092\u30af\u30ea\u30a2\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u518d\u4e0a\u5834\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u307e\u305a\u4e0a\u5834\u5ec3\u6b62\u306b\u81f3\u3063\u305f\u539f\u56e0\uff08\u4f8b\u3048\u3070\u7d4c\u55b6\u4e0d\u632f\u3084\u4e0d\u7965\u4e8b\u306a\u3069\uff09\u304c\u89e3\u6d88\u3055\u308c\u3001\u8ca1\u52d9\u72b6\u6cc1\u304c\u5065\u5168\u5316\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5927\u524d\u63d0\u3068\u306a\u308a\u307e\u3059\u3002 \u52a0\u3048\u3066\u3001\u9069\u5207\u306a\u5185\u90e8\u7ba1\u7406\u4f53\u5236\uff08\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236\uff09\u304c\u69cb\u7bc9\u30fb\u904b\u7528\u3055\u308c\u3066\u304a\u308a\u3001\u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u5341\u5206\u306a\u60c5\u5831\u958b\u793a\u4f53\u5236\u304c\u6574\u5099\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3082\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u518d\u4e0a\u5834\u3092\u76ee\u6307\u3059\u4f01\u696d\u306e\u52d5\u6a5f\u30fb\u76ee\u7684<\/h3>\n\n\n\n<p>\u3067\u306f\u3001\u4e00\u5ea6\u975e\u516c\u958b\u5316\u306e\u9053\u3092\u9078\u3093\u3060\u4f01\u696d\u3084\u3001\u4e0a\u5834\u5ec3\u6b62\u3092\u7d4c\u9a13\u3057\u305f\u4f01\u696d\u304c\u3001\u306a\u305c\u518d\u3073\u4e0a\u5834\u3092\u76ee\u6307\u3059\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u80cc\u666f\u306b\u3042\u308b\u52d5\u6a5f\u3084\u76ee\u7684\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002 <strong>\u4f01\u696d\u304c\u518d\u4e0a\u5834\u3092\u76ee\u6307\u3059\u4e3b\u306a\u52d5\u6a5f\u306b\u306f\u3001\u4e8b\u696d\u6210\u9577\u306e\u305f\u3081\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u518d\u78ba\u4fdd\u3001\u4f01\u696d\u30a4\u30e1\u30fc\u30b8\u3084\u793e\u4f1a\u7684\u4fe1\u7528\u306e\u5411\u4e0a\u3001\u305d\u3057\u3066\u7d4c\u55b6\u306e\u900f\u660e\u6027\u3092\u9ad8\u3081\u308b\u3053\u3068\u306a\u3069\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u307e\u305f\u3001\u518d\u4e0a\u5834\u306f\u7d4c\u55b6\u306e\u5065\u5168\u6027\u3084\u900f\u660e\u6027\u304c\u56de\u5fa9\u3057\u305f\u3053\u3068\u306e\u8a3c\u3068\u306a\u308a\u3001\u9867\u5ba2\u3084\u53d6\u5f15\u5148\u3001\u5f93\u696d\u54e1\u304b\u3089\u306e\u4fe1\u983c\u56de\u5fa9\u306b\u3082\u7e4b\u304c\u308a\u307e\u3059\u3002 \u518d\u4e0a\u5834\u306f\u3001\u4f01\u696d\u304c\u65b0\u305f\u306a\u6210\u9577\u30b9\u30c6\u30fc\u30b8\u306b\u9032\u3080\u305f\u3081\u306e\u6226\u7565\u7684\u306a\u30b9\u30c6\u30c3\u30d7\u3068\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u518d\u4e0a\u5834\u306e\u30cf\u30fc\u30c9\u30eb\u3068\u5be9\u67fb\u306e\u30dd\u30a4\u30f3\u30c8<\/h3>\n\n\n\n<p>\u518d\u4e0a\u5834\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u591a\u304f\u306e\u8ab2\u984c\u3092\u514b\u670d\u3057\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u3088\u308b\u53b3\u683c\u306a\u5be9\u67fb\u3092\u901a\u904e\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p><strong>\u518d\u4e0a\u5834\u306b\u5411\u3051\u305f\u30cf\u30fc\u30c9\u30eb\u306f\u9ad8\u304f\u3001\u65b0\u898f\u4e0a\u5834\uff08IPO\uff09\u3068\u540c\u69d8\u3001\u3042\u308b\u3044\u306f\u305d\u308c\u4ee5\u4e0a\u306b\u53b3\u3057\u3044\u5be9\u67fb\u304c\u884c\u308f\u308c\u308b\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/strong> \u8a3c\u5238\u53d6\u5f15\u6240\u306f\u3001\u6295\u8cc7\u5bb6\u4fdd\u8b77\u3092\u6700\u91cd\u8981\u8996\u3059\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u3042\u3089\u3086\u308b\u5074\u9762\u3092\u7cbe\u67fb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u91cd\u8981\u8996\u3055\u308c\u308b\u306e\u306f\u3001\u4ee5\u4e0b\u306e\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8ca1\u52d9\u8af8\u8868\u306e\u4fe1\u983c\u6027\u3068\u5b89\u5b9a\u6027<\/li>\n\n\n\n<li>\u904e\u53bb\u306b\u4e0a\u5834\u5ec3\u6b62\u306e\u539f\u56e0\u3068\u306a\u3063\u305f\u554f\u984c\uff08\u4e0d\u7965\u4e8b\u3084\u6cd5\u4ee4\u9055\u53cd\u306a\u3069\uff09\u304c\u5b8c\u5168\u306b\u89e3\u6c7a\u3055\u308c\u3001\u518d\u767a\u9632\u6b62\u7b56\u304c\u8b1b\u3058\u3089\u308c\u3066\u3044\u308b\u304b<\/li>\n\n\n\n<li>\u5b9f\u52b9\u6027\u306e\u3042\u308b\u5185\u90e8\u7d71\u5236\u30b7\u30b9\u30c6\u30e0\u304c\u69cb\u7bc9\u30fb\u904b\u7528\u3055\u308c\u3066\u3044\u308b\u304b<\/li>\n\n\n\n<li>\u7d4c\u55b6\u9663\u304c\u4e0a\u5834\u4f01\u696d\u3092\u904b\u55b6\u3059\u308b\u306b\u3075\u3055\u308f\u3057\u3044\u9069\u683c\u6027\u3092\u6709\u3057\u3066\u3044\u308b\u304b<\/li>\n\n\n\n<li>\u6295\u8cc7\u5bb6\u306b\u5bfe\u3057\u3066\u9069\u5207\u306a\u60c5\u5831\u958b\u793a\u3092\u884c\u3046\u4f53\u5236\u304c\u6574\u3063\u3066\u3044\u308b\u304b<\/li>\n<\/ul>\n\n\n\n<p>\u7279\u306b\u3001\u904e\u53bb\u306b\u554f\u984c\u3092\u8d77\u3053\u3057\u305f\u4f01\u696d\u306e\u5834\u5408\u3001\u305d\u306e\u539f\u56e0\u7a76\u660e\u3068\u518d\u767a\u9632\u6b62\u7b56\u306e\u6709\u52b9\u6027\u304c\u53b3\u3057\u304f\u554f\u308f\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0a\u5834\u5ec3\u6b62\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f\uff08Q&amp;A\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-15.jpg\" alt=\"\" class=\"wp-image-854\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-15.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-15-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-15-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306b\u3064\u3044\u3066\u3001\u30e1\u30ea\u30c3\u30c8\u3084\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u95a2\u3057\u3066\u7591\u554f\u3092\u304a\u6301\u3061\u306e\u65b9\u3082\u591a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001\u3088\u304f\u5bc4\u305b\u3089\u308c\u308b\u3054\u8cea\u554f\u3068\u305d\u306e\u56de\u7b54\u3092Q&amp;A\u5f62\u5f0f\u3067\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q1. \u4e0a\u5834\u5ec3\u6b62\u306e\u4e3b\u306a\u30e1\u30ea\u30c3\u30c8\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4e3b\u306a\u30e1\u30ea\u30c3\u30c8\u306f\uff13\u3064\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\uff11\u3064\u76ee\u306f\u3001\u682a\u4e3b\u306e\u610f\u5411\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001\u7d4c\u55b6\u9663\u304c\u8fc5\u901f\u304b\u3064\u67d4\u8edf\u306a\u610f\u601d\u6c7a\u5b9a\u3092\u884c\u3048\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068\u3067\u3059\u3002 \uff12\u3064\u76ee\u306f\u3001\u5e74\u9593\u4e0a\u5834\u6599\u3084\u76e3\u67fb\u8cbb\u7528\u3001IR\u6d3b\u52d5\u8cbb\u306a\u3069\u3001\u4e0a\u5834\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u69d8\u3005\u306a\u30b3\u30b9\u30c8\u3092\u524a\u6e1b\u3067\u304d\u308b\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p>\uff13\u3064\u76ee\u306f\u3001\u682a\u5f0f\u304c\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u8cb7\u3055\u308c\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u671b\u307e\u306a\u3044\u76f8\u624b\u304b\u3089\u306e\u6575\u5bfe\u7684\u306a\u8cb7\u53ce\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3067\u304d\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q2. \u4e0a\u5834\u5ec3\u6b62\u306b\u306f\u3069\u3093\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u30c7\u30e1\u30ea\u30c3\u30c8\u3082\u4e3b\u306b\uff13\u70b9\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u307e\u305a\u3001\u682a\u5f0f\u5e02\u5834\u3092\u901a\u3058\u305f\u516c\u52df\u5897\u8cc7\u306a\u3069\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u624b\u6bb5\u304c\u9280\u884c\u501f\u5165\u306a\u3069\u306b\u9650\u5b9a\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002 \u6b21\u306b\u3001\u300c\u4e0a\u5834\u4f01\u696d\u300d\u3068\u3044\u3046\u30b9\u30c6\u30fc\u30bf\u30b9\u3092\u5931\u3046\u3053\u3068\u3067\u3001\u793e\u4f1a\u7684\u306a\u4fe1\u7528\u3084\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u304c\u4f4e\u4e0b\u3057\u3001\u53d6\u5f15\u3084\u63a1\u7528\u6d3b\u52d5\u306b\u5f71\u97ff\u304c\u51fa\u308b\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6700\u5f8c\u306b\u3001\u682a\u4e3b\u306b\u3068\u3063\u3066\u306f\u5e02\u5834\u3067\u306e\u682a\u5f0f\u58f2\u5374\u304c\u56f0\u96e3\u306b\u306a\u308a\u3001\u63db\u91d1\u6027\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3059\u308b\u70b9\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q3. \u4e0a\u5834\u5ec3\u6b62\u306b\u306a\u308b\u3068\u3001\u6301\u3063\u3066\u3044\u308b\u682a\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4e0a\u5834\u5ec3\u6b62\u304c\u6c7a\u5b9a\u3055\u308c\u308b\u3068\u3001\u901a\u5e381\u30f6\u6708\u7a0b\u5ea6\u306e\u300c\u6574\u7406\u9298\u67c4\u300d\u6307\u5b9a\u671f\u9593\u3092\u7d4c\u3066\u3001\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u591a\u304f\u306e\u5834\u5408\u3001M&amp;A\u3084MBO\u306b\u4f34\u3046\u4e0a\u5834\u5ec3\u6b62\u3067\u306f\u3001TOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u306b\u3088\u308a\u5e02\u5834\u4fa1\u683c\u3088\u308a\u9ad8\u3044\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u3089\u308c\u308b\u6a5f\u4f1a\u304c\u3042\u308a\u307e\u3059\u3002 TOB\u306b\u5fdc\u3058\u306a\u3044\u5834\u5408\u3084TOB\u304c\u306a\u3044\u5834\u5408\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\uff08\u5f37\u5236\u8cb7\u53d6\uff09\u306e\u5bfe\u8c61\u3068\u306a\u308b\u304b\u3001\u975e\u516c\u958b\u682a\u5f0f\u3068\u3057\u3066\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u63db\u91d1\u306f\u975e\u5e38\u306b\u56f0\u96e3\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q4. \u4e0a\u5834\u5ec3\u6b62\u306f\u5f93\u696d\u54e1\u306e\u7d66\u6599\u3084\u5f85\u9047\u306b\u5f71\u97ff\u3057\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. \u4e0a\u5834\u5ec3\u6b62\u81ea\u4f53\u304c\u3001\u76f4\u3061\u306b\u96c7\u7528\u5951\u7d04\u306e\u5909\u66f4\u3084\u7d66\u4e0e\u30fb\u5f85\u9047\u306e\u60aa\u5316\u306b\u7e4b\u304c\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u7d4c\u55b6\u65b9\u91dd\u306e\u5909\u66f4\u306b\u4f34\u3044\u3001\u5c06\u6765\u7684\u306b\u7d66\u4e0e\u4f53\u7cfb\u3084\u798f\u5229\u539a\u751f\u304c\u898b\u76f4\u3055\u308c\u308b\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u3002 \u307e\u305f\u3001\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u4e0a\u5834\u5ec3\u6b62\u306b\u3088\u308a\u6a29\u5229\u884c\u4f7f\u306e\u6761\u4ef6\u304c\u5909\u308f\u3063\u305f\u308a\u3001\u4fa1\u5024\u304c\u5909\u52d5\u3057\u305f\u308a\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u4f1a\u793e\u304b\u3089\u306e\u8aac\u660e\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q5. \u306a\u305c\u7d4c\u55b6\u6226\u7565\u3068\u3057\u3066\u4e0a\u5834\u5ec3\u6b62\u3092\u9078\u3076\u4f01\u696d\u304c\u3042\u308b\u306e\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n<p><strong>A. 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\u307e\u305f\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u904b\u55b6\u3084IR\u6d3b\u52d5\u306b\u304b\u304b\u308b\u8ca0\u62c5\u3001\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\uff08\u7269\u8a00\u3046\u682a\u4e3b\uff09\u3078\u306e\u5bfe\u5fdc\u30b3\u30b9\u30c8\u3092\u8efd\u6e1b\u3059\u308b\u76ee\u7684\u3084\u3001\u6575\u5bfe\u7684\u8cb7\u53ce\u3092\u9632\u3050\u76ee\u7684\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081\uff1a\u4e0a\u5834\u5ec3\u6b62\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u884c\u52d5\u3057\u3088\u3046<\/h2>\n\n\n\n<p>\u4e0a\u5834\u5ec3\u6b62\u306f\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u5411\u4e0a\u3084\u30b3\u30b9\u30c8\u524a\u6e1b\u3068\u3044\u3063\u305f\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u4e00\u65b9\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u5236\u7d04\u3084\u4fe1\u7528\u4f4e\u4e0b\u3001\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u55aa\u5931\u3068\u3044\u3063\u305f\u30c7\u30e1\u30ea\u30c3\u30c8\u3082\u5b58\u5728\u3057\u307e\u3059\u3002 \u4e0a\u5834\u5ec3\u6b62\u3068\u3044\u3046\u4e8b\u8c61\u306b\u76f4\u9762\u3057\u305f\u969b\u306b\u306f\u3001\u305d\u306e\u80cc\u666f\u306b\u3042\u308b\u7406\u7531\uff08\u6226\u7565\u7684\u306a\u9078\u629e\u306a\u306e\u304b\u3001\u3084\u3080\u3092\u5f97\u306a\u3044\u4e8b\u60c5\u306a\u306e\u304b\uff09\u3092\u307e\u305a\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3001\u3054\u81ea\u8eab\u304c\u682a\u4e3b\u306a\u306e\u304b\u3001\u5f93\u696d\u54e1\u306a\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u53d6\u5f15\u5148\u306a\u306e\u304b\u3068\u3044\u3046\u7acb\u5834\u306b\u5fdc\u3058\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u304c\u8003\u3048\u3089\u308c\u308b\u306e\u304b\u3001\u3069\u306e\u3088\u3046\u306a\u5bfe\u5fdc\u3092\u3068\u308b\u3079\u304d\u306a\u306e\u304b\u3092\u51b7\u9759\u306b\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002 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