This article analyzes the usual anti - takeover measures , and discusses the possibilities that they can be allowed under china law 文章分析了常见的反收购措施,并对这些反收购措施在我国现行法律下得以应用的可能性进行论证。
Anti - takeover measures are counter measures , so they can ’ t be listed wholly . therefore the legislation ’ s mission should be to design the system to control the abuse of anti - takeover . the typical anti - takeover legislation systems are reviewed 反收购措施是对策性的,各国法律都不能穷尽的列举,立法的使命应是设计制度对目标公司反收购权力的滥用加以规制。
At the same time , the negative of the anti - takeover such as the target corporation ’ s managers abusing anti - takeover measures to defend their benefit may injure the interests of the corporation including the shareholders . therefore , regulating the anti - takeover is an important content in many countries on corporation ’ s takeover legislation 但另一方面也存在着目标管理层为保住其职位而滥用之的危险,这会损害到包括公司股东在内的整个公司的利益,因此,对目标公司反收购的规制是各国公司收购立法的重要内容。
The further development of the equity division reform in china entails the entire circulation of the stocks of more and more listed companies , and that leads the takeover and anti - takeover to a new and active phase . a mounting body of evidence indicates that the anti - takeover measures taken usually impinge on the rights and benefits of the shareholders and the company . to that problem , the enhancement of the legal regulation is the key 目前随着我国股权分置改革向纵深推进,越来越多的上市公司将处于股份全流通的状态,股份全流通后,针对上市公司的收购活动也将进入到全新的阶段,目标公司采取的反收购行为也必然会随之活跃,大量实践表明形形色色反收购措施在为收购方制造障碍的同时,侵犯股东权益和违背公司利益的情况时有发生,而加强对反收购法律规制则是解决上述问题的关键。
One hand , offerors often abuse their preponderances to discriminate , coerce and elbow out minor shareholders , although they provide the opportunity of transferring shares at a high price for minor shareholders ; on the other hand , even this opportunity may be probably plundered by virtue of anti - takeover measures implemented by target corporation . minor shareholders " interests take a lot risks and is endangered by uncertainties during the tender offer and anti - takeover 而少数股东始终处于弱势地位,一方面尽管收购者为目标公司的股东提供了高价出售股票的机会,但在交易中他会经常利用某种优势歧视、逼迫、排挤少数股东;另一方面目标公司所采取的反收购措施也极有可能使中小股东坐失出售股票获得高溢价的良机。