Mandatory Takeover Bid System Of Listed Corporations

Broadly speaking, a"takeover"takes place when one corporation acquires the actual control of another corporation, which is limited to listed corporation in this dissertation."Takeover"is the product of the development of market economy. Since the late 20's century, there has been one wave of takeovers after another all over the world. But the takeover of Chinese listed corporation is just underway.There can be three operating modes of takeovers, and the"takeover bid"(or"tender offer") one maybe the most normative. However, the operation of the takeover bid (or tender offer) can be very different depending on whether you introduce the"mandatory takeover bid"(or"mandatory offer") system or not.Substantively,"mandatory takeover bids"(or"mandatory offers") are the takeover bids (or tender offers) made by acquirers involuntarily when certain conditions are satisfied, because of the requirements of mandatory rules. China has been adopting the system in its securities laws so far. However, the system had been developing always with drastic disputes and criticism in the range of the world. In the dissertation, I try to analyze the legislations on the system in the world, the purposes and values of the system itself, and the situation of its establishing, developing and actually operating in China. Then I'd like to give my advice on whether or not to adopt the system any more in the future in China.Besides the preface and the conclusion, this dissertation could be divided into six parts.Part 1 is the summary of the system of"mandatory takeover bids"(or...