Study On The Legal Problem About The Tender Offer Of The Public Corporation

Tender offer through the public market offer means the legal act intending to get the control of a public corporation by the means of acquisition of its shares. Tender offer is an economic behavior related to the securities of market order, among which involves the complex and important legal issues. How to protect the interests of the shareholders of the target company during tender offer is always the primal aim of all countries' law. This thesis intends to discuss the basic legal problems about tender offer from the perspective of protecting the interests of the shareholders of the target company, and put forward some feasible suggestion in respect of improving the tender offer system of our country.Chapter â…  It discusses the legislative value orientation and basic concepts of the tender offer system, and suggests the principle of protecting the interests of the small and medium-sized shareholders as our legislative value orientations.Chapter â…¡ After discussing in detail the taking effect and commitment of offer, the thesis suggests it should clearly define the deadline of announcement on offer, and regulate the change restrictions on offer, and the commitment period, and the duration of the commitment to withdraw.Chapter â…¢ It discusses in detail the body, content and timing of information disclosure during tender offer, and suggests increasing the identified standards and scope of concerted action body. In the end, thesis suggests to regulate more strictly limit about the disclosure of information content and the timing of the announcement of tender offer about 30% voluntary tender offer than the compulsory acquisition.Chapter â…£ After expounding the legislative reasons, institutive values, legislative model and basic rules of compelling offer acquisition, it make reflections about Chinese compelling offer acquisition and give some measures perfecting about Chinese compelling offer acquisition.Chapter â…¤ After expounding the theory of anti-takeover, it discusses the decision right of anti-takeover and the legislative regulation of the anti-takeover measures, assesses Chinese relevant legislation and makes the suggestions of improving the law system.