Information Disclosure System of Tender Offer is vital parts of the of the Tender Offer legislation. It guarantee Tender Offer unfurl, just and fair as well."Disclosure System"is considered as the important part of the whole Securities Regulation System. This thesis reveals through comparative studies the securities legislations in U.S.A, Canada and H.K. In the thesis comprehensively studies and demonstrates the main contents of the duty of disclosure imposed on takeover purchaser, director, shareholder, corporation controller and actor in concert. Then carries out surrounding the principles of the information disclosure and the civil liability of false statement. This thesis especially and significantly issues concerning the main contents of the duty of disclosure and the civil liability of false statement. From the viewpoint of Information Disclosure of Takeover in China by comparative studies the U.S.A court issues and the report of SEC, we can find out that we learn more from the securities legislations in U.S.A. such as"actor in concert"and the civil liability system of false statement. Also we can observe there are many aspects shall be improved. So at the end of the thesis, further attempts to bring forward solutions to the related problems. By this effort, to help reconstructing the Information Disclosure System.
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