Legal Issues Concerning Criteria Of Persons Acting In Concert In The Course Of Listed Acquisition

Persons acting in concert in the course of acquisition of the Listed companies comprise persons who,on the basis of an agreement or otherwise,co-operate to enlarge voting rights of a company.Because of the difficulty of the criteria,some countries stipulate the presumed persons acting in concert. Persons will be presumed to be persons acting in concert with other persons in the same category unless the contrary is established.But what are the criteria of persons acting in concert on earth? How to criteria Persons acting in concert who pursuant to agreement? What are the form and the time of reaching an agreement? Which situations do the presumed persons acting in concert have? How to perfect the procedures of the persons acting in concert? These problems must be solved rapidly.Most articles written by Scholars before the＜administration of the takeover of listed companies procedures＞(the following will be called procedures for short) which promulgated by 2006.Little of the articles which based on the＜procedures＞glorified it rather than criticize it.The forms of takeover the listed companies are developing and changing continuously.Especially in china,the takeover market isn't perfect very well,different time turn on different problems.Research the theory should on the basis of practice.In view of above reasons,this thesis is divided into four chapters as follows:Chapter one overviews the persons acting in concert.At the beginning of researching the core problem,we should know background problem which including the reasons of acting in concert and the reasonable of regulating persons acting in concert.At the last unit,writer according to the burden of proof divide the persons acting in the concert into two types,presumed and agreeable persons.Chapter two was researching the agreeable persons acting in concert.I start from the purpose of the agreement,analysis the time and the form of reaching an agreement.I divide the agreement into formal and informal,analysis the circumstances evidences of American applied in the informal agreement detail.Chapter three researched presumed person acting in concert. I start from the associated persons which is the main status in the presumed persons,separately analysis the associated company and associated persons,comparing with the laws of the other countries.In the practice,more and more fund and the holding shareholders of fund management organization hole the shares of the same listed company;I think they are presumed persons acting in concert.Chapter four researches how to perfect the criteria of the persons acting in concert.The author analysis the topic from two aspects,which are listed companies and governmental supervision.At last,my recommendation is to make legislations.In the thesis with some ten thousand words,from the aspect of takeover body,I try to research the persons acting in concert deeply.The author analysis laws up to seven countries and more than twenty cases,in order to summarize the current status as far as possible.I don't stick to scholars' research,giving a lot of unique opinions.Such as one of the purposes of the acting in concert is avoid share limit of foreign investment.Perfect the criteria of the persons acting in concert are favorable to disclosure actual controller and governance listed company.Because of my limit knowledge,inevitably,some analysis are not proper,please your more criticize.