| A Tender Offer is a way of the listed company acquisitions. It is the acquiring firm offers publicly to all the stockholders of the acquired firm to buy part or all shares at a certain price in order to obtain the right to control. The Tender Offer has been extensively used in foreign countries where the capital market is perfect for a long time. In our country, for the limit of undeveloped capital market, Tender Offer of China is in initial stages. However with the progressive perfect of the laws and the reform of non-tradable shares has carried on from May, 2005, the division between tradable and non-tradable shares will eliminate, which will result in the foundation of the market-driven system. The behavior of listed companies' Tender Offer, therefore, will experience the profound transform. Based on the related theories and the cases happening in China the paper will summarizes the transformations of the Tender Offer by the way of demonstration analysis., criterion analysis, and comparing analysis.This paper focus on Tender Offer from five parts: The first part introduces the development of Tender Offer at home and abroad, then put forward the meaning of Tender Offer at the present stage. The second part introduces agreement for purchase and Tender Offer, basing the basic theory of purchase of listed company, then analyses the feature and distinguish between them. These are grounded academically for researching of tender offer. The third part analysis the situation and development of domestic Tender Offer in perspective through domestic cases, sum up the feature of Tender Offer and new changes at the present stage. The fourth part simply introduces reform of non-tradable shares and feature of new《Measures On The Takeover Of Listed Companies》, predicts the future development trend of Tender Offer and analysis methods of payment and purchase object's feature. The last part gives my opinion on problems existing in Tender Offer policy and presents some advices of how to perfect it. |
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