Tender Offer And The Anti-takeover Minority Shareholders Interests Of The Protection

Tender offer and anti-takeover, in itself, is a furious battle for the control of Target Corporation between offerors and the managers and operators of Target Corporation, which inevitably brings on reconfiguration of the internal power structure of Target Corporation, as well as conflicts between all interested parties and recollocation of their interests. Legally, tender offer is the transaction of stock shares between offerors and the shareholders of Target Corporation, but which enshrouds the fact that major shareholders manipulate the deal. However, minor shareholders always find themselves in an unequal and disadvantageous position. One hand, offerors often abuse their preponderances to discriminate, coerce and elbow out minor shareholders, although they provide the opportunity of transferring shares at a high price for minor shareholders; On the other hand, even this opportunity may be probably plundered by virtue of anti-takeover measures implemented by Target Corporation. Minor shareholders' interests take a lot risks and is endangered by uncertainties during the tender offer and anti-takeover. Therefore, we should perfect the relative laws and regulations on tender offer, strengthen the protection to minor shareholders and equipoise the rights and obligations of all interested parties in tender offer and anti-takeover, so that the principles of "equity, fairness and openness" and "honesty and credit" are kept to effectively and economic and social benefits are aggrandized.