International Comparison Of Listed Companies In The Tender Offer

Tender offer as one of the main M&A method is adopted by the enterprises in developed countries extensively. And it is also concerned by all circles in China. However limited by several factors, tender-offer has not been popular in China and the researches in this field carried out by China's scholars were still focusing on the theory perspective. After the first tender offer case, NanGang Acquisition Case, happened in China in 2003, the research work on tender offer was stepping onto a further stage of case analysis from just theory study. Although there are some problems in this case and the following ones, they are still valuable examples for making research on listed companies' acquisition activities. After analyzing plenty of practical cases happened in both China and other countries and based on literature about the laws of tender offer, this paper is hoping to find out the drawbacks in China's acquisition laws and activities, thus to give some advices on the present limitations. This paper is made up of three sections, totally four chapters. The first section that is the first chapter, introduces the coming of tender offer and states that the concept of acquisition of listed company in this paper refers to the narrow definition of tender offer. The second section, as the body of the paper, consisting of the second and the third chapter, compares the differences in acquisition laws and activities between China and other countries and points out the limitation of the former. The third section is comprised of the forth chapter which brings up suggestions from three aspects, namely the acquisition body, the improvement of the laws and the operation techniques, in view of our specific national situations.