Acquisition Of Listed Companies And Their Legal Regulation

In our country, with the development of socialist market economy, Take-over of listed company has become a hot spot. How to put take-over into a positive rail for improving availability of utilizing of resourses is an important issue in legal realm. This thesis makes a comparative and pragmatic study on the theories and practices of current take-over, the dissertation probed into the basic theories,, manners and prospect of take-over.The author puts forward some options, protecting minority shareholder is the goal of valuation of take-over's legislation, that is relied o the present situation of legal surroundings, we must go by it when we regulate privately negotiation transaction and tender offer. When referred to the manners of take-over, both have it's differently important aspect. The main matter of the former is that transaction of holding power will influence others' benefit, so we must normalize two parties' deed of transaction and improve independent board member system. For regulating tender offer, we must keep open and equal treatment among shareholders, then we can improve system of part and compulsive tender offer. Tender offer have priority and necessity, it must become the future choice of take-over. Former factor calls for establishing reasonable anti-takeover, so we can establish integrated legal system of take-over of listed company.