Tender Offer For The Legal System

Tender offer of listed company is a transaction which the offer or makes public offers to all the relevant security holders of the target company to buy their voting securities with fixed price within a limited period, in order to control the company.This thesis intends to deal with some of these basic legal problems and the perfection of some related laws in our country in four chapters. chapter I , The general theory of corporate takeover, which tells of the conceptions, characteristics, categories, legal characters, fundamental principles and the comparison with other related conceptions, etc. Chapter II, The reason and value of public takeover. To frame a set of rules, it must be clarified whether tender offer is valuable or not in the first place. Even though these activities are considered by some economists as will waste more social resources and lead to inefficiency, they can offer a kind of outside supervision over managers with the target company, which can enable the capital in stock to enter the market for increment, better the deposition of resources, and improve the reconstruction of the elements in market. So it is quite useful in China especially during the economic reform. ChapterIII, This parts studies the tender offer regulations in foreign countries, and through comparison, analyzes the advantages and the disadvantages of their specific regulations. Chapter IV this part analyzes the historical development of our tender offer law and the status quo of our country that the activities of tender offer are backward and some problems remain unsolved and puts up some suggestions.