Chinese Listed Companies Offer In The Context Of Tradable Acquisition

As one of the important and standardized M&A methods, tender offer is extensively adopted in the developed countries. Since it has practiced the principle of"Justice, Equity, Open", Tender Offer is regarded as one of the most important acquisition modes. Nangang Acquisition Case, happening in 2003, was the first case in which the Tender Offer method was utilized in China. From April, 2003 till now, every case involved with tender offer has been taken great attention by all circles in China.While from the cases of Tender Offer, we can see the obvious differences between China and developed countries, which rooted in the division of equity. But 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 both in China and western countries, combined with the reform from 2005 in capital market, the paper will summarizes the transformations of the Tender Offer by the way of demonstration and criterion analysis, comparing analysis, and the quantitative analysis.The following issues are discussed in this paper: How to define the concept of Tender Offer in China? What kind of theories can be used for reference from the western countries? What kind of the representative cases have happened in China? And what kind of characters of these cases have? Furthermore, the particular development of capital market, and the corresponding changes of listed companies'behavior of Tender Offer will be investigated. The improvement of relative rules will also be concerned.The basic perspective and frame of the dissertation are as follows:In the first chapter, the Acquisition of the listed company will be...