Legal Analysis Of The Anti-takeover Measures Of Listed Corporation

With the development of security market, acquisition vehicles of the listed companies, as an important economic activity, frequently arise in security market; and anti-takeover measures are also used by target companies as another important economic activity. Acquisition vehicles or anti-takeover measures have great influence on benefits of creditor, company and shareholder. However, compared with acquisition vehicles, it lacks systematic and scientific prescription on the anti-takeover measures in China Legal System, which give rise to all kinds of problems in practice. So if ignore the lacks, it is not efficient to protect the benefits of market participator and also not efficient to protect the development of security markets.This article will analyze the legitimacy of anti-takeover measures, have deep introspection on the problems and come up with some advice to improve anti-takeover measures, which take anti-takeover measures of Shanghai Xinmei Real Estate Co., Ltd as example combining with some correlation theories of anti-takeover measures. This article includes four parts;Firstly, it gives brief introduction on the details about anti-takeover measures of Shanghai Xinmei. Secondly, it analyzes the anti-takeover measures and crucial disputes appearing in this case. Thirdly, it puts anti-takeover measures on key point to analyze the possible legal risks combining with legal specific provisions and legislative principles, and then indicates those possible problems. Last but not least, it states the problems in this case and puts forward some proposals to improve law system of anti-takeover measures combining with the actual situation of anti-takeover law.