Study On Legal Issues Of Listed Companys’ Hostile Takeover

Vanke’s stake battle which has caused widespread debate in the community makes hostile acquisitions become a hot topic.Baoneng Group became Vanke’s largest shareholder by means of its continuous raising.Vanke’s management express their discourage to Baoneng Group for the reason that its credit is not enough.At the same time,Baoneng Group claimed that they comply with the law and believed the force of market.One is the market rules and the other is Vanke’s value stick.A wide dispute raised by a legal share acquisition makes us think over the problem behind the legal system.The rapid development of hostile takeover puts forward higher demand on the current legal system,meanwhile the current relevant legislation has many deficiencies.Based on these deficiencies,the author takes "legal issues on hostile acquisitions" as the topic to do deep research.This paper is divided into four parts:The first chapter is the definition of the hostile takeover of listed companies and its legal attribute.In this chapter the paper firstly defines the concept of hostile takeover.Secondly,it discusses the conditions and characteristics of hostile takeover.Finally,through the analysis of the value and defects of hostile takeover,the paper summarizes the legal nature of hostile takeover.The second chapter is the challenge of hostile takeover to our current legal system.In this chapter,the author firstly discusses the development and evolution of hostile takeover,and then puts forward the dilemma of hostile takeover in China.Finally,the author summarizes the problems of China’s current legal system raised by the development of hostile takeover.The third chapter is about the evolution of abroad hostile takeover and its legal regulation.Firstly,the author studies the development and evolution of abroad hostile takeover.Secondly,he puts forward the plight of the abroad hostile takeover and its legal countermeasures.Finally,through the comparison between abroad and China’s legal regulation of hostile takeover,the author draws the conclusion that the legal regulation of hostile takeover in foreign countries will be helpful to the legislation of our country.The fourth chapter is about the improvement of legal system of hostile takeover in China.In this chapter,the author firstly discusses the legislative attitude of hostile takeover in China.Secondly,the author summarizes the principles of hostile takeover legislation.In the end,the author puts forward some personal suggestions on the legislation of hostile takeover in China.