A Case Study On The Dispute Between Vanke And Baoneng

In recent years,with the development of our economy,our enterprises have become more and more active in the international and domestic market,in such a market economy,the number of mergers and acquisitions in our country is increasing year by year,in the first half of 2015,China announced 1,082 transactions in the m&a market,the deal involved $242.4 billion in deals,it reached the highest level of the m&a market in China.Through merger and acquisition,enterprises can achieve the goal of rapidly expanding the scale of operation,improving the competitiveness of the market,and optimizing the allocation of the company's resources,But as mergers and acquisitions have diversified,hostile takeovers have begun to happen frequently,the acquirer is able to quickly and successfully acquire the target company,break out of the rules.Therefore,it is of great 'significance to study and standardize the m&a in our country and to select a classic case in an industry.This paper focuses on the competition of the company's equity,use case law,and research on the issue of the non-listed company's purchase of the state-owned holding company.The main research is the real case,consult relevant theoretic analysis acquisition,combined with the relevant laws and regulations such as "corporation law"and "securities law" in our country,Three problems are analyzed in terms of acquisition and acquisition strategy,acquisition behavior and financing organization,We hope to provide some reference for similar m&a projects.The main content of this article is to analyze the purchase of Vanke by Baoneng,First,this article introduces the acquisition background,research significance,research content,literature review,and innovation and deficiency.And we will introduce the background of the company involved,and describe the whole acquisition process in detail.Then,Baoneng's strategy,results and problems about the acquisition of Vanke can be analyzed,the acquisition strategy is analyzed mainly from the selection of the target company,and the way of acquisition and the way the fund is organized,But acquisition problem is analyzed mainly from the financial legitimacy and the consensus action man.In addition,analyzed Vanke's strategy,results and problems,The strategy is mainly to look for the help of China resources group,the search for the white knight,suspension delay and legal proceedings,the problems arising from the acquisition are mainly from both insiders and Vanke's board of directors.And then the above analysis comes up with the case revelation,it comes from three aspects:corporate governance,regulatory and target companies themselves.Finally,draw the conclusion,this paper mainly focuses on the case of treasure,and summarizes the motives of Baoneng's acquisition and the motives of Vanke's countertakeover,it also emphasizes the importance of not over-dispersing the shareholding structure of listed companies in our country from the perspective of corporate governance.