Font Size: a A A

The Study On The Exemption Of Mandatory Bid Rules In China

Posted on:2018-01-24Degree:MasterType:Thesis
Country:ChinaCandidate:F J GaoFull Text:PDF
GTID:2416330596990951Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
Mandatory bid rules means where a natural or legal person,as a result of his/her own acquisition,holds securities of a listed company,added to any existing holdings of those securities of his/hers and the holdings of directly or indirectly give him/her a specified percentage of voting rights in that company,giving him/her control of that company,such a person is required to make a bid to all of the shareholders of this company as a means of protecting the minority shareholders of that company,by ways of ensuring the minority shareholders to share the control premiums or giving them opportunity to leave the company at a reasonable price.However,in the practice of the acquisition of listed companies in China,more than 95% of the cases triggered by the mandatory bid are exempted from the Commission,the application of the rules has met some discussions and arguments.This paper focuses on the discussion of the rationality of the exemption of rules,and how to seek the balance between fairness and efficiency and better perform the mandatory bid rules.In addition to the introduction and conclusion,there are another four chapters in the paper.The first chapter discusses the effectiveness of rules and the reasons for the exemption,elaborating the reasons from the supporters and offenders and the reasons why China should continue applying the mandatory bid rules.The second chapter analyzes the reasonableness of the exemption from three aspects: objective,subjective and purpose.The third chapter further explores the questions in the exemption of the rules.The fourth chapter discusses how to perfect the mandatory bid rules and the exemption,including the internal conditions and external factors.
Keywords/Search Tags:mandatory bid rules, exemption of the rules, trigger point, protection of minority shareholders
PDF Full Text Request
Related items