Taking The Equity Fight Between Vanke And Bao Neng Company For Example To Analyze The Corporate Takeover And Anti-takeover

After reform of non-tradable shares in 2006,our country existing enterprise equity dispersion phenomenon more obvious,diffuse ownership to make shareholders share the benefit for the development of the company,but too dispersed ownership structure makes the acquirer.Hostile m&a events emerge in endlessly,Vanke company which is a typical victim.We view a full merger as a stakeholder game,with the main actors involved in the acquisition and target companies.In this paper,the author analyzes the strategies of the two parties in the acquisition.The acquisition strategy is based on the acquirer's point of view,including the acquisition strategy of the target company's valuation and acquisition process.Based on the target company's analysis of its anti-acquisition strategy,including the feasibility and implementation of the countermeasures.Both sides in the merger and acquisition on the basis of relevant law and the securities market trading rules,according to their own strategic objective to choose the appropriate strategy,to maximize their own interests.This article through to Vanke stock valuations that treasure can buy Vanke profitable,through to the treasure to the cost of financing,revenue,risk estimate,prove that long-term holding Vanke shares than short-term profit more,provide a reference for other companies want to mergers and acquisitions.By analysing Vanke's counterbid measures and analyzing its effectiveness,it has implications for other companies that are caught in a hostile takeover.