強制公開收購制度之研究

The Study of the Mandatory Tender Offer Rule

紀佳良(Chia-Liang Chi)

《研究與動態》 16期 (2007/07) Pp. 111-132

摘要

強制公開收購制度係由英國實務運作上發展而來，其目的在於企業進行併購而符合一定要件之際，強制其利用公開收購制度，以加強對於被併購公司少數股東之保護；蓋企業併購之際為促進經營權之移轉，常利用給予被收購公司控制股東較高溢價之方式來達成，而少數股東對於經營權之移轉事實上並無法選擇與抗拒，且由於經營者之更替往往影響股價，但少數股東往往欠缺足夠之資訊來判斷是否出脫其持股，甚至在某些情況下，少數股東所持有之股份往往欠缺流動性，因而連收回最基本投資之機會也沒有，故此時若能賦予收購公司在符合一定要件下（通常為持股達到一定比例以上），有提出收購被收購公司所發行特定種類有價證券要約之義務，實為保障少數股東權益最有效之方式。

關鍵字

強制公開收購 ； 公開收購 ； 強制收購 ； 公司併購

並列摘要

The mandatory tender offer rule (mandatory takeover bid rule) is originated from the business mergers and acquisitions experiences in England, and this rule is enacted to ensure fair and equal treatment of all shareholders in relation to mergers and acquisitions. When a merger or acquisition by a company is proceeding, the company of acquisition may give premium to the dominant shareholders of the acquired company to get control of the acquired company more easily. So the dominant shareholders of the acquired company always take additional benefits from the company of acquisition. On the contrary, the minority shareholders of the acquired company don't have enough information to judge whether sell their shares or not. And they usually don't get any premium as the dominant shareholders do. In some cases, they even don't have any opportunity to sell their shares. So the rights of the minority shareholders of the acquired company may be damaged. To reconcile the conflicts of interest, this rule requires the company of acquisition to submit a mandatory tender offer at an equitable price for all remaining securities after a shift in majority control. By this way, the rights of the minority shareholders will be well protected.

並列關鍵字

mandatory tender offer ； takeover bid ； squeeze-out ； mergers and acquisitions