購併活動與資訊揭露—以公開收購為例

Merger & Acquisition and the Information Disclosure Regime --For Instance, the Regulation governing the Tender Offer

張萱芬(Husan-Fen Chang)

指導教授 ： 何中達 ； 周冠男

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2007年)

摘要

公開收購訊息適合對外發布之時機，以及成為影響股價重大消息之『重大性』成立時點，我國近期立法趨勢及學說見解參酌美國法制，綜觀購併案件整體情況以「發生機率大」與「影響程度高」一者成立即屬之，較過往以董事會決議日為基準更具運用彈性，值得贊同。參酌英國、美國及歐盟等公開收購公開制度，為保障投資人獲得充分投資決策資訊，就現行公開收購管理辦法之建議如下：1.強化目標公司積極說明義務且應事先洽詢獨立專家意見；縱使維持中立，亦應分析實行收購重要利弊；2.增列獨立專家資訊揭露義務，以確保客觀獨立性；3.對收購者及目標公司等參與購併重要人員、關係企業、所屬企業等資訊揭露管理，尤其過去一定期間之重大交易、協議，增列為公告申報之內容；4.歐盟公開收購指令，揭示收購者與目標公司重視購併過程中對勞動條件影響須妥為解說因應，立法趨勢頗值參酌。

關鍵字

重大消息 ； 公開收購 ； 資訊揭露

並列摘要

When is appropriate time to announce information of the tender offer in the public? How to decide whether the information would meet the materiality requirement and have impact on the price of the securities? Recently, the legislation and the theory in Taiwan have trended to adopt the U.S. Supreme Court decree. That is, in view of the whole development of the M&A, we may take both of the factors “probability” and “magnitude approach” in the case into consideration. Accordingly, the nature of the fact, either “low probability with high magnitude” or “high probability with low magnitude”, could be regarded as the material fact and be suitable to announce it. In this paper support the materiality standard because it could flexibly apply to the various situations in the proceeding of the M&.A
To improve the sufficient informations for investors to reach proper decision, reviewing the main regulations of the tender offer in England, the U.S. and EU, it would make some comments on the applicable regulations as follows:
(1) Require the target disclose the further and the detail responses to the tender offer as well as consult the independent advisor prior to post the opinions to the public. Even if it hold neutral in the offer, it should analyze the essential advantages and disadvantages regarding the transaction.
(2) Apply the disclosure regulation to independent advisors to assure them to be independence in the offer.
(3) Disclose the past contracts, agreements and negotiations made between the offer and the target, including any of their affiliates, subsidiary, and the key members of the task forces.
(4) Refer to EU Takeover Bid require the proposal and responses concerning the effect of the condition of the employment, it could be commendable experience for our future legislation.

並列關鍵字

information disclosure. material fact ； takeover bid ； tender offer

參考文獻

陳紫雲，「日益擴大之美國股票選擇權醜聞」，會計研究月刊249期，2006年8月

Oliver Wagner,「EU Takeover Directive –Success after 30 years of discussion?」, Deutsche Bank Research No.2,July 2 2004

Financial Services and Markets,「The Financial Services and Markets Act 2000」, Financial Services and Markets

Financial Services and Markets,「The Financial Services and Markets Act 2000(Market Abuse), Regulation 2005」, Financial Services and Markets, Statutory Instrument 2005 No. 381

Loss & Seligman, Securities Regulation, Aspen Law & Business, 4d ed.2001