過去我國關於公司間經營權之爭奪,併購者多係直接於集中市場上購入目標公司之股份,或利用徵求委託書之方式進行,而自證券交易法於1995年增訂公開收購等相關法律規範以及陸續修訂委託書徵求等規則後,以公開收購方式進行非合意併購之案例乃逐漸增加,例如2001年中華開發工業銀行公開收購大華證券股份有限公司股份;2003年3月致達資訊科技股份有限公司公開收購台灣慧智股份有限公司,以及2005年中華開發金融控股一有限公司與金鼎證券股份有限公司之經營權爭奪,可見未來我國非合意併購恐將成一趨勢,因此實有重新檢視我國現行有關非合意併購相關法規之必要。 有鑑於此,本文先就併購與非合意併購之意義、類型及實務上較常使用之非合意併購攻擊策略等基本概念為介紹,再說明非合意併購與反併購措施當否之論爭,並以非合意併購較為活躍之美國為例,就美國對於非合意併購採取防禦措施之類型及各該類型於我國現行法下適用之可能性為分析,之後進一步論述非合意併購下當事人間之利益衝突與各該行為之行為動機,用以作為法規範設計之依據,再就英、美、歐盟等國相關法制經驗,說明該國對於防禦措施採取之立場,最後再就我國公司之股權結構、法規環境及緩和併購當事人間利益衝突之角度,分析我國非合意併購政策所應採取之立場,並提出相關建議,以作為我國建立非合意併購相關法規範之參考。
In order to fight for the possession of management between companies for the past few years in our country, the most of merger and acquisition purchase the stock of the target company in call market, or proxy contest. After Negotiable securities exchange law added some more law about the tender offer, and amended the "proxy rule" on the proxy solicitation in 1995, the cases of processing hostile takeover by way of tender offer are gradually increased. The hostile takeover would be a trend in near future. It is necessary to survey the existing rules about the hostile tender offer whether achieve the regulations objective or not. This text illustrates the meaning, type and attack strategy of merger and acquisition and hostile takeover. Then it makes clarify whether hostile takeover and defensive tactics are appropriate with examples of America which hostile takeover is more active. Moreover, according to the legal system experiences about England, America and European Union, it also makes a description of our country’s standpoint about defensive tactics. And in a point of view of ownership structure, regulations environment and moderation of conflict of interests between merger and acquisition parties, it analyzes our country’s attitude about the policy of hostile takeover.Body of abstract starts here.