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 论文编号：
lw200701122208173060 |
| 论文属性：
Courswork |
| 论文语言：English |
| 论文国家：Australia |
| 登出日期： 2007-01-12 |
| 字数： 1800 |
| 源程序：
无 |
| 价格：
免费论文 |
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| 论文大纲，目录 |
| 关键词搜索：Takeover Law Reforms Australia China |
atements are merged into a bidder's statement and a target's statement replaces Part B and Part D statements.
It is worth noting that the most striking and radical of the CLERP's proposals for takeover law reform was to introduce a mandatory bid rule. Acquisitions that would exceed the statutory threshold 20% would be allowed as long as that the acquisition was immediately followed by the announcement of a full takeover bid. The bid would be unconditional and for cash of an amount at least equivalent to the highest price paid by the bidder in the last four months.
The CLERP believed that there were potentially significant benefits associated with introducing a mandatory bid.(4) It would promote certainty in the takeover process, cut down the bid costs for removal of an auction and smooth the bid process for minimisation of directors' defensive behaviour. It was expected that more bids would take place as a result of greater certainty of outcome, providing greater incentives for efficient management under the increased prospect of a takeover.
However, it was inconsistent with the first three Eggleston Principles, and the removal of an auction would result in some reduction of market transparency. It would also harm the target shareholders because they would be forced to accept the same price that was offered in private negotiation. At last, the mandatory bid proposal was deleted from the CLERP Bill when it was opposed in the Senate.
The reforms are potentially 英语论文网 【http://www.51lunwen.org】very important to the shape of takeover law and company law generally. As takeover is much easier and more efficient than before, the reforms also will promote efficient management and confident market, which will ultimately lead to greater wealth creation and better competitive capacity in globe market.
Securities Law: takeover law reform and its impacts in China
As a securities law-bridge.net/english/ target=_blank>lawyer identified by China Securities Regulatory Commission (CSRC) and Ministry of Justice, I am more interested in what has happened in China and what should China adopt the Australian experience for her own securities markets related to takeovers.
After the socialization in later 1950s, shares were disappeared in Mainland China.(5) But under the "open-door" policy, shares were re-emerged in China in 1983.(6) Before Shanghai Stock Exchange was established in December 1990, securities were traded on counter in major cities under government supervision.(7) After the foundation of Shanghai Stock Exchange and Shenzhen Stock Exchange,(8) securities trading on counter was no longer legal and all securities should be traded in stock exchanges. There was no nationwide securities regulation until Interim Provisions on the Management of the Issuing and Trading of Stocks (Interim Provisions) was issued by the State Council on 22 April 1993. Chapter 4 of the Interim Provisions focused on listed company takeovers. In the same year, the Company Law was finally pro
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