AFM知識(shí)點(diǎn)匯總—Mandatory-bid condition 強(qiáng)制收購(gòu)條件、Sell off 變賣

Each of the three conditions aims to ensure that shareholders are treated fairly and equitably. 宗旨是保證所有股東都被公平公正對(duì)待。

1. Sell out rights 售出權(quán)力（強(qiáng)買權(quán)利）：The mandatory-bid condition through sell out rights allows remaining shareholders to exit the company at a fair price once the bidder has accumulated a certain number of shares. The amount of shares accumulated before the rule applies varies between countries. The bidder must offer the shares at the highest share price, as a minimum, which had been paid by the bidder previously. The main purpose for this condition is to ensure that the acquirer does not exploit their position of power at the expense of minority shareholders. 當(dāng)收購(gòu)方的股份達(dá)到一定比率后（比如 90%）， 則剩余的股東 有權(quán)行使售出權(quán)力，以一個(gè)合理的價(jià)格賣給收購(gòu)方，退出公司。這個(gè)比率在 各個(gè)國(guó)家有不同規(guī)定，收購(gòu)方必須是以過去 N 個(gè)月的至高報(bào)價(jià)來收購(gòu)剩余股份。這個(gè)一條街的主要目的是確保收購(gòu)方不利用他們的權(quán)利地位而犧牲了小 股東的利益。

2. Principle of equal treatment 平等待遇原理：The principle of equal treatment condition stipulates that all shareholder groups must be offered the same terms, and that no share holder group’s terms are more or less favourable than another group’s terms, The main purpose of this condition is to ensure that minority shareholders are offered the same level of benefits, as the previous shareholders form whom the controlling stake in the target company was obtained. 平等待遇 原則規(guī)定了所有股東都享有同樣的條款，誰(shuí)都不能優(yōu)于誰(shuí)（區(qū)別對(duì)待）。主要 目的是確保少數(shù)股東被賦予了跟前控股股東同樣的收益。

3. Squeeze-out rights 擠出權(quán)利（強(qiáng)賣權(quán)利）：The squeeze-out rights condition allows the bidder to force minority shareholders to sell their stake, at a fair price, once the bidder has acquired a specific percentage of the target company’s equity. The percentage varies between countries but typically ranges between 80% and 95%. The main purpose of this condition is to enable the acquirer to gain one hundred percent stake of the target company and prevent problems arising from minority shareholders later. 收購(gòu)方可以強(qiáng)制少數(shù)股東賣出他們的股份，以一 個(gè)合理的價(jià)格，一旦收購(gòu)方達(dá)到一定股比后。不同國(guó)家股比要求不同，在 80%—95%之間。主要目的是確保收購(gòu)方可以獲得百分之一百的目標(biāo)公司股權(quán)，從而避免之后因少數(shù)股東而產(chǎn)生的一些問題。

It is the sale of part of a company as an entity or as separate assets to a third party for an agreed amount of funds or value. This value may comprise of cash a non-cash based assets. The company can then utilise the funds gained in alternative, value-enhancing activities. 公司賣了部分或者單獨(dú)資產(chǎn)給第三方，以約定的價(jià)格。 常常是為了變現(xiàn)，這樣公司有錢拿這筆錢投入新的增值活動(dòng)中去。 好處：保護(hù)公司免于被收購(gòu)，比如賣掉那個(gè)特別吸買家的產(chǎn)業(yè)；提供現(xiàn)金，維持 現(xiàn)有業(yè)務(wù)或開拓業(yè)務(wù)，不至于再舉債提高杠桿；讓公司集中精力發(fā)展核心業(yè)務(wù)。

1. A sell-off can act to protect the rest of a business form a take-over, by selling off a part that is particularly attractive to a buyer

2. It can also provide cash, enabling the remaining business to invest further without the need for worsening its gearing by obtaining more debt finance.

3. It would also enable company to concentrate on what it perceives to be its core business.