反接管视角的管理公司治理（Management of corporate governance from the point of view of takeover）.docVIP

反接管视角的管理公司治理（Management of corporate governance from the point of view of takeover） In the face of Dagang Oilfield Aishigufen acquisition of the controlling situation, so the start of the articles the nomination of directors provisions of anti takeover, which led to the anti takeover provisions of the two sides around the bickering below eventually in the Commission intervention to quell Chinese. With the surging wave of mergers and acquisitions, anti takeover measures will increasingly be involved in actual combat. In recent years, the acquisition of CITIC GF, Sina takeover incident has aroused widespread controversy around the anti takeover measures. Active reverse takeover The positive significance of the anti takeover can be broadly divided into three perspectives. First, from the Target Corp point of view, as modern companies link many stakeholders, long-term value should be emphasized. Although the share price of hostile takeover offers is generally higher than the current market value of the Target Corp, Lipton believes that the takeover will be equally successful in the long run. Moreover, due to the takeover threat, the management of the company to maintain control and improve (at least guarantee) the human capital value, have turned to focus on short-term behavior, and give up those who comply with the companys long-term development strategy plan. Hannes is a very positive anti takeover of positive significance: first, anti takeover can repel those forced and not conducive to the interests of the shareholders of the hostile takeover; secondly, the anti takeover and takeover of Target Corp and the acquisition of competitive bargaining, and strive for greater premium for shareholders; third, anti takeover of the management representative of the company, can save for dispersed shareholders and bring high transaction costs; fourth, the stock market does not reflect the value of Target Corp, completely and accurately so that buyers bid despite higher than the c