資源描述：
《反接管視角的管理公司治理（management of corporate governance from the point of view of takeover）》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫(kù)。
1、反接管視角的管理公司治理（Managementofcorporategovernancefromthepointofviewoftakeover）InthefaceofDagangOilfieldAishigufenacquisitionofthecontrollingsituation,sothestartofthearticles"thenominationofdirectors"provisionsofantitakeover,whichledtotheantitakeoverprovisionsofthetwosidesaroun
2、dthebickeringbeloweventuallyintheCommissioninterventiontoquellChinese.Withthesurgingwaveofmergersandacquisitions,antitakeovermeasureswillincreasinglybeinvolvedinactualcombat.Inrecentyears,theacquisitionofCITICGF,Sinatakeoverincidenthasarousedwidespreadcontroversyaroundthe
3、antitakeovermeasures.ActivereversetakeoverThepositivesignificanceoftheantitakeovercanbebroadlydividedintothreeperspectives.First,fromtheTargetCorppointofview,asmoderncompanieslinkmanystakeholders,long-termvalueshouldbeemphasized.Althoughthesharepriceofhostiletakeoveroffer
4、sisgenerallyhigherthanthecurrentmarketvalueoftheTargetCorp,Liptonbelievesthatthetakeoverwillbeequallysuccessfulinthelongrun.Moreover,duetothetakeoverthreat,themanagementofthecompanytomaintaincontrolandimprove(atleastguarantee)thehumancapitalvalue,haveturnedtofocusonshort-
5、termbehavior,andgiveupthosewhocomplywiththecompany'slong-termdevelopmentstrategyplan.Hannesisaverypositiveantitakeoverofpositivesignificance:first,antitakeovercanrepelthoseforcedandnotconducivetotheinterestsoftheshareholdersofthehostiletakeover;secondly,theantitakeoverand
6、takeoverofTargetCorpandtheacquisitionofcompetitivebargaining,andstriveforgreaterpremiumforshareholders;third,antitakeoverofthemanagementrepresentativeofthecompany,cansavefordispersedshareholdersandbringhightransactioncosts;fourth,thestockmarketdoesnotreflectthevalueofTarg
7、etCorp,completelyandaccuratelysothatbuyersbiddespitehigherthanthecurrentmarketvalue,butitispossibletolowertheactualvalueoftheTargetCorp.Second,fromtheacquirer'spointofview,thepurposeoftheacquisitionisalsodifficulttosayistoreallyenhancetheperformanceofTargetCorp,onthecontr
8、ary,islikelytouseacquisitionasatoolforotherpurposes.SuchasafterobtainingcontrolofTargetCorp,name
