Article 92 where a person acquires the shares of a company through a takeover offer or takeover agreement and closes down the company so taken over , it is a case of merger , and the purchaser shall have the existing shares of the closed - down company replaced according to law 第九十二条通过要约收购或者协议收购方式取得被收购公司股票并将该公司撤销的，属于公司合并，被撤销公司的原有股票，由收购人依法更换。
Tender offer refers to legal activities that a natural person or legal person ( so called the offerer ) discloses the take - over - bid ( tender offer ) to all of the shareholders of the target company , i . e . , the listed company , during a given course and by a statutory approach , to buy certain amount of voting negotiable securities to which are attached rights for voting , in order to obtain or reinforce the control power upon the listed company 具体而言，要约收购的法律内涵包括四个方面：其主观上是收购人以谋取目标公司控制权为目的；其主体是收购人(要约人)和目标公司股东，而无需征得目标公司董事会的同意；其客体是目标公司发行在外的有表决权的证券；其客观方面的特征是收购人在证券交易市场外向公司所有股东公开发出收购要约，购买该公司有表决权的证券。
Secondly , the section points out the legal characteristics of the listing corporation acquision as a special civil legal action , muti - principals of interests , and the defmitude purpose for the acquision . and the section classifies and introduces briefly the ways of acquision with defferent criterions . finally , the section points out the different legal outcome resulting by listing corporation acquision , such as the temporary suspension of bargaining of the target ' s stocks , the loss of the listing qualification of the target and the restrictation of the acquision party ' s transfer of the target ' s stock , and etc . the second section is about the basic principal of the legislation of the listing corporation acquisition 本部分首先对上市公司收购相关概念进行辨析，为本文研究的上市公司收购给出明确定义；然后分析指出上市公司收购是一种特殊的民事法律行为，具有利益主体多元化、收购目的明确性等法律特征；继而根据不同的划分标准，对上市公司收购方式进行分类并作简要介绍；最后指出，上市公司收购可能会产生目标公司股票临时停盘、目标公司丧失上市资格、限制收购人转让目标公司股票等法律后果。
