Article 87 where , upon the expiration of the term of the takeover offer , the number of shares of the company under takeover held by the purchaser accounts for not less than 90 percent of the total number of the shares issued by the company , the remaining holders of the shares of the said company shall have the right to sell their shares on the same terms as those in the takeover offer , and the purchaser , on his part , shall buy up the same 第八十七条收购要约的期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之九十以上的，其余仍持有被收购公司股票的股东，有权向收购人以收购要约的同等条件出售其股票，收购人应当收购。
Acquisition of a listing company prefers to such a process : in order to acquire or hold the control of a listing company , the acquirer , a person or a corporation , buys enough equity securities ( public or private ) of the target company through tender offers or through agreements with some shareholders under the permission of law . in china , the legitimate forms of acquisition can be through tender offers or through private agreements 上市公司收购是指收购人(包括自然人与法人)为了获得对目标公司(上市公司)的控制权，通过向目标公司全体有表决权股东发出公开收购(买入)要约的方式，或在法律许可范围内与部分有表决权股东签订收购(买入)协议的方式，一般以高于市价的代价，获取足够的该公司发行在外的有表决权股票(含可上市流通与不可上市流通)的行为，其在我国的法定形式包括要约收购与协议收购两种。
Article 86 where , upon the expiration of the term of the takeover offer , the number of shares of the company under takeover held by the purchaser accounts for not less than 75 percent of the total number of the shares issued by the company , the listing and trading of the shares of the said company shall be terminated on the stock exchange 第八十六条收购要约的期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之七十五以上的，该上市公司的股票应当在证券交易所终止上市交易。
