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。
Minority shareholders " interest protection should be greatly emphasised in the acquisition by agreement , and the western countries such as the united states successfully set up a lot of rules to achieve that goal , which can benefit us a lot . firstly , before the controlling shareholder decides to sell his control , he has the responsibility to carefully investigate the purchaser in case the company will be looted later , and the controlling shareholder should be liable for his negligence of this . secondly , generally speaking the control premium is owned by the controlling shareholder and can only be shared by other shareholders in relatively restricted situations . finally , mandatory tender offer system enables the minority shareholders to sell their shares at a fair price when there is a sale of control , and this goal can only be achieved by setting strict and sound rules to govern the contents the offer especially in the price and the number of shares to be qcquired 首先，控股股东出让其股份时应当承担适当谨慎的义务来对收购者进行相关的调查，以避免股份受让者将来对公司进行“掠夺” ，如果该控股股东未尽到此项义务而造成公司遭受“掠夺”则应当承担相应的损害赔偿责任。然后，公司控制权交易中所产生的“控股溢价”原则上应该归控股股东所享有，只有在少数情况下才由全体股东共同享有。最后，强制性收购要约制度是在公司控制权发生转移后所赋予中小股东的退出该公司的机制，但是只有对此项制度进行完整、严格的规定才能达到保护中小股东利益的立法目的。
In an acquisition , the offeror and majority stockholders are the deciders . the majority shareholders have chance to damage the benefits of minority stock holders by their advantage of capitals and information for their own profits . following the gradually separating between ownership and rights of management , directorate is becoming more and more the center of decision in a corporation and has possibility to damage the minority stock holders " benefits in some situation . the offerer is even advantaged in an acquisition from end to end 在公司收购中，收购要约人和目标公司大股东是行为的左右者，大股东利用其资金和信息优势，为了自身的利益有可能作出损害小股东权益的行为；随着两权的日益分离，公司董事越来越成为公司经营的中心，董事会权利越来越大，在关涉自身利益的时候，也有损害小股东利益的可能。
The last part gives deep thought of improvement of the anti - takeover system in china , analyzing the reality and necessity of constructing anti - takeover system , then makes proposals on four key aspects : the right of anti - takeover decision ; the disclosure of opinions by target ' s management after having received the takeover offer ; the seeking of competitor after takeover ; the management should place great importance on protection of rights of the target ' s stockholders 最后一部分，完善我国目标公司反收购制度的思考，分析了我国构建目标公司反收购制度具有一定的现实性和必要性，然后从反收购的决定权、目标公司管理层收到收购要约后的意见披露、收购发生后须寻求收购竞争者和管理层应注重维护目标公司股东的基本权利等四个方面提出了一些具体建议。
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。
The newly published " the regulation of takeover " and " the regulation of information display " by china stock supervision committee to a certain degree make up a number of deficiencies existing in current regulating system of tender offer , such as over - simplicity , standard deviation , and legislative absence , so as to constitute basic legal frame for the takeover of listed corporations . " the regulation of takeover " to a great extent improves current regulating system 诚然， 《收购办法》和《信息披露办法》的出台使我国上市公司要约收购的法律体系更加规范和完善，但笔者认为，我国要约收购制度在对竞争性收购要约、要约收购的撤回权、反收购措施、下市程序等方面的规范上仍存在着一些缺陷和不足，有待于在今后的立法中进一步规范和完善。
