When somebody holds the stocks of a listed company reaches a legal proportion , all the shareholders of the target company should be offered to sell all the stocks at a legal price 在上市公司公开要约收购中,最需要保护的是处于弱者地位的目标公司广大股东,其合法利益容易受到收购人的损害。
Article 83 the purchaser shall announce his takeover offer 15 days after the date on which , pursuant to the provisions in the preceding article , he submits the report regarding the takeover of the listed company 第八十三条收购人在依照前条规定报送上市公司收购报告书之日起十五日后，公告其收购要约。
To allow to purchase circulating stocks of listed companies according to agreement . we concluded that only by completing acquisition regulations , can the acquisition market in our country healthily develop 当收购人持股比例达到50以后，则应承担全面强制要约收购义务， d出翌约收购全体股东所侍有的全部股份。
Article 91 during the takeover of a listed company , the shares in such company which are held by the purchaser of the listed company may not be transferred for six months following completion of the takeover 第九十一条在上市公司收购中，收购人对所持有的被收购的上市公司的股票，在收购行为完成后的六个月内不得转让。
Substantively , “ mandatory takeover bids ” ( or “ mandatory offers ” ) are the takeover bids ( or tender offers ) made by acquirers involuntarily when certain conditions are satisfied , because of the requirements of mandatory rules 强制要约收购,从本质上讲,就是由强行法规定的、在满足一定条件时,收购人被动做出的要约收购。
The investigation plays a critical important role in whether the anticipated destination could be reached or not , and it has a great impact on the rights , obligations and commitments of the two parties concerned 该调查程序在实践中至为重要，它关系到收购人能否获得预期的收购效果；在法律上，它对双方的权利义务与责任均有重大影响。
Article 89 in the case of takeover by agreement , the purchaser may effect the equity transfer by entering into an agreement with the shareholders of the company under takeover , as prescribed in laws and administrative regulations 第八十九条采取协议收购方式的，收购人可以依照法律行政法规的规定同被收购公司的股东以协议方式进行股权转让。
Broadly speaking , a “ takeover ” takes place when one corporation acquires the actual control of another corporation , which is limited to listed corporation in this dissertation . “ takeover ” is the product of the development of market economy 上市公司收购,是指收购人通过各种方式取得对一家上市公司的实际控制权的行为。收购是市场经济发展到一定阶段的产物。
Article 88 in the case of takeover by offer , the purchaser , during the term of the takeover offer , may not buy or sell shares of the company under takeover in a way different from , or on terms in excess of , those as prescribed in the offer 第八十八条采取要约收购方式的，收购人在收购要约期限内，不得采取要约规定以外的形式和超出要约的条件买卖被收购公司的股票。
Therefore , the most important thing the legislators and executives should do is to find out a balanced position of all sides in order to protect the interests of the minority shareholders in the target companies 少数股东信息掌握与分析能力的先天不足体现在上市公司收购中,目标公司的少数股东在信息的拥有以及投资的判断能力上与收购人及目标公司的大股东都存在很大差异。
