The Target Company's Anti-acquisition Of A Number Of Legal Issues

Corporation anti-takeover is an important system built to overcome the limitation of corporation takeover. Corporation anti-takeover can intake competitive mechanism for the asset restructuring of the target corporations, can provide a chance for bargaining to protect the interests of the shareholders. But if proper measures are not taken, the anti-takeover can lead to ill consequence, such as the fact that the action will cause the waste of the social resources, and it may weaken the supervising function of takeover system, and the runner of the target corporations may abuse their power. The battle between the takeover and the anti-takeover has a lot of influence on the interests of the shareholders and the development of corporation and capital market. So, the economically developed countries of the west have all enforce some act concerning anti-takeover. In china, with the development of the economy and the the deepen of reform, more and more hostile takeover and anti-takeover will appear, so there is an urgent need in china to establish an anti-takeover law system. But the present regulation is simple and blur.This article mainly concern with the anti-takeover and its regulation. At first ,it present a general view about anti-takeover, illuminating the inner relation between corporation takeover and corporation anti-takeover, analyzing the conception, character and the system value of corporation anti-takeover, discussing some theories concern with corporation anti-takeover such as the theory of market for corporate control, who make the anti-takeover decision. Then the article makes a comparative study on the species of corporation anti-takeover tactics and on the various regulations for corporation anti-takeover in foreign countries. In the end, based on the analyzing above and actual circumstance of China, the article puts forward suggestions and proposals for legislation of corporation anti-takeover in China.