Analysis Of The Validity Of The Antitakeover Provisions In The Articles Of Association

Anti takeover provisions(ATPs)are set in the company’s articles of association to reduce acquisition effect or increase the difficulty of acquisition so as to achieve the purpose of resisting hostile takeover.Since the BaoWan dispute,companies’ takeover and anti takeover back into people’s sight.As an important measure of antitakeover,the ATPs of the articles of association of the company,also attracts attention of all parties,and many companies tries to revise or add the articles of association of ATPs to consolidate control of the existing company.However,due to the current stipulations about the antita.keover regulation legal system has not been established,the ATPs set legality judgment standard is not clear,and lead to kinds of ATPs are set,even specific terms of itself is problematic,ATPs as an effective anti takeover measures fail to play its due role in the antitakeover practice.The relevant administrative organs’ management just be some palliatives,so in order to fundamentally solve this problem,we need to proceed from improving relevant laws,the legitimacy of the ATPs to judge and make further exploration.The first part discusses the current difficulties to determine the legality of the articles of antitakeover clauses,through analyse the unclear judgment standard that make practice difficulties and the interests of all parties unbalance;Secondly,from the three aspects of the feasibility,the trend and the role of the ATPs,the paper explores the feasibility of exploring the legality of the ATPs in the articles of Association;Finally,the article makes a preliminary exploration of the legitimacy of the ATPs in the articles of association of China from two aspects:the principle direction,the specific standards and the security system.