Research On Anti-acquisition Strategy Of Listed Companies

After the reform of non-tradable shares,China’s supervisory policies,legal norms and institutions throughout the financial market have undergone major changes,and the structural liquidity of the capital market has been significantly improved.These changes have facilitated the acquisition of enterprises and provided convenience for them,which has reduced the obstacles in the acquisition process and greatly enhanced the market acquisition behavior in China.However,due to the short history of China’s capital market development,compared with Western developed countries,there are still legal system shortcomings.Although China’s research on acquisitions is rich,the research on anti-acquisition is relatively scarce.At the same time,due to the lack of typical anti-acquisition cases,companies also lack experience.The Marlboro campaign,which began in 2015,has quickly attracted the attention of the public and research scholars due to its huge influence.This is a typical anti-acquisition case and deserves further study.Anti-acquisition measures are essentially corresponding to hostile takeovers,and they restrict and influence each other.Whenever a new type of acquisition model appears on the market,the corresponding anti-acquisition strategy will emerge.The connotation of acquisition and anti-acquisition is actually the same.It is a reasonable market behavior.There is no absolute correctness and error.The reform of the shareholding system has undoubtedly led to an increase in acquisitions and anti-acquisitions.Under such circumstances,how to correctly and reasonably handle the balance between acquisition and anti-acquisition and to choose between maintaining market control and stability is an important issue worth considering.In this context,a number of listed companies have proposed to modify the company’s articles of association in order to set up corresponding anti-acquisition strategy clauses before the anti-acquisition.However,under the market environment and legal conditions in China,these anti-acquisition clauses have more or less conflicts or differences with existing regulations,and have little effect in actual operations.This paper mainly analyzes and discusses why Kangda has not successfully carried out anti-acquisition in the case of relative control advantage.Through this case study,the countermeasures and achievements of Kangdal’s anti-acquisition in the whole process were analyzed,and the problems and shortcomings of the final failure were found out.Finally,the shortcomings in this process were analyzed.Through the research findings and conclusions,considering how to deal with the anti-acquisition strategy under the basis of the shareholding advantage of Condal,and combining the previous successful cases of anti-acquisition,the feasible method strategy is summarized from the macro perspective of the target enterprise.The hypothesis of the previous anti-acquisition theory has been updated,and the anti-acquisition response methods that can be implemented under various circumstances have been added,which provides an important reference value and inspiration for the prevention of hostile takeovers by listed companies in China.