Research On The Successful Factors Of Tender Offer Of Listed Companies

With the development of China's capital market and the improvement of financial regulation,many new merger and acquisition methods are playing an increasingly important role in the capital market.As a market-oriented and standardized acquisition model,tender offer can effectively make up for the limitations of the agreed acquisition,and is also conducive to protecting the interests of minority shareholders.However,the proportion and success rate of tender offer in China's capital market are always low.Aiming at this problem,this paper based on the theory of tender offer,through the selection of two cases with reference significance in the capital market as the object of study,this paper focuses on discussing the preparation,process and effect of the two cases in the early stage,and expects to find out the key factors for the success of the tender offer of ZUIG investment.This paper mainly carries out comparative analysis and research on the bid of ZUIG investment co.,ltd.for ST biochemical and CITIC securities co.,ltd.for gf securities from three aspects.The first part mainly introduces the basic information of the case,including the basic information of both parties,the background of the offer,the process and the result.The second part makes a comparative analysis of the external conditions,preliminary preparation,interim strategies and post-acquisition effects of the two tender offer cases,focusing on the time and legal environment of the case,the selection of offer targets,the response of interim strategies and the impact of measures taken by the offeror after the end of the offer on the case.Finally,the third part of the comparison of the above problems,draw inspiration and put forward corresponding Suggestions.