From different perspectives, corporate acquisitions can be divided into different forms.
(1) Divided according to the industry relatedness of both parties: ①Horizontal acquisition; ②Vertical acquisition; ③Mixed acquisition.
(2) According to whether the board of directors of the target company resists or not: ①Benevolent takeover; ②Hostile takeover.
(3) Divided by payment method: ①Purchase assets with cash; ②Purchase stocks with cash; ③Purchase assets with stocks; ④Exchange stocks with stocks; ⑤Purchase shares or assets with assets.
(4) According to whether the object of holding shares is determined: ①Tender offer; ②According to buy.
public takeover
A public takeover is when the acquirer makes an offer or negotiates with all shareholders of the target company. According to the provisions of my country’s Securities Law, any investor who holds 5% of the issued shares of a listed company shall make a written report to the securities regulatory agency and the stock exchange within three days from the date of the occurrence of the fact, notify the listed company and notify the listed company. An announcement shall be made; thereafter, every 5% increase or decrease in the proportion of the issued shares of the listed company held by the investor shall be reported and announced; when the investor holds 30% of the issued shares of a listed company, if the acquisition continues, it shall report to the law in accordance with the law. All shareholders of the listed company issued a takeover offer. Before issuing a takeover offer, the acquirer must submit a takeover report to the securities regulator and the stock exchange in advance. If the operator of the target company opposes the takeover, the public bidder not only fails to have a sufficient and detailed investigation and understanding of the business contents of the target company, but also the term of the takeover offer shall not be less than 30 days and shall not exceed 60 days. When the tender offer period expires and the acquirer holds more than 75% of the shares of the company to be acquired, the listed company’s shares shall be terminated from the stock exchange; if this ratio reaches more than 90%, The remaining shareholders who still hold the shares of the acquired company have the right to sell their shares to the acquirer on the same conditions as in the takeover offer, and the acquirer shall acquire them.
