Research on Corporate Acquisition Systems and an Investigation of Hostile Takeovers and Takeover Defense Strategies
Date Issued
2006
Date
2006
Author(s)
WU, YU-LUNG
DOI
zh-TW
Abstract
Following the changes in economic environment and the transformation of the industrial structure, the upgrading of industry and the globalization of business have become important new trends. In the process, the merging of companies plays an important role. The purpose of these mergers is obviously different from those in the past. Previously, companies intended to expand their market share and to diversify their operations. In contrast, the current mergers, which take international competition into consideration, focus on timing control, cost reduction, acquisition of intellectual property rights and obtainment of high value-added brands and channels. The new trends have made mergers become important strategies for business development.
In response to these trends, it is essential for Taiwanese companies to utilize the extensive foreign experiences in merging activities over the past years for research and reinforcing the domestic regulations in regard to mergers. It is vital to provide a fair and efficient merging environment for Taiwanese companies in order to assist them in acquiring the necessary techniques, intellectual property rights, raw materials, capacities, production capacity, channels, brands and markets, and hence become successful international enterprises and make Taiwan more visible in the world.
As the kinds of mergers are varied and extensive, this thesis intends to focus on the study of “ Acquisition”, including the definition of acquiring assets and shares from legal perspective, the related tax preferences and the practice of acquisition. Additionally, as the public are concerned about issues regarding “ Public Tender Offer” and “ Hostile Acquisition and its defense strategy” in recent years, we also analyze these two practices in conjunction with the illustration of case studies. We hope that this research will provide valuable information to companies that utilize the related merging tools, and to regulators who need a clearer direction when amending “ Business Mergers and Acquisitions Act”, “The Financial Institutions Merger Act” and “The Financial Holding Company Act”
Subjects
收購
敵意併購
防禦策略
acquisitions
hostile takeovers
hostile bid defense strategies
Type
other
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