AFM知識(shí)點(diǎn)匯總—降低收購風(fēng)險(xiǎn)、Methods of defence

1.首先要確認(rèn)收購的理由足夠充分，是否增加了股東的價(jià)值。有研究顯示， 不是所有的收購都是為了股東利益，有些只是為了顯示管理層的作為。在 此過程中，NED 需要扮演一個(gè)至關(guān)重要的角色，確保這個(gè)收購決定是為了 股東利益。

2. 可以執(zhí)行一個(gè)項(xiàng)目后審計(jì)來尋找 A 公司之前的收購都失敗的原因。 A post-completion audit may help to identify the reasons behind why so many of Vogel Co’s acquisitions have failed to create value. 一旦發(fā)現(xiàn)了原因，就要 建立政策，來避免同樣的錯(cuò)誤再犯。

3. 需要履行一定的流程來評(píng)估收購價(jià)值，預(yù)防收購付的太多。Procedures need to be established to ensure that the acquisition is not overpaid. 公司需 要評(píng)估標(biāo)的的公司價(jià)值是建立在有效假設(shè)之上的，收購前的盡職調(diào)查可以 幫助實(shí)現(xiàn)。Proper due diligence of the perceived benefits is undertaken prior to the offer being made. 另外，公司需要確認(rèn)至高可以承受的溢價(jià)，即確 認(rèn)一個(gè)封頂價(jià)。

4. 當(dāng)溢價(jià)收購時(shí)，需要防范溢價(jià)部分超過了收購的 Synergy, 否則就是樁不劃 算的買賣，發(fā)生這種狀況，可能是出于管理層不惜一切要完成收購的決心。 因?yàn)槭召彶怀杀徽J(rèn)為是個(gè)人能力的無能，有損害公司聲譽(yù)，而且也是為了 不浪費(fèi)之前 due diligence 和至初談判所花費(fèi)的時(shí)間和精力。

5. 確保有適當(dāng)?shù)牧鞒虂碚媳静繂T工和被收購公司員工，雖然這種整合很耗 時(shí)間，有時(shí)會(huì)給被收購公司較大尺度的自治權(quán) a large degree of autonomy。 這種情況下，對(duì)整合的要求就沒那么高了。但這樣會(huì)導(dǎo)致 syndergy 效率 降低，比如有 2 套管理班長(zhǎng)，各自自治?？傊?，要時(shí)刻銘記在心，確保雙 方的管理層和員工都可以和睦共處，精誠協(xié)作。

1. Golden parachute 黃金降落傘：Large compensation payments made to the top management of the target firm if their positions are eliminated due to hostile takeover. This may include cash or bonus payments, stock options or a combination of these.一旦收購，就要支付被收購公司的高層大筆補(bǔ)償金， 包括現(xiàn)金、獎(jiǎng)金、股權(quán)期權(quán)或組合方案等，以此來打消敵意收購的意圖。

2. Poison pill 毒丸計(jì)劃：This is an attempt to make a company unattractive normally by giving the right to existing shareholders to buy shares at a very low price. 以非常低的價(jià)格像現(xiàn)有股東增發(fā)股票，這樣公司就不那么吸引 人了。

3. White knights and white squires 白衣騎士/白衣侍從：This would involve inviting a firm that would rescue the target from the unwanted bidder. The white knight would act as a friendly counter-bidder. A white squire is similar to a white knight but the former does not take control of the target firm.與其被不喜歡的公司收購，不如自己找個(gè)公司，讓其收購。白衣騎士會(huì)控制被收購公司，白衣侍從則不控制。

4. Crown jewels 王冠珠寶：The firm’s most valuable assets may be the main reason that the firm became a takeover target in the first place. By selling these or entering into arrangements such as sale and leaseback, the firm is making itself less attractive as a target. 把收購公司感興趣的資產(chǎn)賣了，或者售后租回，以此讓收購公司打消念頭。

5. Pacman defence 帕克曼防御（反收購）： This defence is carried out by mouting a counter-bid for the attacker. The Pacman defence is an aggressive rather than defensive tactic and will only work where the original acquirer is a public company with diverse shareholding. This tactic also appears to suggest that the company’s management are in favor of the acquisition but they disagree about which company should be in control. 對(duì)收購公司進(jìn)行反收 購，是一種侵略性的防守戰(zhàn)術(shù)，但也說明收購公司是他們感興趣的，只是 不想被剝奪控制權(quán)（大家都想做老大）。

6. Litigation or regulation defence 訴訟或監(jiān)管防護(hù)：Inviting investigation by regulatory authorities or Courts 要求監(jiān)管機(jī)構(gòu)介入調(diào)查，看看收購是否違法。