06-15經(jīng)濟(jì)法英語(yǔ)突破班講義

1、Lecture Four: Rules About a Listed Company and Securities第四講 上市公司及法相關(guān)規(guī)則Please answer the questions of the 2009-case：1.，上市公司甲（下稱(chēng)甲公司）重組方案，其要點(diǎn)如下 March 1st,2009,X listed company（referred as Company X hereafter）announced its rectificationplan, the main pos include:（1）甲公司將所屬全部資產(chǎn)（包括負(fù)債）作價(jià) 25 億元出售給本公司最大股東pan

2、yX transfers all of its assets （including debts） to the largest shareholder A ata price of 0.25 bil；（2）A 將其持有甲公司的 35% 35% of the shares of company X agreement；全部協(xié)議轉(zhuǎn)讓給 B，作價(jià) 25 億元 A transfers all theit holds to B at a price of 0.25 bilby（3）B 將其持有的乙公司 100%的作價(jià) 25 億元，用于向 A 支付轉(zhuǎn)讓價(jià)款B paysA the price for sha

3、res transfer by 100% of the shares of company Y it holds at aprice of 0.25 bil；（4）A 將受讓的乙公司 100%的轉(zhuǎn)讓給甲公司，作為支付甲公司所屬全部資產(chǎn)的價(jià)款 A transfers 100% of the shares of company Y it holds transferred from B to company X as the price for purchasing the latters assets；（5）甲公司在取得乙公司 100%后，將乙公司吸收合并，注銷(xiāo)乙公司，甲公司改名為乙公司 Aft

4、er company X holding all the shares company Y, it shall merge with company Y by absorption and writing-off company Y,shall alter its name as Company Y。3月18日，甲公司依法召開(kāi)臨時(shí)股東大會(huì)審議資產(chǎn)出售事宜 March 18th, company X convened an erim general meeting of shareholders in accordance with the law to discuss the matter a

5、bout selling assets。除 A 回避表決和一名持股3%的股東 C 投票反對(duì)外，其他出席股東大會(huì)的股東或股東代表均投了贊成票 except A abstained from voting and C who held 3% of the shares voting against the considered matter, the shareholders attending the meeting all given affirmative votes.。會(huì)議結(jié)束后，C 要求甲公司按照市場(chǎng)價(jià)格回購(gòu)其所持有的全部甲公司的，被甲公司After the meeting,C requ

6、iredcompany X to purchase all the shares it held,but was refused by company X。為協(xié)議受讓 A 持有的甲公司35%，B 以重組為由向中國(guó)申請(qǐng)要約收購(gòu)豁免，并承諾在受讓上述后的12個(gè)月內(nèi)不轉(zhuǎn)讓該In order to purchase the 35% of the shares ofcompany X , B appd to CSRC for exempting from aqusition by tend offer on the groundof rectification，and promised not to t

7、ransfer shares within 12 months。該豁免申請(qǐng)未獲中國(guó)批準(zhǔn) however this application was disapproved by CSRC。3月23日，B 發(fā)出全面收購(gòu)甲公司的要約，要約有效截止日為4月24日，擬以 B 公司的并在上海交易所上市的公司債券支付全部收購(gòu)價(jià)款 March 23rd,B ied a tender offer topurchase all of the shares of company X by the company bond it ied and listedon Shanghai Stock Exchange ,an

8、d expiration for accepting the tender offer is April24th.。因市場(chǎng)出現(xiàn)波動(dòng)，B 于4月1日擬撤銷(xiāo)該收購(gòu)要約，未獲中國(guó)同意。4月6日，B宣布變更收購(gòu)要約的價(jià)格。Due to market fluctuations,B revoked the tender offer on April 1st without the approval of CSRC and announced to change the price of tender offer on April 6th.股東 D 于3月30日宣布接受了 B 發(fā)出的收購(gòu)要約，但因 B 變更

9、了收購(gòu)要約的價(jià)格，D 于4月22日宣布撤銷(xiāo)對(duì)收購(gòu)要約的接受 Shareholder D promised to the tender offer for acquisition on March 30th,then claimed to withdraw the acceptance of the offeras B changes the price of the offer for acquisition。5月14日，甲公司再次召開(kāi)臨時(shí)股東大會(huì)，吸收合并乙公司的事項(xiàng) May 14th, company X convened anerimgeneral meeting of sharehol

10、ders agao discuss the matter about merging withcompany Y by absorption。的股東（包括 C）或股東代表一致投票通過(guò)了合并決議 Shareholders attending the meeting（including C） all voted in approval of the merger. 。5月15日，甲公司和乙公司將合并事項(xiàng)分別通知了各自的已知債權(quán)人，未有債權(quán)人提出異議 May 15th，Company X and Company Y respectively informed to their creditors o

11、f the merger, and no creditors raise objections.。5月18日，C 要求甲公司以合理價(jià)格收購(gòu)其，被甲公司May 18th, C required company X to purchase his sharesat reasonable price ,but was refuse by the latter。6月30日，甲公司完成對(duì)乙公司的吸收合并 June 30th, Company X completed the merger by absorption with Company B。he event of the case, please a

12、nswer following questions：根據(jù)上述內(nèi)容，分別回答下列問(wèn)題:（1）Is the company X refuto purchase its shares held by C aftererimgeneral meeting of shareholders convened on March 18th accordance with thelaw?please elaboraegal basis.在 3 月 18 日的臨時(shí)股東大會(huì)后，甲公司C 要求其回購(gòu)所持甲公司的行為是否有法律依據(jù)？并說(shuō)明理由?！続nswer】:Company X refuto purchase its

13、 shares held by C aftererim generalmeeting of shareholders convened on March 18th is accordance with the law.Because according to the provis of Company Law,with regard to a jostocklimited company，only where shareholders of the company ope the decion mergeor diviof the company made by a general meeti

14、ng of shareholders,can requirethe company to purchase the shares held by him.his case,C oped the decion assignment of the companys assets,so he was not entitled to req X to purchase the shares he held.ompany（2）Does CSRC disapproving Bs application for exempting from aqusition by tendoffer comply wit

15、h the law?please elaboraegal basis.中國(guó)要約收購(gòu)豁免申請(qǐng)是否符合規(guī)定？并說(shuō)明理由?！続nswer】:未批準(zhǔn) BCSRC disapproving Bs application for exempting from aqusition by tend offer is in compliance with the law.Because according to the provis of Regulation On the Acquisition of ListedCompanies,when a listed company is facing with s

16、erious finanl difficulties, arestructuring plan proed by the purchaser aiming to rescue the company has beenadopted by teral meeting of shareholders,and the purchasromises not totransfer any equity aqusition.However , months,so CSRC shallhree years,it can exempt from iing a tend offer forhis case,B

17、only promises not to transfer any equity in 12 disapprove Bs application.（3）Is B entitled to pay the price for acquisition by the company bond accordingwith legal rules?please elaboregal basis.B 以上市的公司債券作為支付要約收購(gòu)價(jià)款的方式是否符合規(guī)定？并說(shuō)明理由?！続nswer】:Bending to pay the price relevant rules.Because according to t

18、he provi Companies,where the purchaser ifor acquisition by the company bond violatess of Regulation On the Acquisition of Listed es a tender offer to purchase all of theshares,either in order to terminate the listing sus of a listing company,or asits exemption application disapproved by the CSRC,the

19、 acquisition must be paid incurrency,if itends to pay the acquisition by legally negotiable securities,itshall provide currency for choice .（4）Is CSRCs disapproval of Bs withdrawal of tend offer in compliance withrules？please elabora明理由。【Answer】:egal basis.中國(guó)不同意 B 撤銷(xiāo)要約是否符合規(guī)定？并說(shuō)CSRCs disapproval of B

20、s withdrawal of tend offer is in compliance with rules.Because according to the provis of Securties law,withhe acceptance termas prescribed in a tender offer, no purchaser may revoke its tender offer.hiscase,the expiration for accepting tender offer is April 24th,B revoking the tenderoffer on April

21、1st is in volation of the provi.（5）Can B change the price of the offer for acquisition？please elaboraegal basis.B 能否變更收購(gòu)要約的價(jià)格？并說(shuō)明理由?！続nswer】:B enjoyed the right to change the price of the offer for acquisition.Because the provis of Regulation On the Acquisition of Listed Companiesprovides,the purcha

22、ser may not amend the acquisition offer within lessn 15 daysprior to the expiration thereof，unless a competing offer is made.In other words,thepurchaser can amend the acquisition offer withoren 15 days prior to theexpiration.So, April 6th.his case B can change the price of the offer for acquisition on（6）Was D entitled to withdraw his acceptance of the offer for acquisition？please elabora【Answer】:egal basis.D 撤回對(duì)收購(gòu)要約的接受是不符合規(guī)定？并說(shuō)明理由。D was not entitled to withdraw his acceptance of the offer for acquisition.Because according to the provis of Regulation On the Acquisition of ListedCompanies,s