AFM知識點匯總—Mandatory-bid condition 強制收購條件、Sell off 變賣

Each of the three conditions aims to ensure that shareholders are treated fairly and equitably. 宗旨是保證所有股東都被公平公正對待。

1. Sell out rights 售出權力（強買權利）：The mandatory-bid condition through sell out rights allows remaining shareholders to exit the company at a fair price once the bidder has accumulated a certain number of shares. The amount of shares accumulated before the rule applies varies between countries. The bidder must offer the shares at the highest share price, as a minimum, which had been paid by the bidder previously. The main purpose for this condition is to ensure that the acquirer does not exploit their position of power at the expense of minority shareholders. 當收購方的股份達到一定比率后（比如 90%）， 則剩余的股東 有權行使售出權力，以一個合理的價格賣給收購方，退出公司。這個比率在 各個國家有不同規(guī)定，收購方必須是以過去 N 個月的至高報價來收購剩余股份。這個一條街的主要目的是確保收購方不利用他們的權利地位而犧牲了小 股東的利益。

2. Principle of equal treatment 平等待遇原理：The principle of equal treatment condition stipulates that all shareholder groups must be offered the same terms, and that no share holder group’s terms are more or less favourable than another group’s terms, The main purpose of this condition is to ensure that minority shareholders are offered the same level of benefits, as the previous shareholders form whom the controlling stake in the target company was obtained. 平等待遇 原則規(guī)定了所有股東都享有同樣的條款，誰都不能優(yōu)于誰（區(qū)別對待）。主要 目的是確保少數股東被賦予了跟前控股股東同樣的收益。

3. Squeeze-out rights 擠出權利（強賣權利）：The squeeze-out rights condition allows the bidder to force minority shareholders to sell their stake, at a fair price, once the bidder has acquired a specific percentage of the target company’s equity. The percentage varies between countries but typically ranges between 80% and 95%. The main purpose of this condition is to enable the acquirer to gain one hundred percent stake of the target company and prevent problems arising from minority shareholders later. 收購方可以強制少數股東賣出他們的股份，以一 個合理的價格，一旦收購方達到一定股比后。不同國家股比要求不同，在 80%—95%之間。主要目的是確保收購方可以獲得百分之一百的目標公司股權，從而避免之后因少數股東而產生的一些問題。

It is the sale of part of a company as an entity or as separate assets to a third party for an agreed amount of funds or value. This value may comprise of cash a non-cash based assets. The company can then utilise the funds gained in alternative, value-enhancing activities. 公司賣了部分或者單獨資產給第三方，以約定的價格。 常常是為了變現，這樣公司有錢拿這筆錢投入新的增值活動中去。 好處：保護公司免于被收購，比如賣掉那個特別吸買家的產業(yè)；提供現金，維持 現有業(yè)務或開拓業(yè)務，不至于再舉債提高杠桿；讓公司集中精力發(fā)展核心業(yè)務。

1. A sell-off can act to protect the rest of a business form a take-over, by selling off a part that is particularly attractive to a buyer

2. It can also provide cash, enabling the remaining business to invest further without the need for worsening its gearing by obtaining more debt finance.

3. It would also enable company to concentrate on what it perceives to be its core business.