AFM知识点汇总—降低收购风险、Methods of defence

1.首先要确认收购的理由足够充分，是否增加了股东的价值。有研究显示， 不是所有的收购都是为了股东利益，有些只是为了显示管理层的作为。在 此过程中，NED 需要扮演一个至关重要的角色，确保这个收购决定是为了 股东利益。

2. 可以执行一个项目后审计来寻找 A 公司之前的收购都失败的原因。 A post-completion audit may help to identify the reasons behind why so many of Vogel Co’s acquisitions have failed to create value. 一旦发现了原因，就要 建立政策，来避免同样的错误再犯。

3. 需要履行一定的流程来评估收购价值，预防收购付的太多。Procedures need to be established to ensure that the acquisition is not overpaid. 公司需 要评估标的的公司价值是建立在有效假设之上的，收购前的尽职调查可以 帮助实现。Proper due diligence of the perceived benefits is undertaken prior to the offer being made. 另外，公司需要确认至高可以承受的溢价，即确 认一个封顶价。

4. 当溢价收购时，需要防范溢价部分超过了收购的 Synergy, 否则就是桩不划 算的买卖，发生这种状况，可能是出于管理层不惜一切要完成收购的决心。 因为收购不成被认为是个人能力的无能，有损害公司声誉，而且也是为了 不浪费之前 due diligence 和至初谈判所花费的时间和精力。

5. 确保有适当的流程来整合本部员工和被收购公司员工，虽然这种整合很耗 时间，有时会给被收购公司较大尺度的自治权 a large degree of autonomy。 这种情况下，对整合的要求就没那么高了。但这样会导致 syndergy 效率 降低，比如有 2 套管理班长，各自自治。总之，要时刻铭记在心，确保双 方的管理层和员工都可以和睦共处，精诚协作。

1. Golden parachute 黄金降落伞：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.一旦收购，就要支付被收购公司的高层大笔补偿金， 包括现金、奖金、股权期权或组合方案等，以此来打消敌意收购的意图。

2. Poison pill 毒丸计划：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. 以非常低的价格像现有股东增发股票，这样公司就不那么吸引 人了。

3. White knights and white squires 白衣骑士/白衣侍从：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.与其被不喜欢的公司收购，不如自己找个公司，让其收购。白衣骑士会控制被收购公司，白衣侍从则不控制。

4. Crown jewels 王冠珠宝：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. 把收购公司感兴趣的资产卖了，或者售后租回，以此让收购公司打消念头。

5. Pacman defence 帕克曼防御（反收购）： 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. 对收购公司进行反收 购，是一种侵略性的防守战术，但也说明收购公司是他们感兴趣的，只是 不想被剥夺控制权（大家都想做老大）。

6. Litigation or regulation defence 诉讼或监管防护：Inviting investigation by regulatory authorities or Courts 要求监管机构介入调查，看看收购是否违法。