Dissertation > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company

China's listed companies Tender Offer Pricing

Author ZhouYanNa
Tutor ZhangHongZhen
School Nanjing University of Technology and Engineering
Course Accounting
Keywords Listed Companies Tender Offer Lowest offer price Discounted cash flow model
CLC F276.6
Type Master's thesis
Year 2005
Downloads 194
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In modern society, due to intense market competition, mergers and acquisitions between companies increasingly frequent . The initial acquisition is often through private transactions between shareholders to complete, but because of this acquisition could harm the interests of other minority shareholders , the tender offer will come into being . Whether it is a listed company acquisitions model innovation , and promote mergers and acquisitions of listed companies in the market, or out of strategic acquisitions and large-scale industry consolidation guidance and encouragement , the tender offer for the healthy development of China's securities market has significant positive significance. However, from 2003 Nanganggufen takeover offer so far , China's securities market has not yet occurred in the true sense of the tender offer , the key lies in the formulation of the current offer price flawed . In this paper, the concept and content of the tender offer to start by analyzing the case of China's current tender offer , summed up the characteristics of the offer price and the presence of defects , the last in the company's valuation methods based on the analysis of non-tradable shares and tradable shares part of the minimum offer price were to be improved , designed to regulate the tender offer market-oriented operation.

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