亲爱的MBA智库百科用户:


过去的17年,百科频道一直以免费公益的形式为大家提供知识服务,这是我们团队的荣幸和骄傲。 然而,在目前越来越严峻的经营挑战下,单纯依靠不断增加广告位来维持网站运营支出,必然会越来越影响您的使用体验,这也与我们的初衷背道而驰。 因此,经过审慎地考虑,我们决定推出VIP会员收费制度,以便为您提供更好的服务和更优质的内容。


MBA智库百科VIP会员,您的权益将包括: 1、无广告阅读; 2、免验证复制。


当然,更重要的是长期以来您对百科频道的支持。诚邀您加入MBA智库百科VIP会员,共渡难关,共同见证彼此的成长和进步!



MBA智库百科项目组
2023年8月10日
百科VIP
未登录
无广告阅读
免验证复制
1年VIP
¥ 9.9
支付方式:
微信支付
支付宝
PayPal
购买数量:
1
应付金额:
9.9
汇率换算:
1.32
美元(USD)
  • 美元(USD)
  • 加元(CAD)
  • 日元(JPY)
  • 英镑(GBP)
  • 欧元(EUR)
  • 澳元(AUD)
  • 新台币(TWD)
  • 港元(HKD)
  • 新加坡(SGD)
  • 菲律宾(PHP)
  • 泰铢(THB)

按当月汇率换算,

包含手续费

打开手机微信 扫一扫继续付款
立即开通
PayPal支付后,可能会遇到VIP权益未及时开通的情况,请您耐心等待,或者联系百科微信客服:mbalib888。
温馨提示:当无法进去支付页面时,可刷新后重试或更换浏览器
开通百科会员即视为同意《MBA智库·百科会员服务规则》

支付成功

全球专业中文经管百科,由121,994位网友共同编写而成,共计436,064个条目

委托书争夺战

用手机看条目

出自 MBA智库百科(https://wiki.mbalib.com/)

(重定向自Proxy fight)

委托书争夺战(Proxy fight)

目录

[隐藏]

委托书争夺战的概念

  委托书争夺战即投票代理权争夺,英文为Proxy fight,或作Proxy battle,就是第3方要透过股东选举的方式,来改变现有董事会成员的做法,以达到特定目的。通常发生在购并案双方谈判无法达成共识时,可能采取的手段,例如买方有意出价收购1家公司,但公司董事会或主要股东并不同意出售,而买方就可能采取委托书争夺战的方式,获得其他股东(通常为股份较少的小股东们)的支持,说服其余股东支持出售公司,或是取得其他股东的委托书授权,来进行投票通过购并案。

委托书争夺战的案例

  最近有名的案例,即为微软(Microsoft)拟购并雅虎(Yahoo!) ,但后者不愿出售,一度引发微软扬言要展开委托书争夺战,强行收购,不过后来并未实行,近来Microchip和On Semiconductor拟联手购并Atmel遭拒,亦表示发动委托书争夺战为选择之一。

  另外,委托书争夺战也是维权股东(activist shareholder)常使用的手段之一,维权股东可借此说服小股东同声一气对抗投资公司的管理层,著名的维权股东Carl Icahn就曾多次为了积极争取投资公司的董事会席次,展开委托书争夺战。

委托书争夺战的适用情况

  一般来说,委托书争夺战适用于几种情况:一是目标公司管理层确实有严重问题;二是作为要约收购的配套措施,特别是通过改选董事会来解除其所设置的防御措施,以降低敌意收购的成本;还有一种情况是作为善意收购的后盾,意在警告对方不要敬酒不吃吃罚酒。最近的微软收购雅虎就是如此:我来跟你谈判;你谈就谈,你不谈或者谈不成,我就有可能改选董事会,把你换掉。

投票代理权争夺及其法律问题

  Proxy: a document whereby a shareholder appoints someone else to vote for him. (quorum requirement; voting in person/by proxy)

  Proxy solicitation: sending a proxy card to a shareholder requesting him to sign and return it to the sender.

  Proxy fight/contest: any competition between two competing factions (generally management and outside insurgents) to obtain shareholder votes on a proposal (much like a political campaign); most proxy fights involve the election of directors, and are thus direct contests for control; about 1/3 proxy fights are contest over some proposal by management or by a shareholder-insurgent (usually relates to a corporate takeover or restructuring/anti-takeover defenses/poison pill)

(Obtaining control by owning a majority of shares/obtaining a majority of the board seats/vote-by-selling/green mail)

  Proxy solicitation rules: disclosure and antifraud

  Proxy statement: conflicts of interest; compensation plan to be voted on; compensation paid to the five most highly-paid officers; major corporate change to be voted on/annual report

  Any statement which is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statement therein not false or misleading/shareholders’ implied right of private action for an injunction or damages

  Every proxy solicitation must be accompanied or preceded by a written proxy statement; any documents that will be sent to shareholders as part of solicitation process must first be filed with the SEC before they are sent to shareholders;

  If the solicitation is by management and relates to an annual meeting at which directors will be elected, the proxy statement must be preceded or accompanied by an annual report; if the solicitation relates only to election of directors and is not contested, pre-filing is not necessary.

  (proxy card/proxy statement and other solicitation materials/annual reports)

  (communications by shareholders: not free mail their stuff or give them a list/free include shareholder proposal in management materials: length/election of directors)

  (Securities Exchange Act, Section 14(a) and 12; SEC rule 14a: proxy solicitation in respect of registered securities)

  Proxy contest rules

  Insurgents’ right to get information form management/shareholder list/shareholder inspection rights/a purpose reasonably related his interest as a stockholder (proper purpose)

  Insurgent must file special information about each participant/participant: any one who contributes more than $500 to the contest/information: Schedule 14B business background, interest in the corporation’s stock; his financial contribution to the proxy fight and other information that will assist a shareholder in deciding whether the insurgent’s slate is more worthy than management’s.

  Management’s costs/expenses: corporation may pay bare bones costs/other solicitation costs (reasonable costs in educating the shareholders as to the correctness of management’s view/contest involving policy rather than personal power; costs/expenses of successful insurgents: corporation may pay if the contest involved policy rather than being a pure power struggle and shareholder approval (Rosenfeld) (may pay for both sides); costs/expenses of unsuccessful insurgents: no chance

本条目对我有帮助33
MBA智库APP

扫一扫,下载MBA智库APP

分享到:
  如果您认为本条目还有待完善,需要补充新内容或修改错误内容,请编辑条目投诉举报

本条目由以下用户参与贡献

Kane0135,Lolo,Dan,Lin.

评论(共0条)

提示:评论内容为网友针对条目"委托书争夺战"展开的讨论,与本站观点立场无关。

发表评论请文明上网,理性发言并遵守有关规定。

打开APP

以上内容根据网友推荐自动排序生成

官方社群
下载APP
告MBA智库百科用户的一封信
亲爱的MBA智库百科用户: 过去的17年,百科频道一直以免费公益的形式为大家提供知识服务,这是我们团队的荣幸和骄傲。 然而,在目前越来越严峻的经营挑战下,单纯依靠不断增加广告位来维持网站运营支出,必然会越来越影响您的使用体验,这也与我们的初衷背道而驰。 因此,经过审慎地考虑,我们决定推出VIP会员收费制度,以便为您提供更好的服务和更优质的内容。 MBA智库百科VIP会员(9.9元 / 年,点击开通),您的权益将包括: 1、无广告阅读; 2、免验证复制。 当然,更重要的是长期以来您对百科频道的支持。诚邀您加入MBA智库百科VIP会员,共渡难关,共同见证彼此的成长和进步!
MBA智库百科项目组
2023年8月10日

闽公网安备 35020302032707号

添加收藏

    新建收藏夹

    编辑收藏夹

    20