在美国上市的中国公司如何实现私有化？

2011年，对在美国通过RTO上市的企业，是灾难的一年。16只被质疑财务造假的中国RTO股票在被大幅做空后而停牌，多家美国律师事务所宣布对中国企业进行调查并发起集体诉讼，美国证监会列出了170多个借壳上市的黑名单，其中大多数是中国企业。美国上市的中国企业可谓四面楚歌，情景堪

美国上市的中国企业被推向了风口浪尖，此时应该何去何从？私有化显然是一种不错的选择。本文对私有化交易的实现方式，私有化的优缺点，美国监管机构的关注重点等问题进行了深入浅出的论述，希望对决定采用私有化方式离开美国资本市场的中国企业有所帮助。

RE: Going Private Transactions

主题：私有化交易

This Memorandum explores the various ways that a public company can go private and outlines the potential benefits and disadvantages of these types of transactions.

本文旨在探讨公众公司实现私有化交易的多种方式，以及这种交易的潜在优点和缺点。

What is a “Going Private” Transaction?

什么是“私有化”交易？

A company is considered by the Securities and Exchange Commission (the “SEC”) to be going private when a transaction would either result in its public securities being held of record by fewer than 300 persons or cause any class of its securities to be de-listed from a national securities exchange or removed from an inter-dealer quotation system of a national securities association, such as Nasdaq. Going private transactions may take many different forms, most typically through (i) a cash tender offer by a newly formed company, (ii) a “cash out merger” of the company with a newly formed company or (iii) a reverse stock split, often accompanied by a self-tender by the company for its own shares.

当一家公众公司登记的权益证券持有人不足300人，或者从全国性证券交易所或全国证券协会中间交易商报价系统（例如纳斯达克）下市或不再报价，美国证券交易委员会（以下简称“SEC”）将会认为这一家公司实现了私有化。私有化交易可以通过不同的方式实现，主要包括以下几种情形：（i）由新成立的公司现金要约收购；（ii）由新成立的公司现金排挤合并；（iii）反向股份分割，通常伴随着公司就其持有公司权益证券的自我要约。

Going private transactions are governed by Rule 13e-3 under the Securities Exchange Act of 1934, in addition to laws and regulations applicable to the specific type of transaction. For example, a cash tender offer by the majority stockholder of a public company would be subject to standard tender offer rules and disclosure requirements under Schedule 14D, as well as Rule 13e-3.

私有化交易主要受1934年证券法案规则13e-3的约束，此外一些专门的交易还受其他适用的法律、法规的约束。例如，公众公司大股东发起的现金要约收购除需要满足规则13e-3的要求外，还需要满足14D表就标准要约邀请规则和信息披露的要求。

Potential Advantages of Going Private

私有化交易的潜在优点

Because a going private transaction results in a company no longer being subject to the periodic filing requirements of the SEC, going private can result in a significant reduction in legal and accounting costs and the elimination of major internal costs related to SEC compliance, including senior management time spent on compliance.

由于私有化交易使得公司不再受制于SEC定期信息报告的要求，私有化可以大幅度的减少公司律师费用、审计费用的指出，同时消除为了符合SEC要求而做出的内部牺牲，例如公司高级管理人员为就合规问题作出的时间牺牲。

Other possible advantages include the following:

同样存在着其他潜在的优点，如下：

realizing the full value of a company where the public market does not adequately value the company and enhancing the company’s ability to pursue outside financing based on cash flow, revenue projections and cash balance rather than on a possibly undervalued stock price;

当公开市场不能准确的反应公司的价值时，实现公司的价值；不采用被低估了的股票价格，而是依赖于公司的现金流、收入预测、现金收支，有利于提高公司在公开市场外的融资能力。

allowing management to focus on long-term goals and objectives, rather than short-term management of market expectations;

使得管理层能立足于长期的目标，而不是短期的实现市场预期。

removal of the company’s operations from public scrutiny and minimization of the need to disclose sensitive information that competitors can utilize;

使得公司不再受制于公众监管，能减少公司披露可为竞争者使用的敏感信息。

increased knowledge of and control over the company’s stockholder base, and reduction in the cost of servicing the remaining, smaller stockholder group;

增加了对股东群体的认识和掌控，减少了服务私有化后的股东群体（相较小的股东群体）的成本。

additional corporate governance flexibility;

增加公司治理的灵活性。

and providing stockholders who are not part of the acquisition group with an opportunity to maximize the value of their stock in a depressed market.

为不是并购群体中的其他股东提供在萧条的公开市场最大程度实现其持有权益证券价值的机会。

Potential Disadvantages of Going Private

私有化交易的潜在缺点

There are many disadvantages to going private. First of all, going private transactions can be costly. A stockholder or affiliate group seeking to acquire the entire equity interest in a company will have to hire lawyers to prepare and file a Schedule 13e-3 and other applicable disclosures with the SEC and to draft documents providing information to stockholders. The acquirer will also have to pay fees to accountants and financial advisers, financing fees for the transaction, printing costs, and any costs of litigation from current stockholders and/or the company. The potential for litigation can be decreased if the target company sets up an independent committee to negotiate the transaction, as discussed below, but litigation should be anticipated if not expected, especially if the transaction value is significant. As discussed below, Delaware courts employ a heightened level of judicial review in going private transactions. In addition, the SEC carefully reviews going private transactions, viewing them as one-sided, and typically does an extensive review of filings made in connection with these transactions. These and other costs associated with going private transactions may be very quite significant.

私有化交易存在很多缺点。首先，私有化交易花销很大。一个股东或一个股东群体试图收购一家公司的整体利益时，需要雇佣律师准备并向SEC递交13e-3表以及其他要求的披露资料，同时撰写向其他股东披露信息的文件。并购方同时需要支付会计师、财务顾问的费用，交易的融资费用，打印费，以及潜在的诉讼费用（如果公司股东或公司提起诉讼）。如果目标公司设立独立的委员会磋商交易，诉讼风险可以降低，下文会进一步探讨这一问题。但是诉讼的风险即便是不希望的，也是应该有所预测的，尤其当交易价值很大时。如下文将会讨论的那样，在特拉华州，私有化交易受到很严格的法院审查。此外，SEC审查私有化交易时是具有片面性的，一般会就与交易相关的所有报告，进行很彻底的审阅。以上的支出以及其他与私有化交易相关的支出将会是巨大的。

Other factors may weigh against a going private transaction. Most significantly, there will no longer be a public market for a company’s stock which will:

私有化还有其他较为严重的缺点，可能会阻止决策者决定实行私有化交易。最主要的是，由于公司的权益证券将不能再在公开的市场进行交易，这将导致：

reduce liquidity for the remaining shareholders;

降低剩余股东持有权益证券的流动性；

limit the company’s ability to access capital markets to raise money;

降低公司通过公开市场融资的能力；

impact the company’s ability to make acquisitions utilizing its stock as currency; and

影响公司通过使用其股票作为支付手段进行收购的能力；以及

reduce the attractiveness of stock-based incentive plans to employees.

降低公司以股票为基础的员工激励方案的吸引力。

Alternative Approaches to Going Private Transactions

私有化交易的其他途径

There are several ways that a stockholder or affiliate group may acquire a public company in a going private transaction. One popular approach is to pursue a tender offer, either with or without the prior approval of the target’s board of directors. A tender offer for the target company’s stock by the acquirer followed by a short-form merger is a commonly used method because, if at least 90% of the outstanding shares are tendered by target’s stockholders, the acquirer may be able to complete the going private transaction without a vote of the target company’s minority stockholders. However, if the target board of directors does not support the tender offer by the acquirer, the tender offer may be perceived negatively by the target’s stockholders and may not be successful. Tender offers should be subject to a non-waivable requirement that a majority of the shares held by the minority stockholders must be tendered in the offer in order to avoid litigation risks. Another advantage to using a tender offer is that such a transaction may allow the acquirer to set the terms of the transaction without having to prove its fairness in a subsequent litigation, as discussed further below.

一个股东或一个股东群体可以通过多种方式实现公众公司的私有化交易。最常用的方式是要约收购，这种方式不论是否获得目标公司董事会的前置许可，均可实行。并购方就目标公司的股票作出要约收购后，往往伴随着简易合并，因为如果目标公司的股东已经转让其90%的股份，并购方可以不经过目标公司小股东的投票，直接完成私有化交易。然而，如果目标公司的董事会不支持要约收购，目标公司的股东将不会积极的接受要约收购，从而导致收购失败。为了避免潜在纠纷，要约应当不可撤销受“小股东多数同意出售股份”的约束。要约收购的另一个优点是，并购方可以自行设置交易的条款，并且在实体诉讼中无需证明其公平性，这一点将在下文讨论。

An acquirer in a going private transaction may also decide to acquire target’s stock through a merger, rather than a tender offer. In this case, the acquirer would engage in direct negotiations regarding the transaction with a special independent committee of the target’s board of directors and enter into a merger agreement with the target. The merger would then require the approval of the majority of the stockholders of the target. As further described below, the parties should require that the transaction be approved by a majority of the minority stockholders in order to reduce the litigation risks.

并购方可能决定采用并购，而不是要约收购的方式实现私有化交易。在这种情况下，并购方会直接就交易事宜与目标公司董事会的特别独立委员会磋商，并与目标公司达成并购协议。并购事宜需要获得目标公司绝大多数股东的同意。在下文中会继续讨论，为了降低诉讼的可能性，各方就并购事宜应当获得小股东的多数同意。

A company may also use a reverse stock split to reduce the number of stockholders of record to below the applicable threshold, suspending the company’s SEC filing requirements. If the acquirer’s interest in the company is larger than any other unaffiliated holder, the acquirer may attempt to execute a reverse stock split, in which the corporation issues one new share in exchange for a number of old shares in excess of the largest unaffiliated block of shares. Completion of a reverse stock split involves cash payments for unaffiliated holders in lieu of fractional shares, generally without the availability of appraisal rights for such stockholders. However, because the charter of the target company must be amended, a reverse stock split requires approval by holders of a majority of the company’s stock. Also, if the number of stockholders of record were to increase above the applicable threshold at some later date because stockholders sell their securities or begin holding their shares directly, as opposed to holding them through a bank or nominee, the company would once again be obligated to satisfy reporting obligations under the Exchange Act.

公司也有可能采取反向股份分割的方式降低登记的股东人数，使得股东人数低于SEC的要求，从而无需继续递交信息报告。如果并购方在公司的权益大于其他任何非关联股东，并购方可以实行反向股份分割，发行新的股票，合并之前几份旧的股票，同时，这一份新的股票数额将超过最大的非关联股东持有的权益。反向股份分割的完成将会涉及向非关联股东现金支付换取其由于反向分割被打碎的股份，在这种情况下，非关联股东没有评估请求权。然而，在这种情况下，目标公司的章程需要修改，所以反向股份收购需要获得公司大多数股东的同意。同样，如果在今后的运营中，公司登记的股东人数超过SEC的门槛，例如股东出售其股票或直接持有其股票而不是通过银行或委托人持有，公司将需要再一次履行其在交易法案项下的报告责任。

Going private transactions generally require significant financing. Such financing may be in the form of debt secured by the assets of the target company. The transaction may also be financed by selling common or preferred stock to private equity firms looking to invest in the resulting private company, but care must be taken to limit the number of purchasers so that a public company is not inadvertently created.

私有化交易往往需要大量的融资。这种融资往往是以目标公司的资产为担保的借贷。也有可能是通过向私募投资机构（有兴趣投资私有化后的非公众公司的投资机构）出售普通股或优先股实现融资的目的。但是在这一过程中，需要注意投资者的数目，不要不经意的创造一个公众公司。

Candidates for a Going Private Transaction

进行私有化交易的候选人

Given the time, money and effort going private transactions require, the decision to take a public company private should be made carefully. Good candidates for going private transactions are companies with:

考虑到私有化交易需要的时间、金钱和精力投入，是否进行私有化交易需要慎重的抉择。进行私有化交易的公司需要具备以下条件：

enterprise value that is a single-digit multiple of their EBITDA;

公司价值是扣除利息、税收、折旧和摊销之前收益的单位倍数；

strong cash flow projections or cash on the balance sheet with low stock price or trading volume;

资产负债表上的现金流预测和现金都不错，但是股价和交易量都较低；

adequate debt capacity to complete the transaction;

就完成交易有充足的负债能力；

strong management;

强大的管理；

earnings volatility causing frequently missed analyst projections;

收入的波动性导致分析预测存在经常性的缺失；

lack of access to public markets for cash or credit; and

缺乏进入公开市场获得现金或信用的途径；

an inability to make strategic acquisitions due to dilution concerns.

出于被稀释的担忧而无法进行策略性合并。

There is no specific formula to determine whether a going private transaction is right for a particular company, but any company burdened by a combination of any of these factors might want to consider going private.

没有什么特别的标准可以衡量一家公司是不是适合私有化交易，但是任何一个具有上述条件或负担的公司均可以考虑私有化交易。

Legal Scrutiny of Going Private Transactions

私有化交易的法律审查

Depending on the structure and size of the transaction and the source of financing, the risk that the going private transaction will attract litigation from minority stockholders varies but is generally substantial. Should the plaintiffs prevail, the court may grant an equitable remedy such as rescission or punitive damages. However, an equitable remedy is typically not granted unless the court finds fraud, self-dealing or other misrepresentation on the part of the defendants.

不同的私有化交易结构、规模和现金来源，吸引小股东发起诉讼的可能性也不尽相同，但是其可能性都是很大的。如果原告获胜，法院可能赋予衡平救济，例如撤销私有化交易或惩罚性赔偿。然而，一般情况下，除非发现被告存在欺诈、自我交易或者误导等情形，法院是不会采用衡平救济的。

Going private transactions have been subject to two different standards of review, depending on the type and structure of the transaction. The “entire fairness” standard requires that the target board of directors show proof of fair dealing and inherent fairness of the transaction to the company’s stockholders. The burden of proof is on the board of directors of the target to establish that the transaction is inherently fair to its stockholders. By contrast, the “business judgment rule” presumes that parties having a fiduciary duty to the company acted in the best interests of the company unless there is a showing of self-dealing, or uninformed or irrational decision making by such parties.

基于不同交易的类型和结构，私有化交易受制于两个不同的审查标准。“完全公平标准”要求目标公司的董事会证明交易公平，以及交易的本质对股东是公平的。证明责任在于目标公司董事会，证明交易是公平的以及从本质上对股东是公平的。与之相反，“商业判断规则”假定由于交易各方对公司具有忠诚义务，其行为均会满足公司的最佳利益，除非有证据证明交易方存在自我交易，或者交易方作出未通知的或不理智的决定。

In the case of going private transactions structured as mergers requiring stockholder approval, Delaware courts have typically applied the more onerous entire fairness standard of review. There are certain procedural protections that the target and acquirer can take to shift the burden of showing that the transaction is unfair back to the minority stockholders, including establishing a special committee of independent directors to evaluate and approve the transaction. One recent Delaware case has intimated that the Delaware courts may begin to apply the more director-favorable business judgment rule to going private transactions effectuated by a merger if the merger is approved by both the target’s independent directors and a majority of the minority stockholders.[1]

在以并购方式实现私有化交易的案例中，特拉华州法院一般采用严格的“完全公平标准”。在这一标准项下存在包括建立特别独立董事委员会评判并批准交易等保护目标公司和并购方的程序性办法，从而将证明责任倒置于小股东证明交易是不公平的。一个最新的特拉华州案例暗示法院可能在将来，当目标公司独立的董事和小股东的大多数批准并购交易时，适用更倾向于董事的“商业判断规则”。

Delaware cases suggest that the business judgment rule will apply to a going private transaction effectuated by a tender offer followed by a short-form merger as long as the transaction is viewed as non-coercive.[2] These cases have found that if the transaction is approved by a majority of the minority stockholders and there has been full disclosure, the transaction will be so viewed and the “business judgment rule” will apply.

特拉华州的案例认为要约收购和简易合并实现的私有化交易，只要不存在强迫性，将会适用“商业判断规则”。这些案例认为交易如果为小股东的大多数同意，同时完全的进行了披露，将会适用“商业判断规则”。

When a going private transaction is challenged in court, the process of negotiation among the interested parties is viewed critically with regard to fiduciary duties and fair dealing. For this reason, the parties to a going private transaction must implement procedural safeguards during the negotiation. First, to avoid or discourage litigation, an independent committee of the board of directors of the target company composed solely of non-interested directors should be created to deal with offers by potential acquirers. Interested directors not on the independent committee should not take part in the negotiation process. Second, the independent committee should retain independent legal counsel and financial advisers to evaluate offers. The use of an independent committee and an independent financial adviser will often result not only in a higher negotiated purchase price for the minority stockholders but also reduce the appearance of improper dealing. The independent committee should obtain a fairness opinion from an independent investment bank with respect to the consideration. The independent committee should thoroughly document all meetings, negotiations and discussions, noting that this documentation, as well as any board books, memos, background materials and the like, will likely be disclosed to the SEC.

当一个私有化交易被起诉时，关联方之间的磋商将会被认为十分重要，尤其各方在这一过程中是否尽到自己的忠诚责任，以及交易是否公平。所以，私有化交易的各方在磋商时必须满足所有程序性要求和保障。首先，为了避免或者降低诉讼的可能性，目标公司应该成立独立的董事会委员会，处理潜在并购者的要约，该委员会应当由没有利益关系的董事组成。没有在独立委员会担任职务的有关联的董事不应该参与磋商过程。第二，独立委员会应该有独立的法律顾问和财务顾问，就要约进行判断。独立委员会和独立财务顾问的使用有利于提高小股东出售股份的价格，同时有利于降低不适当交易发生的可能性。独立委员会应该从独立的投资银行就交易对价公平性问题获得咨询意见。独立委员会应该全面记录所有会面、磋商、讨论，注意所有这些文件和董事会记录、备忘录、背景资料以及类似文件可能需要向SEC披露。

If possible, approval of a merger transaction by a vote of a majority of the minority stockholders also helps to reduce any charges of unfairness to the minority stockholders, or, in the case of a tender offer, the tender offer is subject to a non-waivable requirement that the majority of the shares held by minority stockholders are tendered. These conditions are often required by an independent committee as a condition to approving or recommending a deal to the minority stockholders. It is important that the independent committee and the minority stockholders receive all material information, including any fairness opinion, before voting on the deal. Complete disclosure including financial projections, if they are available to the acquirer, will significantly reduce the risk of a finding of unfair dealing by the courts.

如果可能，为降低被指控对小股东不公平待遇，在并购交易时最好取得小股东大部分同意；在要约收购时，最好使得要约不可撤销受小股东多数同意出售股份的约束。独立的委员会一般会要求满足上述条件作为其同意或推荐与小股东交易的前提。独立委员会和小股东在就交易投票前，获得所有主要资料是非常重要的，这些资料包括任何关于公平性的意见。充分的信息披露包括财务预测，如果并购方获得该等资料，将会很大程度降低被法院认为是不公平交易的可能。

SEC Requirements and Scrutiny of Going Private Transactions

SEC就私有化交易的要求和审查

Acquirers in going private transactions must satisfy disclosure requirements pursuant to Rule 13e-3 under the Exchange Act, which is designed to protect minority stockholders in a going private transaction by requiring disclosure as to the fairness of the transaction and any related material information. The information contained in a Schedule 13e-3 filing includes:

并购方实行私有化交易必须满足交易法案规则13e-3项下的披露要求，这些规则通过向小股东充分披露交易的公平性和其他相关重要信息实现保护小股东的目的。13e-3表中包含的信息如下：

the terms of the transaction;

交易条款；

the post-transaction plans of the acquirer for the target company and its business;

并购方在完成交易后就目标公司及其经营的计划；

the source and amount of the funds used in the transaction;

交易资金的来源和数目；

the purposes and effects of the transaction as well as any alternatives to accomplish the stated purposes and effects;

交易的目的和效果以及实现该等目的和效果的替代方式；

a statement by the acquirer that it believes the transaction is fair to the minority stockholders and any factors supporting that belief;

并购方表示认为交易对小股东公平的陈述，以及支持该陈述的因素；

reports, opinions and appraisals by financial and legal advisers; and

财务顾问和法律顾问的报告、意见以及评估；以及

pro forma data regarding the effect of the transaction.

交易的影响预计数据。

In addition to the acquirer’s filing obligations, the target company may also have to file Schedule 13e-3 if its board of directors or a special committee of directors recommends the acquirer’s tender offer to stockholders. Because Rule 13e-3 was designed to protect minority stockholders, the disclosure regarding the fairness of a going private transaction is likely to receive close scrutiny from the SEC.

除了并购方的报告义务外，如果目标公司董事会或特别董事委员会向股东推荐了要约收购，目标公司可能也需要报送13e-3表。由于规则13e-3设计目的是为了保护小股东，就私有化交易的公平性披露极可能会受到SEC的严格审查。

The SEC reviews carefully filings made in connection with going private transactions, and companies can expect extensive comments and a long review period. Among other things, the SEC will review disclosures relating to valuation, fairness of the transaction price, transaction background and history, and the independence of directors and any independent committee recommending or approving the transaction.

SEC很仔细的审阅与私有化交易有关的所有报告，所以大量的审核意见和漫长的审核期是可以预计的。在所有问题中，SEC会审查就评估，交易价格的公平性，交易背景和历史的信息披露，以及推荐或同意交易的董事或独立委员会的独立性。

Other Potential Traps for the Acquirers and Targets

其他对并购方和目标公司的潜在限制

SEC disclosure requirements pose significant risks for parties to going private transactions. In particular, disclosure of the transaction is required as soon as the transaction commences, and the SEC often takes a broad view as to when this has occurred. Transactions in the target’s stock by members of the acquiring group that occur as much as two years prior to the public announcement of the transaction could be viewed as the beginning of a series of transactions that are the first steps in going private. In addition, if a group of senior executives has agreed in principle among themselves to make a proposal to acquire a public company, even if not in writing, there is a significant risk that the group has triggered filing requirements.

SEC信息披露要求使得私有化交易各方存在巨大风险。特别是交易一开始就需要进行信息披露，而SEC就交易何时开始采取较为宽阔的视野角度。并购方成员在公开宣布私有化交易前两年对目标公司股票的购买可能会被认为是一系列私有化交易的开始。此外，如果高层整体同意进行并购交易，虽然不是书面同意，也极有可能已经启动了信息报告程序。

Other issues related to public disclosure of the transaction include the following:

其他交易信息披露可能产生的问题包括：

public announcement of the transaction may put the company in play and result in third parties making bids at a higher price;

公开宣布交易将公司置于公开状况中，可能导致第三方提出更高的价格；

the SEC takes a broad view as to who is required to make filings, and equity sponsors, members of management, subsidiaries and other parties may be required to make filings; and

SEC就谁应该递交报告采取较为宽阔的视野角度，股本赞助人，管理层成员，子公司以及其他各方可能被要求递交报告；

nearly all materials relating to a fairness opinion rendered in connection with the transaction will be subject to disclosure, including handouts, drafts and discussion materials.

几乎所有的关于交易是否公平的意见都将要求披露，包括传阅文件，草稿以及讨论文件。

Typical Timeline for a Going Private Transaction

私有化交易的典型时间表

The following timeline assumes the going private transaction is structured as a cash tender offer followed by a short-form merger. In this transaction, the acquirer (the “Acquirer”) will form a wholly-owned subsidiary (the “Acquisition Sub”) to which it will contribute all shares of target company (the “Target”) stock held prior to the transaction in exchange for all the shares of the newly-formed subsidiary. The Acquisition Sub will initiate a cash tender offer for all of the shares of the Target not already held and this timeline assumes that at least 90% of the outstanding capital stock of the Target will be tendered or otherwise owned by the Acquisition Sub by the end of the tender offer period.

下文的时间表是立足于以现金要约收购和简易合并完成私有化交易的情况。在这种情况下，并购方会成立一家全资子公司，并将其目前在目标公司的所有股票用于置换这家全资子公司的股份。全资子公司将会发起要约收购，收购还未持有的目标公司股份。以下时间表假设目标公司90%的股份均被全资子公司收购或至少在要约收购结束时为全资子公司持有。

Date          Event

日期          事件

Day 1        Acquirer, having completed its due diligence, finalizes its transaction

(all days      strategy, including consideration of financing, tax, blue sky and

are U.S.      antitrust issues.

business      并购方已经完成其尽职调查，完成其交易策略，包括融资对价，

days)         税务、蓝天法和反垄断问题。

（所有日     Acquirer distributes 13e-3 Questionnaires to its directors and officers.

期均为美     并购方向其董事和管理人员分发13e-3调查问卷。

国工作日）   Acquirer’s board authorizes the proposal terms of the tender offer, and authorizes its officers to approach Target board and management with the proposed tender offer transaction.

             并购方的董事会批准要约收购的提议条款，并允许其管理人员接触目标公司董事会和管理层，就批准的要约收购提议条款进行探讨。

 

Day 3       Acquirer proposes the tender offer transaction to the independent

第3日       directors of Target; parties sign confidentiality agreement.

            并购方向目标公司独立董事提出要约收购，各方签署保密协议。

 

Day 5       Target board forms an independent committee of uninterested.

第五日      目标公司董事会成立非关联方独立委员会（“独立委员会”）。

 

Day 8       Independent Committee hires independent legal counsel and an

第8日       investment bank or valuation expert to evaluate terms of the proposed offer; Independent Committee may decide to “shop” for alternative transactions and parties.

            独立委员会聘请独立法律顾问和投行或评估专家评估要约的条款；

            独立委员会可以决定和其他第三方进行交易。

 

Days 8 –     Independent Committee and its advisers evaluate Acquirer’s proposal.

35          独立委员会及其顾问评估并购方的议案。

第8日至     Independent Committee negotiates terms of transaction with Acquirer.

第35日      独立委员会与并购方磋商交易条款。

            Investment banking firm or other valuation expert issues a fairness opinion.

            投行或其他评估专家提供其就公平性的意见。

 

Day 35       Independent Committee report is completed; Target board reviews

第35日       Independent Committee report.

             独立委员会的报告完成，目标公司董事会审阅报告。

             Acquirer/Acquisition Sub issues a press release announcing the transaction.

             并购方或其全资子公司组织新闻发布会宣布交易。

             Acquirer/Acquisition Sub files first Schedule TO with the SEC covering the press release announcing the transaction.

             并购方或其全资子公司向SEC就新闻发布会报告第一份TO表。

             Target distributes 14d-9[3] Questionnaires for its Directors and Officers.

             目标公司向其董事和管理人员发布14d-9调查问卷。

             Acquirer & Acquisition Sub’s boards approve the transaction and select dealer manager and depository, paying, and information agents.

             并购方及其全资子公司的董事会同意交易并挑选交易代理人，存托代理，付款代理，信息代理。

             Acquirer prepares tender offer materials.

             并购方准备要约收购材料。

             Acquirer and Target prepare any necessary antitrust of other regulatory filings.

             收购方和目标公司准备依据其他规定需要递交的反垄断材料。

 

Day 49       Acquirer/Acquisition Sub delivers final tender offer materials and

第49日       Target stockholder mailing labels to printer.

             并购方或其全资子公司提供最终的要约收购材料，目标公司股东向印刷商寄送其标号。

 

Day 50       Acquirer/Acquisition Sub files Schedules 13e-3 and TO[4] with the

第50日       SEC and Amendment to Schedule 13D[5].

             并购方或其全资子公司向SEC递交13e-3表和TO表以及13D表的修订版。

             Acquirer/Acquisition Sub mails tender offer materials to stockholders.

             并购方或其全资子公司向股东发送要约收购的资料。

             Acquirer/Acquisition Sub runs summary advertisement and issues press release.

并购方或其全资子公司进行广告并组织新闻发布会。

 

Days 50 –     Target files Schedule 14d-9 [6]with the SEC.

60           目标公司向SEC递交14d-9表。

第50日至

第60日

 

Days 51 –      Target litigates stockholder strike suits (if any).

Close         目标公司解决股东诉讼（如果有）。

第51日至      Acquirer/Acquisition Sub files amendments to Schedules 13e-3 and

交易结束      TO and Target files amendments to Schedule 14d-9 “promptly” as needed and disseminates additional material to Target stockholders as required.

              就需要，并购公司或其全资子公司递交就13e-3表和TO表的修正案，目标公司递交14d-9表的修正案，并按照要求向目标公司股东传阅补充资料。

 

Day 70        Closing of tender offer/purchase of shares.[7]

(“Close”)      要约收购或股份购买的结束。

第70日        Acquirer/Acquisition Sub issues press release regarding completion

（交易结      of tender offer.

束)           并购方或其全资子公司就要约收购结束发表新闻发布会。

              Acquirer board approves short-form merger.

              并购方董事会同意简易合并。

              Acquirer/Acquisition Sub closes merger transaction and files certificate of ownership and merger with Delaware Secretary of State; merger effective.

              并购方或其全资子公司结束合并交易，向特拉华州务卿递交所有权凭证和合并凭证，合并正式生效。

              Acquirer and Target issue joint press release announcing effectiveness of merger.

              并购方和目标公司共同组织新闻发布会宣布并购生效。

              Acquirer/Acquisition Sub files Form 15 with SEC deregistering Target’s stock under the Exchange Act, and de-lists Target stock from public exchange(s).

              并购方或其全资子公司向SEC递交15表，注销目标公司按照交易法案登记的股票，并从公开交易市场摘牌。

              Acquirer/Acquisition Sub mails letter of transmittal and notice of merger to former Target stockholders.

              并购方或其全资子公司向目标公司原股东寄送转送函和合并的相关通知。

              Payment agent pays for remaining shares as submitted by remaining stockholders.

              就剩余股东交付的剩余股票支付中介费用。

 

Day 71        Acquirer/Acquisition Sub files final amendment to Schedule 13e-3.

第71日        并购方或其全资子公司递交13e-3表的最后修正案。 

 

 

（注：本文英文部分为合作伙伴美富律师事务所著）

[1] See In re Cox Communications, 2005 Del. Ch. LEXIS 79 (Del. Ch. June 6, 2005).

  参见In re Cox Communications, 2005 Del. Ch. LEXIS 79 (Del. Ch. June 6, 2005).

[2] See In re Pure Resources, Inc. Shareholders Litigation, 808 A.2d 421 (2002); Glassman v. Unocal Exploration Corp., 777 A.2d 242 (2001); In re Siliconix Incorporated Shareholders Litigation, 2001 Del. Ch. Lexis 83 (2001).

参见In re Pure Resources, Inc. Shareholders Litigation, 808 A.2d 421 (2002); Glassman v. Unocal Exploration Corp., 777 A.2d 242 (2001); In re Siliconix Incorporated Shareholders Litigation, 2001 Del. Ch. Lexis 83 (2001).

[3] Schedule 14d-9 is a Solicitation Statement Under Section 14(d)(4) of the Exchange Act and must be filed by the target company in a tender offer for securities.

14d-9表是交易法案第14（d）(4)款规定的询价陈述，目标公司在证券要约收购中必须递交该表。

[4] Schedule TO is a Tender Offer Statement Pursuant to Rule 14d-1(b) of the Exchange Act and must be filed by a party making a tender offer for securities.

TO表是交易法案第14d-1(b)规则规定的要约收购陈述，当一方提出要约收购时必须递交该表。

[5] This assumes that Acquirer already owns shares of Target and has filed a Schedule 13D previously.

这里是假设并购方已经拥有目标公司的股份，并已经递交了13D表。

[6] Schedule 14d-9 must be filed by the target of a tender offer within 10 business days after dissemination of the tender offer materials to stockholders of the target corporation. In practice, however, the Schedule 14d-9 often is filed at the same time as the Schedule TO, so that the Schedule 14d-9 can be included in the mailing to stockholders made by the acquirer.

14d-9表需要在向股东发布要约收购资料后10个工作日内，由收购目标公司递交。但事实上，14d-9表经常和TO表一起递交，所以，并购方向股东寄送的资料中一般包括14d-9表。

[7] The tender offer must remain open for a minimum of 20 business days, or (if applicable) at least 10 business days from the date the consideration offered for shares or the percentage of a class of shares sought by the tender offer was adjusted during the offering period.

要约收购需要持续至少20个工作日，或者（如果使用）在要约期限内，自收购支付对价或要约收购的股份比例确定之日起10个工作日。