Chapter 2 - Process, Approaches and Regulatory Considerations
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Transcript of Chapter 2 - Process, Approaches and Regulatory Considerations
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8/14/2019 Chapter 2 - Process, Approaches and Regulatory Considerations
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Chng IIChng
II
Quy trnh, Phng thcQuy trnh, Phng thc
v Khung php l ca hotv Khung php l ca hotng mua bn, sp nhpng mua bn, sp nhp
GV. Nguyn Hng HipKhoa Ti chnh Hc vin Ngn hng
Email: [email protected]
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Ni dung chnhNi dung chnh
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Quy trnh ca mt thng vQuy trnh ca mt thng v
Giai on 1Giai on 1 Giai on 2Giai on 2 Giai on 3Giai on 3 Giai on 4Giai on 4
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Quy trnh ca mt thng vQuy trnh ca mt thng v(tip)(tip)
NGLC
KHINGD N
NGHINCU
KH THIR SOT,NH GI
SONTHOHP
NG
K KTTHC
HIN SPNHP
TNGKT
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Vai tr ca t vnVai tr ca t vn
Vai tr chung:Cung cp thng tin y v khch quanTr gip v th tc php lH tr qu trnh m phn
T
VN CHIN LCT VN
MUA BN SP NHPT
VN THC HIN
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Vai tr ca t vnVai tr ca t vn (tip)(tip)
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Vai tr ca t vnVai tr ca t vn (tip)(tip)
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Nhn lc cho t vnNhn lc cho t vn
Nhn vin ni bNhn vin ni b
u im
Nhc im
Thu ngoiThu ngoi
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Ph t vnPh t vn
Ph t vn c tnh trn c s no?
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Ph t vnPh t vn (tip)(tip)
Cng thc tnh ph ca Lehman Brothers 5-4-3-2-1:
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Ni dung chnhNi dung chnh
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Cc phng thc thc hin M&ACc phng thc thc hin M&A
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ngh thu ngh thu(bear hug/tender offer)(bear hug/tender offer)
Cng ty mua ngh c ng cng ty mc tiu bn li c phn vi mc
gi cao hn gi th trng (premium price).
Gi cho thu phi hp dn vi a s c ng
C th thng qua BH cng ty mc tiu (bear hug) hoc khng (tenderoffer)
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KhKh nng xy ra nng xy ra
Ban iu hnh cng ty mc tiu chp thun
Ban iu hnh cng ty mc tiu khng chp thun ngn chn: Thuyt phc c ng gi li c phiu ca mnh
Tm bo tr ti chnh a ngh thu cao hn
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CCc loi ngh thuc loi ngh thu
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Ngn sch cho ngh thuNgn sch cho ngh thu
(1) S dng thng d vn;
(2) Huy ng vn t c ng hin hu:
Tr c tc bng c phiu
Pht hnh c phiu
Pht hnh tri phiu chuyn i
(3) Vay t cc qu u t, cng ty tichnh
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u v nhc imu v nhc im
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Cc phng thc thc hin M&ACc phng thc thc hin M&A
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y quyn hnh ngy quyn hnh ng(Proxy fights )(Proxy fights )
Cng ty mua li dng s bt mn ca mt nhm c ng cng ty mctiu li ko h
p dng trong cc v thn tnh th ch (hostile takeover)
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Trnh t thc hinTrnh t thc hin
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u v nhc imu v nhc im
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V d minh haV d minh ha
31$ per stock(total44,7bil $)
33$ per stock(total47,4 bil $)
Steve Ballmer Jerry Yang
Carl Icahn
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Cc phng thc thc hin M&ACc phng thc thc hin M&A
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Thng lng t nguynThng lng t nguyn(Voluntary Agreement)(Voluntary Agreement)
Hai cng ty thng nht tham gia thng v trn c s c licho c i bn
Thng tri qua mt qu trnh
m phn gia 2 bn
p dng cho cc v sp nhp,
hp nht, mua li thn thin
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Thng lng t nguynThng lng t nguyn
Bn mua/bn nhn sp nhp c th trao i c phiu thayv tr bng tin mt.
p dng: ngh thu c BH cng ty mc tiu chp nhn 1 cng ty khnh kit tm i tc mua li trnh b ph sn
2008
1998
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u v nhc imu v nhc im
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Cc phng thc thc hin M&ACc phng thc thc hin M&A
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Thu gom c phiu trn TTCKThu gom c phiu trn TTCK(Stock Collecting)(Stock Collecting)
Cng ty mua gom dn c phiu ca cng ty mc tiu:
Thng qua giao dch trn th trng chng khon
Mua li ca cc c ng chin lc hin hu
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u v nhc imu v nhc im
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V d minh haV d minh ha
35,4%(2005)
51%(2008)
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Cc phng thc thc hin M&ACc phng thc thc hin M&A
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Mua li ti snMua li ti sn(Asset Acquisitions)(Asset Acquisitions)
Cng ty mua mua ti sn thay v mua c phiu cng ty mc tiu
p dng:Cng ty mua ch mun mua mt ti sn no ca cng ty mc tiu
Cng ty mua khng mun gnh cc khon n ca cng ty mc tiu
TS NV
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Mua li ti sn cng tyMua li ti sn cng ty
Mang tnh thn thin Cng ty mua thng khng mun dng c phiu ph thng mua
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u v nhc imu v nhc im
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Ni dung chnhNi dung chnh
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Chin thut chng thn tnhChin thut chng thn tnh
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Lm gim tnh hp dnLm gim tnh hp dn
v Nng cao kh nng qun l hiu qu, thc hin cc d n u t hiuqu gim lng tin mt d tha + tng cng quy m DN.
v Tng n by ti chnh (s dng vn vay mua li c phiu)
v p dng chng trnh c phiu cho nhn vin tng t l c phn caBH
v Tng cng t l thanh ton c tc bng tin mt;
v p dng cc iu khon quy nh lin quan n thay i quyn s hu:DN phi thanh ton cc khon n khi xy ra cc s kin M&A
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Cc bin php gy tr ngiCc bin php gy tr ngi(poison pill)(poison pill)
v Quy nh hn mc biu quyt ti a i vi mt c ng bt k t l nmgi c phiu ca h l bao nhiu;
v Quy nh vic thanh ton tin tr cp tht nghip ln cho cc thnh vinBH trong trng hp h mt vic do M&A;
v Pht hnh chng khon phng nga (poison securities) vi ccquyn c bit gip DN t v.
q C phiu phng nga(poison share)
q Tri phiu phng nga(poison bond)
v Classified board: quy nh c cu hi ng qun tr theo kiu an xen.
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Cc bin php phng nga th ngCc bin php phng nga th ng
Lady Macbeth
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Ni dung chnhNi dung chnh
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Khung php l ca M&AKhung php l ca M&A
USAUSA VietnamVietnam
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Lut php Hoa KLut php Hoa K
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Cc lut chng khon chnhCc lut chng khon chnhca Hoa Kca Hoa K
q o lut chng khon 1933 (SA) sa i nm 1975
q o lut trao i chng khon 1934 (SEA)
q o lut v cng ty c phn trong lnh vc cng cng 1935 (PUHCA)
q o lut v y thc 1939 (TIA)q o lut v cng ty u t 1940 (ICA)
q o lut v t vn u t 1940 (IAA)
q o lut v bo v nh u t chng khon 1970 (SIPA)
q
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p dng cc o lut chng khonp dng cc o lut chng khon
Cc quy nh v ngh thu - o lut Williams (1968)
Quy nh v giao dch ni b
Cc quy nh v cng khai thng tin
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o lut Williamso lut Williams
Do Thng ngh s Harrison Williams khi xng nm 1965 Tr thnh lut nm 1968 Mc ch: bo v c ng cng ty mc tiu trc mt v sp nhp di
hnh thc ngh thu. C th: Cung cp nhiu thng tin trong qu trnh tip qun cc c ng cng ty mc
tiu c th nh gi cc ngh gi tt; Yu cu c mt thi hn ti thiu bt buc phi cng khai ngh thu, do str hon c vic thc hin ngh thu;
Cho php cc cng ty mc tiu c quyn kin cc cng ty tham gia thu
Mt s im ng ch :
Bo co khi t ngng 10%, n 1970 h xung 5% Cng ty mua phi cung cp k hoch kinh doanh hu sp nhp cho cc bn lin
quan BH cng ty mc tiu phi khch quan trc li ngh thu
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Quy nh v giao dch ni bQuy nh v giao dch ni b
q o lut trao i chng khon 1934 (SEA) Quy tc 14(e)-3: Cm cc giao dch v chng khon trn c s cc thng
tin khng cng khai trong khun kh cc ngh thu. Quy tc 10(b)-5: Vic s dng bt k phng thc hay cng c thng
mi gia cc bang, hoc s dng th t, trang thit b ca bt k
TTCK quc gia no lm nhng vic sau y s b coi l tri phplut: p dng bt k phng sch, mu k hoc th on no gian di a ra thng tin sai lch v mt thc t hoc b qua vic khai bo v mt
thc t cn thit. tham gia vo bt k hnh ng gian ln hoc di tr lin quan n vic mua
hoc bn mt chng khon no .
q o lut trng pht giao dch ni b 1984: Nhng ngi mua bnthng tin cha c cng khai c th b buc phi np li khon linhun phi php v tr mc pht gp ba ln s tin m h thu cnh cc hot ng phi php ca mnh.
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Cc quy nh cng khai thng tinCc quy nh cng khai thng tin
Phn 16 ca SEA 1934 yu cu nhng ngi trong cuc c thm quynbo co tt c mi giao dch chng khon.
Cc yu cu cng khai ca TTCK
Quyt nh ca ta n Ti cao Hoa K 1988: Cng khai v cc cucthng lng sp nhp.
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Mt s v d tiu biuMt s v d tiu biu
V Texas Gulf Sulphur, 1965 V Investors Management, 1971 V Walton vs Morgan Stanley, 1980
V Raymond Dirks, 1982 V Chiarella, 1980 V Materia, 1982 V Combustion Engineering vs Basic Inc, 1976
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Cc chnh sch chng c quynCc chnh sch chng c quynca Hoa Kca Hoa K
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Cc ch s o tp trungCc ch s o tp trung
T phn doanh thu ca 4 cng ty ln nht > 20% iu tra
Ch s Herfindahl-Hirschman (HHI): = tng s cc th phnbnh phng ca tng cng ty trong ngnh.
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Khung php l ca Vit NamKhung php l ca Vit Nam
Lut chng khonLut chng khon
Ngha v vi nh u
Quy nh v cng b th