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在所有反收购案例中,毒丸(poisonpill)长期以来就是理想武嚣。毒丸计划是美国著名的并购律师马丁·利普顿(Martin Lipton)1982年发明的,正式名称为“股权摊薄反收购措施”。最初的形式很简单,就是目标公司向普通股股东发行优先股,一旦公司被收购,股东持有的优先股就可以转换为一定数额的收购方股票。在最常见的形式中,一旦未经认可的一方收购了目标公司一大笔股份(一般是10%至20%的股份)时,毒丸计划就会启动,导致新股充斥市场。一旦毒丸计划被触发,其他所有的股东都有机会以低价买进新股。这样就天大地稀释了收购方的股权,继而使收购变得代价高昂,从而达到抵制收购的目的。美国有超过2000家公司拥有这
The poisonpill has long been the ideal weapon of all anti-takeover cases. The poison pill program was invented by Martin Lipton, a famous U.S. M & A lawyer, formally known as the “Dilution of Anti-Share Repurchase Scheme.” The initial form is very simple, that is, the target company issues preferred shares to common shareholders. Once the company is acquired, the preferred shares held by shareholders can be converted into a certain amount of acquiring shareholders’ shares. In the most common form, once an unauthorized party acquires a large stake in a target company (typically 10% to 20%), the poison pill program will be activated, resulting in flooding the market with new shares. Once the poison pill program is triggered, all other shareholders have the opportunity to buy new shares at a low price. This greatly dilutes the acquirer’s equity, thus making the acquisition costly, so as to achieve the purpose of boycotting the acquisition. More than 2,000 companies in the United States own this