SYNOPSIS
For those who are interested in corporate mergers and acquisitions in China, the past two years were certainly unprecedented in terms of the number of deals completed, the amount of stake involved in these deals, as well as the sophistication instilled in their structuring. None of these, however, could be compared to an astounding wave of hostile takeover attempts which had almost been unknown to the Chinese capital market until its sudden appearance. Faced with relentless attacks from “barbarians” in the market, management of those presumably vulnerable targets quickly erected fences to entrench their positions. They deftly maneuvered existing legal mechanisms to their advantage, and swiftly borrowed defensive measures prevailing in other jurisdictions. By any means, Chinese regulators saw themselves dragged into this battle between hostile bidders and defensive targets with very little preparation. Apparently, they did not have a coherent stance regarding the takeover battles, at least in the initial days. As a result, we witnessed flip-flops in regulatory policies. Over time, however, Chinese regulators seem to come up with increasingly clear policy orientation about hostile takeover attempts and defensive efforts. At the same time, substantive legal rules regulating the takeover battles are still largely in absence.
In this seminar, Prof Zhang will first briefly introduce the overall picture of corporation mergers and acquisitions in China, as well as the general background underlying the surge of hostile bids in recent years. Prof Zhang will use two representative cases, Baoneng’s hostile bid for Vanke and Zuig Investment’s tender offer for Zhenxing Biopharmaceutical & Chemical Co., to illustrate the offensive and defensive strategies employed by both sides in the unique Chinese institutional environment. Also seen in this illustration is the evolvement of regulatory attitude toward mergers and acquisitions in general and hostile takeover attempts in particular. Prof Zhang will further extend the discussion to charter amendments by other public companies to install so-called shark repellents, i.e. takeover defense measures embedded in corporate charters in advance. Finally, Prof Zhang will present certain regulatory proposals to scrutinize takeover defenses in China.
FEES
a. Seminar fee
Seminar fee of S$150* (inclusive of GST) applies.
b. Group discount fee
Group discount fee of S$135* (inclusive of GST) applies if there are at least 10 participants from the same organisation.
c. SMU Alumni fee (for LLB / JD / LLM graduates)
Seminar fee of S$135* (inclusive of GST) applies for SMU LLB / JD / LLM Alumni.
*Please note that there will be no refund of any fees paid should the participant cancel the registration/ fail to attend the seminar. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email: smulawacademy@smu.edu.sg, by 9 March 2018.
SMU School of Law reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of seminar fees paid.
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Registration closes on 9 March 2018, subject to availability of seats.
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DATE
16 March 2018 (Friday)
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TIME
2:30 PM - 4:45 PM
(Registration starts from 2:15 PM)
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VENUE
Singapore Management University
School of Law
Level 3, Seminar Room 3.09
55 Armenian Street
Singapore 179943
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PUBLIC CPD POINTS
2 points (provided SILE's CPD Attendance Policy is complied with)
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PRACTICE AREA
Corporate/ Commercial
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TRAINING LEVEL
Foundation
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LOCATION MAP
Click HERE for map
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PROGRAMME
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| 2:15 PM |
Registration |
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| 2:30 PM |
Seminar (Part 1) commence |
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| 3:30 PM |
Tea Break |
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| 3:45 PM |
Seminar (Part 2) commence |
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| 4:45 PM |
End of Event |
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