Tender offer is the most important form of acquisition in the securities markets of various countries, and it achieves the goal of controlling the target company by publicly issuing an offer to all shareholders.
Its biggest feature is that all shareholders make their own choices on the basis of equal access to information, so it is regarded as a completely market-oriented and standardized acquisition model, which is conducive to preventing all kinds of insider trading and protecting the interests of all shareholders, especially small and medium-sized shareholders.
Tender offer includes two types: partial voluntary offer and comprehensive compulsory offer. Partial voluntary offer means that the acquirer determines the proportion of shares to be acquired according to the total share capital of the target company, and makes an offer to all shareholders of the target company within this proportion. When the number of pre-accepted offers exceeds the number of purchasers, the purchasers shall purchase the shares of pre-accepted offers in the same proportion.
Enterprise Stock Index The shares formed by an enterprise legal person or a public institution or social organization with legal personality, which invests its legally operable assets in the unlisted circulating shares of the Company. At present, in the ownership structure of listed companies in China, legal person shares account for about 20% on average. According to the subscribers of legal person shares, legal person shares can be further divided into three parts: domestic legal person shares, overseas legal person shares and legal person shares. C shares mentioned in the daily stock market are legal person shares transferred by agreement.