收购兼并
联交所的自由裁量權
上市规则中对反收购行动(“RTO”)的界定为联交所提供了非常宽泛的自由裁量权,以决定计划交易是否规避了上市规定且应被视为反收购行动。
实质上属于借壳上市但严格来说并不归入上述的交易仍可能被视作反收购行动,而须符合《上市规则》的规定。
例如,联交所在2009年10月的上市决策75-1中便行使了自由裁量权。该上市决策涉及长期被停牌的公司(「甲公司」)。在停牌前,甲公司及其附属公司(「集团」)主要从事树苗及树种的培育、销售及买卖。甲公司与第三方协定出售其于附属公司的全部权益(「有关出售」),在有关的时间,集团的主要业务是由附属公司进行,而有关出售构成甲公司一项非常重大的出售事项。
作为复牌建议的组成部分,甲公司将订立以下的其他交易及安排:
- 股本集资;及
- 以现金代价向独立第三者的卖方收购(「有关收购」)若干服务式住宅及安老院业务 (统称「新业务」)。
自完成有关出售之后,集团已停止经营其原有的主要业务。甲公司打算重点发展新业务。
公司辩称尽管根据计算出来的百分比率,有关收购将是非常重大的收购事项,且有关收购不会致使其实际控制权有所变动,故不构成反收购行动。
联交所持不同意见。根据规定,尽管交易实质上属于借壳上市而且不属于上述的情形,但仍可能被视作反收购行动。这取决于:
- 集团已出售附属公司。自此以后,其已不再保留任何重大的营运资产,并已停止进行任何原有的主要业务。甲公司实质上是一家上市壳公司。
- 有关收购构成意图达致新业务上市的连串交易及安排的其中一部分。
- 有关收购将构成甲公司的一项反收购行动,甲公司将被视作新上市申请人处理。
注意上市规则不再就RTO规则包含「上市资产」的例外,即允许把资产注入上市发行人的交易,若该等资产或其中的大部分已上市,则尽管该交易属非常重大收购事项,亦可被减少为主要交易。重要的是,这意味着该项交易须获得股东批准,但不会被视为新上市,即使该等资产的注入将会引起大多数控制权的变动。
撤销上市资产为重组不良公司带来重大影响。在此背景下,控制权变动及挽救企业的主要路径之一是注入上市资产。撤销这特例后,几乎任何导致控制权变动的资产注入均将会被视作反收购行动。
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