| Summary: | 我國公開收購之審議委員會制度，已實施約5年，規定審議委員會應審議收購案，並建議股東是否應賣。迄今（民國106年6月5日）應設置審議委員會之案件共計55起，其中有36起揭露股份轉讓合約，合約記載與該次收購相關之合約條款，為審議委員會於審議過程可得之資訊。合約約定之內容，將影響簽約雙方承擔之風險，過去亦有案例，顯示合約內容之重要性。透過分析36份股份轉讓合約及5起發生於國內之個案，本研究試圖瞭解合約之違約賠償條款如何影響審議委員會做成建議，以及標的公司之審議委員會及股東於收購案應注意之風險。本研究之結論有二：第一，當股份轉讓合約之違約賠償條款，能夠對風險做出因應時，審議委員會應表示正面意見。第二，標的公司之審議委員會及股東應注意之風險事項，計10項：
1. 公開收購說明書是否有揭露股份轉讓合約。
2. 股份轉讓合約是否有約定違約賠償條款。
3. 違約賠償條款之約定，是否能因應風險。
4. 標的公司之股權結構，是否過於分散或集中。
5. 公開收購人之真實身分，以及其是否與具爭議性人物有關係。
6. 公開收購人與標的公司經營理念之差異。
7. 若收購案牽涉其他主管機關核准，應考量主管機關核准時程。
8. 外界對於收購案之傳聞。
9. 公開收購案之性質，係水平、垂直或多角化經營；是否為跨國案件。
10. 公司過去營運事項及管理階層所作決策或提案，是否有不合理情事。
=== The new system of review committee of every public company shall under takes the responsibility to recommend to shareholders about whether to sell their shares in a tender offer has been implemented in Taiwan for five years. The review committee is comprise of all independent directors, they should investigate and review the tender offer before they make their suggestions: positive, negative, or netural. Up to now (June 5, 2017), 55 tender offer cases involve the suggestion from review committee. Among these 55 cases, 36 cases have disclosured share transfer contracts, the terms of the contract were available for the review committee and this research. The terms of the contract affect heavily the risks taken and return awarded by both parties, merit a thorough research but seldom done by previous research.The purpose of this thesis is to find out how the terms of contract affect the review committee’s recommendations. The term studied is damage for breach, this term is selected because its importance, it impact seriously the risks of the acquired company and its shareholders’ wealth.This study starts from analyzing 36 share transfer contracts and 5 tender offer cases in Taiwan, two observations obtain. First, the review committee should express positive recommedation when the terms of damage for breach of contract could response the risk. Second, the 10 risks the acquired company’s review committee and shareholders should pay attention are:
1. Whether the tender offer prospectus disclose the share transfer contract.
2. Whether the share transfer contracts have the terms of damage for breach of contract.
3. Whether the terms of damage for breach of contract could response the risks.
4. Whether the acquired company’s ownership structure is too fragmented or concentrated.
5. Whether the tender offeror is related to a controversial person and its real identity.
6. The different business philosophy between the tender offeror and the acquired company.
7. If the tender offer involves the approval of relevant competent authorities, the processing time of the approval should be concerned.
8. The rumors of the tender offer.
9. The nature of the tender offer is horizontal, vertical or diversified; whether it is a transnational case.
10. Whether both company's past operations and management decisions are unreasonable.
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