chapter 2 - process, approaches and regulatory considerations

8/14/2019 Chapter 2 - Process, Approaches and Regulatory Considerations

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Chng IIChng

II

Quy trnh, Phng thcQuy trnh, Phng thc

v Khung php l ca hotv Khung php l ca hotng mua bn, sp nhpng mua bn, sp nhp

GV. Nguyn Hng HipKhoa Ti chnh Hc vin Ngn hng

Email: [email protected]


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Ni dung chnhNi dung chnh


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Quy trnh ca mt thng vQuy trnh ca mt thng v

Giai on 1Giai on 1 Giai on 2Giai on 2 Giai on 3Giai on 3 Giai on 4Giai on 4


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Quy trnh ca mt thng vQuy trnh ca mt thng v(tip)(tip)

NGLC

KHINGD N

NGHINCU

KH THIR SOT,NH GI

SONTHOHP

NG

K KTTHC

HIN SPNHP

TNGKT


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Vai tr ca t vnVai tr ca t vn

Vai tr chung:Cung cp thng tin y v khch quanTr gip v th tc php lH tr qu trnh m phn

T

VN CHIN LCT VN

MUA BN SP NHPT

VN THC HIN


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Vai tr ca t vnVai tr ca t vn (tip)(tip)


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Vai tr ca t vnVai tr ca t vn (tip)(tip)


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Nhn lc cho t vnNhn lc cho t vn

Nhn vin ni bNhn vin ni b

u im

Nhc im

Thu ngoiThu ngoi


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Ph t vnPh t vn

Ph t vn c tnh trn c s no?


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Ph t vnPh t vn (tip)(tip)

Cng thc tnh ph ca Lehman Brothers 5-4-3-2-1:


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Cc phng thc thc hin M&ACc phng thc thc hin M&A


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ngh thu ngh thu(bear hug/tender offer)(bear hug/tender offer)

Cng ty mua ngh c ng cng ty mc tiu bn li c phn vi mc

gi cao hn gi th trng (premium price).

Gi cho thu phi hp dn vi a s c ng

C th thng qua BH cng ty mc tiu (bear hug) hoc khng (tenderoffer)


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KhKh nng xy ra nng xy ra

Ban iu hnh cng ty mc tiu chp thun

Ban iu hnh cng ty mc tiu khng chp thun ngn chn: Thuyt phc c ng gi li c phiu ca mnh

Tm bo tr ti chnh a ngh thu cao hn


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CCc loi ngh thuc loi ngh thu


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Ngn sch cho ngh thuNgn sch cho ngh thu

(1) S dng thng d vn;

(2) Huy ng vn t c ng hin hu:

Tr c tc bng c phiu

Pht hnh c phiu

Pht hnh tri phiu chuyn i

(3) Vay t cc qu u t, cng ty tichnh


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u v nhc imu v nhc im


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y quyn hnh ngy quyn hnh ng(Proxy fights )(Proxy fights )

Cng ty mua li dng s bt mn ca mt nhm c ng cng ty mctiu li ko h

p dng trong cc v thn tnh th ch (hostile takeover)


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Trnh t thc hinTrnh t thc hin


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V d minh haV d minh ha

31$ per stock(total44,7bil $)

33$ per stock(total47,4 bil $)

Steve Ballmer Jerry Yang

Carl Icahn


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Thng lng t nguynThng lng t nguyn(Voluntary Agreement)(Voluntary Agreement)

Hai cng ty thng nht tham gia thng v trn c s c licho c i bn

Thng tri qua mt qu trnh

m phn gia 2 bn

p dng cho cc v sp nhp,

hp nht, mua li thn thin


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Thng lng t nguynThng lng t nguyn

Bn mua/bn nhn sp nhp c th trao i c phiu thayv tr bng tin mt.

p dng: ngh thu c BH cng ty mc tiu chp nhn 1 cng ty khnh kit tm i tc mua li trnh b ph sn

2008

1998


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Thu gom c phiu trn TTCKThu gom c phiu trn TTCK(Stock Collecting)(Stock Collecting)

Cng ty mua gom dn c phiu ca cng ty mc tiu:

Thng qua giao dch trn th trng chng khon

Mua li ca cc c ng chin lc hin hu


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V d minh haV d minh ha

35,4%(2005)

51%(2008)


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Mua li ti snMua li ti sn(Asset Acquisitions)(Asset Acquisitions)

Cng ty mua mua ti sn thay v mua c phiu cng ty mc tiu

p dng:Cng ty mua ch mun mua mt ti sn no ca cng ty mc tiu

Cng ty mua khng mun gnh cc khon n ca cng ty mc tiu

TS NV


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Mua li ti sn cng tyMua li ti sn cng ty

Mang tnh thn thin Cng ty mua thng khng mun dng c phiu ph thng mua


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Chin thut chng thn tnhChin thut chng thn tnh


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Lm gim tnh hp dnLm gim tnh hp dn

v Nng cao kh nng qun l hiu qu, thc hin cc d n u t hiuqu gim lng tin mt d tha + tng cng quy m DN.

v Tng n by ti chnh (s dng vn vay mua li c phiu)

v p dng chng trnh c phiu cho nhn vin tng t l c phn caBH

v Tng cng t l thanh ton c tc bng tin mt;

v p dng cc iu khon quy nh lin quan n thay i quyn s hu:DN phi thanh ton cc khon n khi xy ra cc s kin M&A


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Cc bin php gy tr ngiCc bin php gy tr ngi(poison pill)(poison pill)

v Quy nh hn mc biu quyt ti a i vi mt c ng bt k t l nmgi c phiu ca h l bao nhiu;

v Quy nh vic thanh ton tin tr cp tht nghip ln cho cc thnh vinBH trong trng hp h mt vic do M&A;

v Pht hnh chng khon phng nga (poison securities) vi ccquyn c bit gip DN t v.

q C phiu phng nga(poison share)

q Tri phiu phng nga(poison bond)

v Classified board: quy nh c cu hi ng qun tr theo kiu an xen.


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Cc bin php phng nga th ngCc bin php phng nga th ng

Lady Macbeth


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Khung php l ca M&AKhung php l ca M&A

USAUSA VietnamVietnam


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Lut php Hoa KLut php Hoa K


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Cc lut chng khon chnhCc lut chng khon chnhca Hoa Kca Hoa K

q o lut chng khon 1933 (SA) sa i nm 1975

q o lut trao i chng khon 1934 (SEA)

q o lut v cng ty c phn trong lnh vc cng cng 1935 (PUHCA)

q o lut v y thc 1939 (TIA)q o lut v cng ty u t 1940 (ICA)

q o lut v t vn u t 1940 (IAA)

q o lut v bo v nh u t chng khon 1970 (SIPA)

q


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p dng cc o lut chng khonp dng cc o lut chng khon

Cc quy nh v ngh thu - o lut Williams (1968)

Quy nh v giao dch ni b

Cc quy nh v cng khai thng tin


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o lut Williamso lut Williams

Do Thng ngh s Harrison Williams khi xng nm 1965 Tr thnh lut nm 1968 Mc ch: bo v c ng cng ty mc tiu trc mt v sp nhp di

hnh thc ngh thu. C th: Cung cp nhiu thng tin trong qu trnh tip qun cc c ng cng ty mc

tiu c th nh gi cc ngh gi tt; Yu cu c mt thi hn ti thiu bt buc phi cng khai ngh thu, do str hon c vic thc hin ngh thu;

Cho php cc cng ty mc tiu c quyn kin cc cng ty tham gia thu

Mt s im ng ch :

Bo co khi t ngng 10%, n 1970 h xung 5% Cng ty mua phi cung cp k hoch kinh doanh hu sp nhp cho cc bn lin

quan BH cng ty mc tiu phi khch quan trc li ngh thu


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Quy nh v giao dch ni bQuy nh v giao dch ni b

q o lut trao i chng khon 1934 (SEA) Quy tc 14(e)-3: Cm cc giao dch v chng khon trn c s cc thng

tin khng cng khai trong khun kh cc ngh thu. Quy tc 10(b)-5: Vic s dng bt k phng thc hay cng c thng

mi gia cc bang, hoc s dng th t, trang thit b ca bt k

TTCK quc gia no lm nhng vic sau y s b coi l tri phplut: p dng bt k phng sch, mu k hoc th on no gian di a ra thng tin sai lch v mt thc t hoc b qua vic khai bo v mt

thc t cn thit. tham gia vo bt k hnh ng gian ln hoc di tr lin quan n vic mua

hoc bn mt chng khon no .

q o lut trng pht giao dch ni b 1984: Nhng ngi mua bnthng tin cha c cng khai c th b buc phi np li khon linhun phi php v tr mc pht gp ba ln s tin m h thu cnh cc hot ng phi php ca mnh.


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Cc quy nh cng khai thng tinCc quy nh cng khai thng tin

Phn 16 ca SEA 1934 yu cu nhng ngi trong cuc c thm quynbo co tt c mi giao dch chng khon.

Cc yu cu cng khai ca TTCK

Quyt nh ca ta n Ti cao Hoa K 1988: Cng khai v cc cucthng lng sp nhp.


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Mt s v d tiu biuMt s v d tiu biu

V Texas Gulf Sulphur, 1965 V Investors Management, 1971 V Walton vs Morgan Stanley, 1980

V Raymond Dirks, 1982 V Chiarella, 1980 V Materia, 1982 V Combustion Engineering vs Basic Inc, 1976


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Cc chnh sch chng c quynCc chnh sch chng c quynca Hoa Kca Hoa K


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Cc ch s o tp trungCc ch s o tp trung

T phn doanh thu ca 4 cng ty ln nht > 20% iu tra

Ch s Herfindahl-Hirschman (HHI): = tng s cc th phnbnh phng ca tng cng ty trong ngnh.


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Khung php l ca Vit NamKhung php l ca Vit Nam

Lut chng khonLut chng khon

Ngha v vi nh u

Quy nh v cng b th

chapter 2 - process, approaches and regulatory considerations

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