M&A Guide Hong
Kong - LexisNexis
1.
What has been the general level of M&A activity over the
last 12 months in your jurisdiction? What were the most notable mergers and acquisitions
during that period?
According to the research
of MergerMarket, for the
year 2012, there were over 760 M&A
transactions in Hong Kong and China. The aggregate transaction value of 2012 increased by 4.7 per cent to US$144.9
billion as compared to 2011. Outbound cross-
border M&A transactions remained strong in 2012 with
the transaction value amounting to US$64.6 billion. Inbound activity, however, experienced a 20 per cent decline
compared with 2011, slipping
to US$25.3 billion.
Tops deals
in
2012, in terms
of
their transactional value, include the acquisition of 15.57 per
cent stake in Ping
An Insurance Company
by Charoen Pokphand Group Co Ltd and the
acquisition of CDMA network assets in China Telecommunications
Corporation by China Telecom Corporation Ltd.
In 2012, there were four privatisation transactions involving listed companies in Hong Kong, including Little Sheep Group Ltd, Zhengzhou China Resources Gas Co
Ltd, Samling
Global Ltd and Alibaba.com Ltd. According to the HKEx
Fact Book 2012, 17 Hong Kong listed
companies, including Far East Global Group Ltd, Frasers Property (China)
Ltd and Hang Ten Group Holdings Ltd underwent takeovers and mergers in that year.
2.
What are the most
common methods for acquiring or merging with a public
company in your jurisdiction?
Acquisitions of public companies in Hong Kong are commonly structured as a takeover
offer or a scheme of arrangement.
Voluntary or Mandatory Takeover Offer
One of the common
methods used for obtaining control of a public company in Hong Kong, if
considered fit for commercial reasons, is to make a voluntary offer to acquire the shares
held by the shareholders of the target public company (hereinafter known as the ‘target company’) pursuant to the Code on Takeovers and Mergers
(the Takeovers Code)
of
the Securities and Futures
Commission of Hong
Kong (SFC).
If the offer is accepted,
the
offeror will obtain the majority
control of the target company.
Subject to certain
restrictions, the consideration for the offer can be in cash or in securities, or a combination of both.
Under the Takeovers Code,
there are
certain events – the occurrence of which will require a
person or persons to make a
mandatory offer to the
shareholders of the target company
to acquire all the shares of the target company’s shareholders.
This requirement to make a mandatory offer will
arise if :
1.
A person (and the persons acting in concert)
acquires 30 per cent or more of the voting
rights in the target company, whether through
a single or a series of transactions; or
2. A person (and the persons acting in concert) holding not less than 30 per cent, but not more than 50 per cent of the voting rights
in the target company, and that person (and
the persons acting
in concert)
acquires voting rights in the target company, which has
the effect of increasing
such person(s)’s percentage holding
in the
target company
by more than two per cent from the lowest percentage holding of that person(s) in the 12-month
period ending on and inclusive
of the date of the relevant acquisition.
The consideration of a mandatory
offer must be in cash
or be accompanied by a cash alternative at not
less than the highest price paid for by the offeror,
or
any person acting in concert
with it, for shares
carrying voting rights during the offer period and
within the six-month
prior to the commencement of
the offer period.
Scheme of Arrangement
Apart from voluntary
and mandatory takeovers,
the Hong Kong
Companies Ordinance (the
‘CO’) provides
for a court-sanctioned
scheme of arrangement, which
can be
undertaken by listed companies that wish to undergo corporate reorganisation or privatisation.
A scheme of
arrangement usually involves the controlling
shareholder(s) of the listed target company
acquiring the shares of the minority shareholders, which is
usually called a ‘transfer scheme’, followed by an application
to
the Hong Kong Stock Exchange
(the SEHK) to de-list
the company. Apart from
such acquisition, a scheme of arrangement may be effected through
the cancellation of the existing shares of the minority shareholders and issuance
of new shares to the controlling shareholder of the target company. This is sometimes referred to as a ‘cancellation scheme’. If the scheme of arrangement
is effected
by way of a transfer
scheme, stamp duty
will be payable
for the sale
and purchase of shares.
The implications of Hong Kong stamp duty are
further elaborated in Question 8 below.
If a scheme of arrangement is proposed, the Hong Kong court, upon the application
of
the listed company, may order to convene a general
meeting of all shareholders to
consider,
and if
thought fit, approve the proposal. Under the CO and the Takeovers
Code, which also applies to schemes of
arrangement, a scheme of arrangement can only take
effect if:
1.
A majority in number representing 75
per cent
in value of the disinterested shareholders
present and voting either in person or by proxy at
the meeting have approved the scheme;
2.
The number of votes cast against
the
scheme at the meeting is not more than 10 per cent of the votes attaching to all
disinterested shares; and
4.
What are the key laws and regulation that govern mergers and
acquisitions in your jurisdiction?
The Hong Kong Companies Ordinance
The CO is the main legislation governing M&A
transactions in Hong Kong. Under
the CO, all
Hong Kong incorporated companies and overseas companies registered under Part XI
of the CO must comply with the requirements applicable to such transactions.
The Securities and Futures Ordinance (SFO)
Bidders in
takeover transactions
will have
to consider the implications of the requirements under
the disclosure of interests
regime under Part XV of the SFO. The statute imposes filing obligations
on persons who acquire
five per cent or more of
interests in shares,
whether voting or non-voting, of a Hong Kong listed company. Filings are required to be made for subsequent changes to such interests.
Stricter obligations are imposed
on directors of listed
companies, who are required to report all
their interests in shares held in the listed
companies.
The SFO further prohibits any
insider dealings and
other forms of market
misconduct.
The Takeovers Code
The Takeovers
Code sets down the standards of
commercial conduct
and behavior acceptable in the situation of a takeover
or merger. Whilst the Takeovers
Code does not have the force of law, the Executive
Director of the Corporate
Finance Division of
the SFC
(hereinafter known as the
‘executive’) has the power to refer matters for ruling to
the Committee of the SFC (hereinafter known as the ‘Panel’) and institute disciplinary proceedings if it considers that there has been a breach
of either the Takeovers Code or a ruling of the executive
or
the Panel, upon investigation.
The Listing Rules
All Hong Kong listed companies
are
required to
comply with the Rules Governing the Listing of Securities (Listing Rules) of the SEHK, depending on whether it is listed on the Main Board or the
Growth Enterprise Market (GEM). As such, if the
acquirer is a Hong Kong listed company, apart from the
CO and the Takeovers Code, it should comply
with the relevant Listing Rules of the SEHK. For
instance, if the acquisition would constitute a notifiable transaction under the Listing Rules, the
acquirer listed company must comply with the relevant announcement, reporting and shareholders’
approval requirements, depending on the size of the transaction and if any exemption applies.
5.
What are the government regulators and agencies that play
key roles in mergers and acquisitions?
The Securities and Futures Commission (SFC) The SFC is
an independent
statutory body to
regulate securities and futures markets in Hong
Kong. It
aims to
ensure orderly
securities and futures market operations and protect
investors. The SFC is empowered by the SFO to conduct
investigative, remedial
and disciplinary
actions against possible breaches.
The functions of the SFC include:
1. Setting market regulations, investigating
breaches of such rules and market
misconduct and taking appropriate enforcement actions;
2. Administering the Codes on Takeovers and Mergers and Share Repurchases of the SFC;
3. Overseeing regulations governing takeovers
and mergers of public companies and the SEHK’s regulation of listing matters; and
4. Promoting
investor education
in relation
to market operations, the investment risks involved and investor
rights and obligations.
The Stock Exchange of
Hong Kong
Limited (SEHK)
The SEHK, a wholly-owned subsidiary of HKEx, operates and maintains
the
stock market in Hong
Kong. It is a recognised
exchange company under
the SFO and is the primary
regulator of stock exchange participants, including
companies listed
on the Main Board and GEM. The SEHK works closely with the SFC in regulating listed issuers and
administers listing,
trading and clearing rules.
6.
Are hostile bids permitted?
Hostile
bids are offers to purchase shares in the company not pursuant to any
agreements, nor any co-operation with the target company. Although hostile bids
are allowed in Hong Kong, they are rare since most listed companies in Hong
Kong are either family-controlled or held by a single group of controlling
shareholders.
The
hostile pre-conditional takeover bid jointly made by ENN Energy Holdings
Limited and China Petroleum & Chemical Corporation against China Gas
Holdings in December 2011, although unsuccessful, may be the first unsolicited
takeover bid in Hong Kong.
7.
What laws may restrict or regulate certain takeovers and
mergers, if any? (For example, anti-monopoly or national security legislation).
companies
in Hong Kong, save for certain industry-specific restrictions which are
applicable to a particular industry. Those industries include
telecommunication, television and radio broadcasting, banking and securities
and insurance.
In
addition, there are neither foreign-exchange regulations in Hong Kong, nor any
restrictions or tax withholding imposed on repatriation of capital or
remittance of profits or dividends to or from a Hong Kong company and its
shareholders. The Hong Kong Competition Ordinance, which is expected to be
enforced in either late 2013 or early 2014 may have implications to future
takeover transactions. Briefly speaking, the Ordinance regulates
anti-competitive agreements and instances of abuse of market power.
8.
What documentation is required to implement these
transactions?
The
principal transactional documentation involved in a simple sale and purchase of
shares of a Hong Kong company typically includes:
1.
A
confidentiality letter in which the parties undertake to keep confidential any information
relating to the transaction and the counterparties;
2.
A
sale and purchase agreement which records the terms and conditions of the
transaction, and usually includes representations and warranties regarding the
business and the company to be acquired;
3.
A
disclosure letter under which a seller makes disclosures against the
representations and warranties given by it to the purchaser under the sale and
purchase agreement; and
4.
An
instrument of transfer and bought and sold notes for the sale shares.
For
transactions which constitute takeovers transactions under the Takeovers Code,
the announcement and circular and offering documentation requirements will
apply.
9.
What government charges or fees apply to these transactions?
Pursuant
to the Stamp Duty Ordinance of Hong Kong, stamp duty on the sale or purchase of
any ‘Hong Kong stock’, which includes shares of a company listed in Hong Kong,
is subject to stamp duty of a total of 0.2 per cent of either the amount of the
consideration paid or of its value of such shares, whichever is higher.
Therefore, stamp duty will apply if the offeror takes over the target company
by way of acquiring shares of the minority shareholders. However, stamp duty is
not applicable to cancellation of existing shares or issuance of new shares.
The
Securities and Futures (Fees) Rules under the SFO and the Takeovers Code have
prescribed certain fees which are payable to the SFC in relation to takeovers
transactions. Application fees are payable to the SFC when a party would like
to seek a formal ruling as to the application of the Takeovers Code from the
executive. A fee is payable for the review of any rulings of the executive.
However, no fees are required for any initial consultations with the executive,
whose views however, will be preliminary and non-binding on the executive.
10. What sources of
information are available in the public domain?
To conduct due diligence over the
shares and affairs of the target company, the following information will be
obtainable in the public domain:
1.
Corporate
filings records maintained at the Hong Kong Companies Registry;
2.
Information
relating to real properties owned and leased by the target company in Hong Kong
which is registered with the Land Registry of Hong Kong;
3.
Intellectual
property rights which are registered with the Trade Marks Registry of Hong
Kong;
4.
Information
relating to legal proceedings in Hong Kong which can be searched at the Hong
Kong Courts;
5.
Bankruptcy
and compulsory winding-up searches which can be carried out at the Official
Receiver’s Office of Hong Kong; and
6.
If
the Target Company is a listed company in Hong Kong:
a.
Announcements, reports and circulars published under the relevant Listing Rules;
and
b.
The disclosure of interest in shares pursuant to the SFO.
Broadly
speaking, directors owe fiduciary duties and the duty of skill, care and
diligence towards the shareholders of the company. The source of these duties
mainly comes from common law, the company’s constitutional documents and other
guidance materials issued by the regulatory authorities. According to the
Companies Registries’ Guide on Directors’ Duties, directors have duties:
1.
To
act in good faith for the benefit of the company as a whole;
2.
To
use powers for a proper purpose for the benefit of the members as a whole;
3.
To
avoid conflicts between personal interests and interests of the company;
4.
Not
to enter into transactions in which the directors have an interest except in compliance
with the requirements of the law;
5.
Not
to accept personal benefit from third parties conferred cause of his position
as a director; and
6.
To
observe the company’s Memorandum and Articles of Association and Resolutions.
If
there are possible conflicts between a director’s personal interests and the
interests of the company (for instance, if the director is connected to the offeror),
such director is required to make proper disclosure of his interests. The
Listing Rules prohibit any director who has a material interest in the
transaction from being included in the quorum of the relevant board meeting and
must abstain from voting on the relevant resolutions.
Under
r 2 of the Takeovers Code, when the target company receives an offer or is
approached with a proposed offer, the board of directors of the target company
is required to establish an independent committee to make recommendations as to
the fairness and reasonableness of the offer, and the acceptance or voting
thereof. The independent committee shall comprise all non-executive directors
who have no direct or indirect interest in any offer or possible offer other
than as a shareholder of the target company. The board is required to retain a
competent independent financial advisor to advise the independent committee on these
matters. The appointment of such independent financial advisor must have been
first approved by the independent committee. The written advice of the
independent financial advisor and the reasons thereof must be provided to the
shareholders by inclusion in the offeree board circular along with the
recommendations of the independent committee with respect of the offer.
12. In what circumstances
is break-up fees payable by the target company?
13. Can conditions be
attached to an offer in connection with a deal?
All
offers, with the exception of a partial offer, must at least be conditional
upon the offeror (and persons acting in concert with it) receiving acceptances of share purchases that, in
aggregate with any existing or future shares held, will confer the offeror with
over 50 per cent of the voting rights of the company, save where the executive
approves otherwise. The level of acceptance of shares may be set higher than 50
per cent in a voluntary offer, but no offers should be made subject to
conditions which are in the control of the offeror, thus allowing it to easily withdraw
the offer. Mandatory offers, however, cannot be subject to any other
conditions.
If
the potential bidder does not wish to commit itself to making a firm offer, it
may make an announcement of a possible offer. If a preconditional offer
announcement is made, the executive must be consulted in advance and the
announcement must state whether the preconditions are waivable or not.
14. Can minority
shareholders be squeezed out? If so, what procedures must be observed?
If
a takeovers offer is made, it is likely that not all minority shareholders of
the target company would accept the offer. In such circumstances, according to the
CO, if the offeror (and persons acting in concert with it) is able to secure
not less than 90 per cent in value or more of the disinterested shares for
which the offer was made within four months of posting of the initial offer
document, the offeror is entitled to serve notice on the dissenting minority
shareholders to compulsorily acquire their outstanding shares.
If
an intention of exercising the powers of compulsory acquisition is stated by
the offeror in the offer document, the offer must not remain open for more than
four months from the date of posting of the offer document, unless the offeror
has by the time become entitled to exercise such powers. Once the offeror is so
entitled to squeeze-out the minority shareholders, it must do so without delay.
15. Are there any
proposals for reforms to the laws and regulations governing mergers and
acquisitions currently being considered?
In July 2012, the Hong Kong Legislative Council passed the Companies Bill which will lead to substantial amendment to the current CO and will affect takeovers and mergers transactions. The bill was gazetted on 10 August 2012 and is expected to come into force in 2014. Major changes include the replacement of the existing ‘headcount’ test with a ‘disinterested shares test’ when counting the votes cast on resolutions approving a scheme of arrangement that relates to takeovers and privatisation. Under such ‘disinterested shares test’, the number of votes cast against the resolutions shall not exceed 10 per cent of the votes attached to all disinterested shares, which is an alignment with the ‘10% objection rule’ under the Takeovers Code mentioned above.
香港
溫斯頓律師事務所
1.
過去12個月，您所屬司法管轄區的併購活動如何？在此期間有哪些最矚目的併購項目 ？
根據《併購市場》(MergerMarket)的調查結果，2012年香港和中國兩地合共有760多宗併購交易。相比2011年，2012年的交易總值上升4.7%至1,449億美元。2012年，對外跨境併購交易依然保持強勁，交易金額達到646億美元。但是，對內交易活動比2011年減少20%，下滑至253億美元。
就交易金額而言，2012年的大宗交易包括：Charoen Pokphand Group
Ltd收購平安保險公司15.57%的股權；中國電信股份有限公司收購中國電信集團公司的CDMA網絡資產。
2012年有四宗涉及香港上市公司的私有化交易，包括小肥羊集團有限公司；鄭州華潤燃氣股份有限公司；三林環球有限公司；和阿里巴巴網絡有限公司。《香港交易所市場資料2012》顯示，有17家香港上市公司在該年開展併購交易，包括遠東環球集團有限公司；星獅地產（中國）有限公司；漢登集團控股有限公司。
2.
在您所屬司法管轄區，對上市公司進行併購最常用的方法是什麼？
在香港收購公眾公司通常採取收購要約或協議安排結構。
自願或強制收購要約
如果認為是合適的商業理由，取得香港公眾公司控制權的常用方法之一是作出自願要約，根據香港證券及期貨事務監察委員會（下稱「證監會」）的《公司收購及合併守則》（下稱《收購守則》），收購目標公眾公司（下稱「目標公司」）股東持有的股份。如果要約獲接受，要約人將取得目標公司的多數控制權。在某些限制的規限下，要約的對價可以現金或證券形式，又或是兩者結合形式。
根據《收購守則》，倘發生某些事件，某人或某些人須向目標公司股東作出強制要約，收購目標公司股東的全部股份。下列情況中須作出強制要約：
1.
某人（及一致行動人士）收購目標公司30%或以上的表決權（另稱「投票權」），不論是通過單一還是一連串交易；或
2.
某人（及一致行動人士）持有不少於30%，但不超過目標公司50%的表決權，而該人（及一致行動人士）收購目標公司的表決權，以致該（些）人在目標公司的持股比例比相關收購之日（包括該日在內）結束的12個月期間該（些）人的最低持股比例高出2%以上。
強制要約的對價必須採取現金形式或附帶現金方案，款額不得低於要約人或其任何一致行動人士在要約期及要約期生效前六個月內收購含表決權股份所支付的最高價格。
協議安排
除了自願收購和強制收購，香港《公司條例》還規定了法院批准的協議安排，上市公司如欲開展公司重組或私有化，便可採取此安排。此安排通常是由上市目標公司的控股股東收購少數股東的股份（通常稱作「轉讓計劃」），隨後向香港聯合交易所（下稱「聯交所」）申請公司退市。除了上述收購，還可以撤銷少數股東的現有股份，並向目標公司的控股股東發行新股，從而完成協議安排。這種方式有時稱作「撤銷計劃」。如果通過「轉讓計劃」完成協議安排，買賣股份須繳納印花稅。問題8將對香港印花稅的影響詳加討論。
如果提議採取協議安排，香港法院接獲上市公司申請後可以命令召開全體股東大會，以考慮及（如果認為合適）批准該項提議。根據《公司條例》和《收購守則》（亦適用於協議安排），只有在下列情況協議安排才告生效：
1.
在親自或透過代表出席會議及表決的無利害關係股東中，代表股份價值75%的多數股東已經批准協議安排；
2.
會議中表決反對協議安排的票數不超過全部無利害關係股份所屬表決票數的10%；以及
3.
法院批准協議安排。
3.
您所屬司法管轄區內涉及併購交易的主要法律法規有哪些？
香港《公司條例》
《公司條例》是規管香港併購交易的主要法例。根據《公司條例》，所有香港成立的公司及依照 《公司條例》第XI部註冊的境外公司均須遵守適用於該等交易的規定。
《證券及期貨條例》
收購交易的出價人將須考慮《證券及期貨條例》第XV部中權益披露制度所規定的涵義。該法規對收購香港上市公司5%或以上股權（無論是否為表決股權）的人士施加了申報責任。若後續出現變更，該等權益必須予以申報。對上市公司的董事亦施加了更嚴格的責任，他們須報告自身持有的全部上市公司股權。《證券及期貨條例》進而禁止任何內幕交易及其他形式的市場失當行為。
《收購守則》
涉及香港公眾公司的收購、合併及協議安排主要受《收購守則》規管，旨在確保受收購或合併影響的所有股東皆得到平等對待。《收購守則》適用於要約，包括部分要約、母公司收購其附屬公司股份的要約，以及取得或加強公司控制權，以便對受守則規管的公司實施併購的某些其他交易。
《收購守則》訂明併購情形中可接受的商業操守及行為標準。雖然《收購守則》沒有法律效力，但證監會企業融資部執行董事（下稱「執行董事」）有權將待裁決事宜交由證監會委員會（下稱「委員會」）裁決，若經調查後認為有違《收購守則》或者執行董事或委員會的裁決，便可提起紀律裁決程序。
《上市規則》
所有香港上市公司均須遵守聯交所的《證券上市規則》（下稱《上市規則》），視乎公司在主板還是創業板上市而定。因此，如果收購人為香港上市公司，除了《公司條例》和《收購守則》外，還應遵守聯交所的相關《上市規則》。舉例說，如果收購會構成《上市規則》中須予公布的交易，作為該收購人的上市公司必須遵守相關的公告、報告及股東批准等規定，視乎交易規模，以及是否適用任何豁免而定。
4.
哪些政府監管機構和部門在併購交易中擔當重要角色？
證監會
證監會是監管香港證券及期貨市場的獨立法定機構，其宗旨是確保證券及期貨市場有序營運和保障投資者。《證券及期貨條例》授權證監會對可能發生的違規行為展開調查、補救及紀律行動。
證監會的職能包括：
1.
制定市場規例，調查違反該等規則及市場失當行為，並採取適當的執法行動；
2.
執行證監會的《公司收購、合併及股份購回守則》；
3.
監督涉及公眾公司併購規例，以及聯交所對上市事宜的監管；以及
4.
推動市場營運、相關投資風險及投資者權利與義務方面的投資者教育
聯交所
聯交所是港交所的全資附屬公司，負責營運和維護香港的證券市場。聯交所是《證券及期貨條例》認可的交易所公司，亦是證券交易參與者（包括在主板和創業板上市的公司）的主要監管機構。聯交所與證監會密切配合，監管上市發行人以及執行上市、交易和結算規則。
敵意收購是指不依照任何協議，亦不與目標公司開展任何合作而收購該公司股份的要約。雖然香港允許敵意收購，但這種情況較為罕見，因為香港大多數上市公司為家族控制，或由單一控股股東所持有。
2011年12月，新奧能源控股有限公司及中國石油化工股份有限公司對中國燃氣控股有限公司聯合作出預設條件的敵意出價收購。雖然最終未能成事，但這可能是香港首宗單方面作出的出價收購。
6.
哪些法律可能會限制或規管某些收購與合併？（譬如反壟斷或國家安全法例）
一般來說，香港對境外投資或香港公司的外資所有權比例不予限制，但有某些針對行業的限制適用於特定行業，該些行業包括電訊、電視和電台廣播、銀行及證券、和保險業等。
此外，香港沒有外匯監管法規，亦沒有向香港公司及其股東匯回資本、匯出或從其匯入利潤或紅利施以任何限制或扣稅。
香港《競爭條例》預期將於2013年年底或2014年年初施行，或會對日後的收購交易產生影響。簡言之，該條例規管妨礙競爭的協議及濫用市場權力的情形。
7.
執行上述交易時，需要呈交哪些文件？
對香港公司股份進行簡單買賣一般涉及下列主要文件：
1. 保密函：雙方承諾對交易和交易對方的任何相關資料保密；
2.
買賣協議：記載交易的條款和條件，當中通常包含關於擬收購業務和公司的陳述及保證；
3.
披露函：賣方根據買賣協議，依照給予買方的陳述和保證作出披露；以及
4.
轉讓文書和所出售股份的買賣票據。
若交易構成《收購守則》所述的收購交易，公告和通函，以及要約文件的規定將告適用。
8.
上述交易須繳付哪些政府收費和費用？
根據香港的《印花稅條例》，買賣任何「香港證券」（包括於香港上市的公司股份）須繳納印花稅，稅率為所支付對價總額或該等股份價值（以較高者為準）的0.2%。因此，如果要約人通過收購少數股東股份的方式收購目標公司，便須繳納印花稅。但是，撤銷現有股份或發行新股無須繳納印花稅。
《證券及期貨條例》下的《證券及期貨（費用）規則》及《收購守則》規定了涉及收購交易應繳付證監會的特定費用。倘若一方想向執行董事就《收購守則》的適用尋求正式裁決，便須向證監會繳納申請費。對執行董事的任何裁決進行覆核亦須繳納費用。但是，執行董事作出初次諮詢無須收費，惟其觀點僅屬初步意見，對執行董事不具約束力。
9.
可以在公共領域獲得哪些資料？
對目標公司的股份和事務開展盡職調查，可以在公共領域獲得下列資料：
1. 香港公司註冊處保留的公司存檔紀錄；
2. 目標公司在香港擁有或租賃的房地產相關資料在香港土地註冊處登記；
3. 於香港商標註冊處登記的知識產權；
4. 可以在「香港法院」搜尋的香港法律程序相關資料；
5. 可以在香港破產管理署進行的破產及強制清盤搜尋；以及
6. 如果目標公司是香港上市公司：
a. 根據相關《上市規則》公佈的公告、報告和通函；以及
b. 根據《證券及期貨條例》的股權披露。
10. 就交易而言，董事和控股股東對相關利害關係人是否負有責任？
一般來說，董事對公司股東負有受信責任，以及以技巧、謹慎和努力行事的責任。該等責任主要源自普通法、公司的章程文件，以及監管機關發佈的其他指引材料。根據公司註冊處發出的《董事責任指引》，董事負有下列責任：
1. 真誠地以公司的整體利益為前提行事；
2. 為公司成員的整體利益並為適當目的使用權力；
3. 避免個人利益與公司利益發生衝突；
4. 不進行與董事有利益關係的交易，但符合法律規定者除外；
5. 不接受第三者因該董事的職位而給予該董事的個人利益；以及
6. 遵守公司的組織章程大綱、章程細則及決議。
如果董事的個人利益與公司利益有可能發生衝突（譬如董事與要約人有關連），該董事必須適當披露自身利益。《上市規則》禁止將與交易有重大利害關係的任何董事納入相關董事會議的法定人數中，該董事亦須回避就相關決議表決。
根據《收購守則》第2條，當目標公司收到要約或者有人向其提出要約時，該目標公司的董事會必須 設立獨立委員會，就要約的公平性和合理性，以及是否接受要約或對其表決作出建議。獨立委員會必須包括所有與任何要約或可能要約沒有直接或間接利害關係的各名非執行董事（除非作為目標公司的股東）。董事會須聘任一名勝任的獨立財務顧問，就上述事宜向獨立委員會提供意見。該名獨立財務顧問的委任必須獲獨立委員會的事先批准。該名獨立財務顧問提出的書面意見及相關理由須提供予股東，與獨立委員會關於要約的建議一併納入受要約人的董事會通告之內。
11. 在什麼情況下，目標公司須支付中止交易費？
中止交易費安排常見於涉及在香港上市的公司所進行的併購交易。根據該等安排，要約人（或潛在要約人）將與目標公司簽訂協議。依照該等協議，倘發生某些特定事件，致使要約無法進行或終止，目標公司便應支付一筆現金款項。
《收購守則》並未禁止中止交易費安排，但規定該等費用必須金額很少，其價值一般應在要約價值的1%以下。目標公司的董事會及其財務顧問須向執行董事書面確認，他們皆認為該等安排符合目標公司的最佳利益。任何該等安排必須在要約人宣告要約的確定意圖中予以充分披露，而安排的條款必須在要約文件中披露。與安排相關的所有文件均須予以展示以便公眾查閱。
12. 與交易相關的要約可否附帶條件？
所有要約（部分要約除外）至少須以要約人（及其一致行動人士）收到股份收購的接受函為條件，加上任何現有或未來持有的股份，將令要約人擁有公司50%以上的表決權，執行董事批准的其他情形則除外。在自願要約中，股份收購的接受水平可以設定為超過50%，但任何要約均不應設定受要約人控制的條件，使得要約人可輕易撤回要約。但是，強制要約不得設定任何其他條件。
如果潛在出價人不希望自身承諾作出確實要約，則可發佈可能要約的公告。如果發佈預設條件的要約公告，便須事先徵詢執行董事的意見，而公告必須說明預設條件可否寬免。
13. 可否將少數股東強迫出場？如果可以，哪些程序須予以遵循？
如果作出收購要約，目標公司的少數股東有可能不會全都接受要約。如此，根據《公司條例》，倘若要約人（及其一致行動人士）能夠在寄送初始要約文件後四個月內取得價值不少於90%或以上無利害關係股份的要約，要約人便有權向持有異議的少數股東送達通知，以強制收購其已發行股份。
如果要約人在要約文件中表明有意行使強制收購權，則該要約保持有效的時間不得超過要約文件寄送之日起四個月內，除非要約人屆時已有權行使該等權力。一旦要約人獲得強迫少數股東出場的權利，便須及時行使，不得拖延。
14. 目前是否正在考慮規管併購的法律改革方案？
2012年7月，香港立法會通過《公司條例草案》，對現行《公司條例》進行大幅修訂，並將影響到併購交易。該條例草案於2012年8月10日刊憲，預計於2014年生效。對《公司條例》的重大變動包括在計算批准收購及私有化相關協議安排的決議表決票數時，以「佔不超過 10% 的無利害關係股份表決權」取代現有的「人數」驗證。根據該等「無利害關係股份表決權」，反對決議的表決票數不得超過所有無利害關係股份所屬票數的10%，這與上文提到的《收購守則》所規定「10%反對規則」一致。
關於作者
陸志明
亞洲業務主席，溫斯頓律師事務所
電郵 sluk@winston.com
網址 www.winston.com
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