"非售"法律问题探析

友善协议并购渐成为国际并购中的主要方式,为了保护交易,防止自己被第三方取代,收购方要求在并购协议中拟订非因特殊情况目标方不得主动招揽第三方竞价并购的"非售"(no-shop)条款."非售"有助于保护收购方的利益,但与目标公司股东希望获取更高并购价格的目标冲突,引发其董事如何履行对公司负有的忠实与注意的受信义务问题.

Certain Legal Issues of No-shop Provision of Negotiated M & A

Negotiated M & A has become a major trend of international M & A area.To protect transaction,the acquirer target to request the target to conclude deal protection provisions,of which no-shop provision has been familiar and important.This article will start from Delaware's legislation and legal practice,and then evaluate and examine the contents,nature and applicable rules of its validity examination by court of no-shop provision,and finally predict the court exploration of recent trends of judicial examination of no-shop provision.