Inethemba lam kukuba, ngeli xesha ugqibile ukufunda le nqaku, uziva ukhululekile xa usuka ngokukhawuleza uye kwi-imeyile kwaye uvule imvulophu, okanye ungene kwi- akhawunti yakho yomrhwebi ubone isaziso, ukuxelela ukuba esinye sezikhundla zakho ixhomekeke kwintengiso yesithenda kwaye kufuneka wenze ukhetho (ukhetho) ngaphambi komhla wokugqibela.
Inkcazo yeTender Offer
Isipho sesibonelelo sesibonelelo sikawonkewonke, esenziwe ngumntu, ishishini okanye iqela, ofuna ukufumana inani elithile lokhuseleko. Eli thuba livela kwinto abamema abagcini-zimpahla ukuba "bathengise", okanye bathengise, izabelo zabo kubo. Enyanisweni, isipho sontengiso ngumnikelo ongokoqobo wokuthenga. Umntu okanye umntu owenza isibonelelo esithi, "Ndizimisele ukuthenga i-stock yakho kwi-$ [x] ukuba uthenda (uthengisa) kum kodwa kuphela ukuba i-[y] izabelo zinikezelwe ngabo bonke abagciniweyo. , idibaniso liyekile kwaye sizenza ngathi akuzange kwenzeke. " Ewe, ndilula, kodwa yiyo i-crux yalo mbandela.
Ngokuqhelekileyo, izibonelelo zethenda zicetywayo ngethemba lokuba i-acquirer iyakwazi ukuqokelela isisitye esaneleyo ukuba ifumane indawo ebalulekileyo okanye ibambelele ngokupheleleyo, ibhodi labalawuli. Enye inzuzo yesibonelelo sethenda kumbono wongenayo yinto yokuba, ukuba umthengi enokuba nepesenti enkulu ngokwaneleyo yesitoksi esiphelele, unokunyanzelisa bonke abagcinayo ukuba babathengise kwaye bathathe inkampani yabucala okanye badibanise ibhizinisi elithengiswayo esidlangalaleni nokuba ngaba abazange bamkele isibonelelo sesithandathu sokuqala; umzekelo, kunokubangela ukuba ibe yinkxaso- nkampani yenkampani ebambeleleyo kwaye kuphela inkampani ebambeleleyo inayo nayiphi na isitofu kwintsebenzo esanda kuthengwa.
Ngokuqhelekileyo, isibonelelo sesithenda sisetyenziswe kwiimeko apho ulawulo kunye nebhodi yabalawuli abazange bakholelwe ukuba ukuthatha imali kuya kuba ngumdla ongcono kakhulu kumnini-sabelo, kwaye ke, bayayichasa njengoko bajonga ukuba akuhambelani nomsebenzi wabo wokubambisana . Ngako oko, yindlela ekubanjelwa ngayo inzondo ekhohlakeleyo ngabathengi / abatyala-mali abafuna ukulawula ukuchaswa nokulwa kwabalawuli nabaphathi.
Iintengiso zentengiso zixhaphake kakhulu kwimarike yemasheya kunokuba kuthiwa yi-proxy yemfazwe, enye enye indlela yokuzama ukulawula ushishino. Njengoko ufunde kwinqaku endala yam, I-Proxy Statement yabaTsha-mali abatsha , isitatimende se-proxy yonyaka senkcazo senza ulwazi olubalulekileyo kuquka nemiba ekufuneka abavoti bavote. Kwimfazwe yombutho, umntu, ishishini, okanye iqela elifuna ukuthatha ulawulo lingazama ukukholisa abagcini-zimpahla ukuba bavote i-slate yabo yabaqondisi, ukukhaba ngokukhawuleza abalawuli bamandulo nokuthatha ulawulo loshishino.
Kwezinye iimeko, oku kwenziwa ngabahlaseli benkampani abafuna ukuwahlula inkampani yexabiso elixabisekileyo, ukuthengisa ngokucoca. Nangona kunjalo, kwezinye iimeko, zenziwa ngabatyalo-mali abanentsingiselo abanokhathazeka ngokubona inkampani engalawulwa kakubi ngabangaphakathi abazondezayo nangona bengenako ukungazi kakuhle, ngokuhlala bechitha iingeniso kubanini abanini-mali abanokuthi banalo.
Ukuba uke wambona ulwaphulo lwe-proxy, uyazi ukuba ibhokisi lakho leposi liya kuzaliswa njengoko icala ngalinye likuthumela ukubulawa kwamaxwebhu ukuhlaziya kwaye kufuneka ukhethe enye ofuna ukuyifumana, ubeke ivoti lakho ngokufanelekileyo.
Indlela i-Tender inikezela ngayo ekuSebenzeleni kwakho, njengoTyalo-mali
Khawucinge ukuba unamalungu angama-1,000 e-Company ABC kwi-50 yeesahlulo ngasinye ngesabelo semarike ye-$ 50,000. Ngenye imini, vuka uze ungene kwi-akhawunti yakho ye-brokerage. Ukwaziswa ukuba i-Firm XYZ yenza iseshoni esisesikweni sithenda ukuthenga izabelo zakho kwi-$ 65 ngesabelo ngasinye kodwa ukuba le ngxelo iza kuvala ukuba, kuthi, i-80 ekhulwini yesitoksi esipheleleyo ihanjiswe kumthengi ngabagcini-zimpahla njengenxalenye yentengiso. Unayo iiveki ezimbalwa ukugqiba ukuba ngaba uya kufaka izabelo zakho okanye awuyi kuthenga.
Ukuba ugqiba ukwamkela isipho sakho sethenda, kufuneka uhambise imiyalelo yakho ngaphambi komhla wokugqibela okanye ukuba awuyi kuba nako ukuthatha inxaxheba.
Ngokuqhelekileyo kulula nje ukuxelela umthengisi wakho, mhlawumbi kwifowuni, kumntu, okanye ngewebhusayithi ye-brokerage, "Ngokuqinisekileyo, ndiza kuthengisa nge-$ 65 ngesabelo" kwaye ulinde ukubona oko kwenzekayo. (Kakade, ukuba unesatifikethi sokugcina impahla, yinkqubo eyahlukileyo ngokupheleleyo kodwa loo nto ayifumanekanga kule mihla.)
Ukuba ithenda yesibonelelo siphumelele kwaye izabelo ezaneleyo zithengiswa, ukuthengiselana kugqityiwe kwaye uza kubona izabelo eziyi-1 zeenkampani ze-ABC ezithathwe kwi-akhawunti yakho kunye nediphozithi ye-$ 65,000 yemali efaka kuyo. Ukuba ithenda ithe ihluleka kuba ngaphantsi kwama-80 ekhulwini zezabelo zinikezelwe ukuba zifumaneke, isibonelelo sanyamalala kwaye awuthengisi i-stock yakho. Ushiywe ngezabelo zakho zokuqala eziyi-1,000 zeNkampani ABC kwi-akhawunti yakho yomrhwebi.
Ukuba uyayinqabela isipho sesithenda okanye ungaphutheli umhla wokugqibela, awufumani nto. Usenayo iikwama-1,000 zeenkampani ze-ABC kwaye ungabathengisa kwabanye abatyala-mali kwiimarike ezithe xa kuthengisa kuyo nayiphi na intengo eyenzekayo. Kwezinye iimeko, abantu abasemva kwe-tender offer yokuqala baya kubuya baze benze isibonelelo sebhanti yesibini ukuba abazange bafumane izabelo ezaneleyo okanye bafune ukufumana ubunini obongezelelweyo apho unokuthi uhlale ulume kwi-apple. Nangona kunjalo, njengoko kushiwo ngaphambili, ukuba ungeyonto kodwa abantu abaneleyo, mhlawumbi uya kunyanzelwa ngaphandle kobunini bakho, nokuba kunjalo, njengoko ishishini lithatyathwa ngasese phantsi kwendlela.
Imimiselo yeTender Offers eUnited States
Izibonelelo zeTender ziphantsi komgaqo omkhulu eMelika. Le migaqo ihloselwe ukukhusela abatyalo-mali, ukugcina iimarike ezinkulu, kunye nokunikezela ngemigaqo esemgangathweni enokunika uzinzo kwishishini elinokuqala ukufumana ukwenjenjalo; umzekelo, ukulungiselela izikhuselo ethembeni kukuthintela ukuthatha inzondo. Ngokukodwa, ithenda inika kakhulu phantsi kweemigaqo emibini, uMthetho weWilliams kunye noMthetho we-SEC 14E. Makhe sijonge ngamnye ngamnye.
UMthetho waseWilliam - Icandelo le-Securities Exchange Act ka-1934, eyona yenye yeyona mithetho ebalulekileyo kwimbali yeemarike zentengo ye-United States njengoko yakha ngokubanzi isiseko senkqubo yemali yanamhlanje ejongene nokuvelisa Umgangatho wokuphila ophezulu kunyuselwa kwimbali yabantu, uMthetho waseWilliam akawenzanga ukwenza umthetho kuze kube ngu-1968 isilungiso esicetywayo somgcini-mlando wakhe, iNew Jersey Senator uHarrison A. Williams.
Isilungiso sidinga ukuba umntu, inkampani, okanye elinye iqela labantu abafuna ukufumana ulawulo loshishino landela isethi yezikhokelo ezenzelwe ukwandisa ukulungelelanisa kwabachaphazelekayo bemakethi kunye nokuvumela amaqela anomdla, kuquka ibhodi yabalawuli nabaphathi, ukuba kunethuba elifunekayo lokufomula nokubonisa icala labo ekuxhaseni okanye ukulahla isinikelo lesithenda kubanini-zimpahla.
Ngokomzekelo, uMthetho we-Williams uthi isipho sokuthengiswa kwethenda kufuneka sibe ngu-1. sibhaliswe phantsi komthetho we-federal, 2. kubhalwe ngokubhaliweyo kwi-Securities and Exchange Exchange Commission kuquka nencazelo yemithombo yemali esetyenziswe kwisibonelelo, 3. unike isizathu Isinikelo sethenda senziwa, 4. simemezele naziphi na izicwangciso ezijoliswe kulo mntu, ishishini, okanye iqela elongezelela isibonelelo sesithenda sinalo kwenkampani efunyenweyo, ukuba ithenda lethenda liphumelele, kwaye 5. ichaza ukuba kukho naziphi na ukuqonda, izivumelwano okanye enye izivumelwano ezimalunga nesifundo sethenda. Umthetho uphinde uthi izibonelelo zethenda akufanele zilahlekise okanye ziqulethe iingxelo ezingamanga okanye ezingaphelelanga zenzelwe ukukhohlisa umntu ukuba avote ngendlela ethile.
Omnye wemithetho eyaziwa kakhulu ephuma kuMthetho weWilliams yimfuneko kumntu othengayo okanye ngandlela-thile ufika ukulawula ngaphezulu kwamahlanu ekhulwini (ama-5 ekhulwini) kweso sikhundla esiseleyo senkampani ukukhawuleza ukutyhila le nyaniso kubalawuli kunye noluntu . Lo mgaqo usebenza ukuba umntu, ishishini, okanye iqela lifumana ngaphezulu kweesentimitha ezintlanu zeyiphi na iklasi yesitokisi senkampani. (Ukuze umzekeliso weeklasi eziphindaphindiweyo zesitokethi ezikhoyo kwiinkampani enye, funda umzekelo woBomi boBomi beSakhiwo seNkcazo ezimbini kwiCandelo likaRhulumente-Ukujonga kwiCandelo le-Ford Motor kunye ne-Class B Shares . )
Le mithetho isebenza ngokubanzi kubaphathi beengxowa-mali, abaphathi be- hedge fund , iinkampani zolawulo lwee-asethi , abacebisi-mali abhalisiweyo kunye nabantu abafanayo abalawula okanye baphathe utyalo-mali kwabanye abantu, ngokunjalo. Ngokomzekelo, kuba ndingumphathi olawulayo we-Kennon-Green & Co., eyinkampani yokulawula i-asethi yehlabathi, kwaye ndisebenzisa igunya lokuqonda phezu kweefowifoli zabaxhasi kwikomiti yotyalo-mali, ukuba sithenga okanye ngandlela-thile siza kulawula ama-5 ekhulwini okanye ngaphezulu kwesitokisi senkampani enikwe, kufuneka sifake iphepha elifanelekileyo kunye nabalawuli, ukwenza ulwazi lolwazi lukarhulumente.
Ifom efunekayo kuxhomekeke kuhlobo lwefayile kunye nezinye iimeko. Ngokuqhelekileyo, ifomu elifunekayo liyaziwa njengeShedyuli 13D kwaye kufuneka lithunyelwe kwisithuba seentsuku ezilishumi kwi-5% yomyinge wobunini. Ngaphezulu, iShedyuli 13D kufuneka ishintshwe "ngokukhawuleza" -ixesha elichazwe nguMthetho we-Securities Act ka-1934 kwaye ngoko lishiywa ukuchazwa komthetho-ukubonisa nayiphi na inguqu ebonakalayo kwindawo.
Ezinye iintlobo zabatyalo-mali zivunyelwe ukufakela ifom ye-disclosure elula, elula ukuyisebenzisa njengeShedyuli 13G. Ngaphezulu koku, izilungiso zonyaka ziyafuneka kwakhona ukuhlaziywa kweemarike kunye nesimo sobunini. Nangona kunjalo, ezi zinto zigqithise kakhulu kwiingxoxo zethu malunga nezibonelelo zethenda.
Umgaqo 14E (iMithetho 14e-1 ukuya ku-14f-1) - Le nto ibandakanya ukutyhulwa kwemithenda yokunikezelwa kwethenda, nganye eneenkcukacha kunye neenkcukacha ezithile. Umzekelo, akuchasene nomthetho ukuba umntu ashicilele isibonelelo sesithenda xa engenakho ukukholelwa ukuba uya kuba neengxowa-mali ezikhoyo kubo ukuba baphathe umcimbi, ukuba bamkelekile, kuba oku kuya kubangela ekutshintsheni kwendalo kwintengo yesitoko, ukwenza ukuphathwa kweemarike kube lula.
Ukongezelela, kuya kunciphisa abatyalo-mali bezoqoqosho kunye nabaphathi bezoshishino babekho kwiimarike ezinkulu kuba abantu bafanele bazibuze ukuba ithenda yesithenda yayisemthethweni okanye kungeyiphi na ixesha xa befumene igama labo liphantsi kwelinye, liphazamise wonke umntu ochaphazelekayo.
Ukunceda abo banomdla ekufundeni ezinye iinkcukacha ze-nitty-gritty malunga nendlela i-tender inikeza ngayo umsebenzi, ndidibanise neSikolo soLwazi lwezomthetho sase-Cornell kwiSikolo soLwazi lweSikolo, esibubele ngokubhaliweyo ikopi yesicatshulwa somthetho, indlela eyakhele ngayo-kwiingxelo eziphambene neziganeko ezidibeneyo ukuze ufunde okokufunda. Ngokuqinisekileyo bafanele ukufunda ubuncinci kanye kanye ndikhuthaze nabani na onomdla malunga nale nto yezinto ukuba bathathe imizuzu embalwa xa bephuma kwimihla yenu ukuze ujabulele.
- Umgaqo-14e-1: Ukunikezelwa kwethenda engekho mthethweni
- Umthetho 14e-2: Isikhundla senkampani yokufunda ngokubhekiselele kwi-offer offer
- Umthetho 14e-3: Intsebenziswano kwii-securities kwisiseko sezinto eziphathekayo, nolwazi olungengomntu kwimeko yokunikezelwa kwethenda
- Umthetho 14e-4: Ukuthengiselana okunqatshelwe malunga nokunikezelwa kwethenda
- Umthetho 14e-5: Ukuthintela ukuthenga ngaphandle kwesibonelelo sethenda
- Umthetho 14e-6: Ukuhlawulelwa kwintlawulo ngokubonelelwa ngeenkampani ezithile zotyalo-mali ezibhalisiweyo
- Umgaqo 14e-7: Ithenda engekho mthethweni inika iinkqubo malunga nokuqulunqa
- Umgaqo 14e-8: Ukuziphatha okungavumelekanga malunga nokuqhagamshelana kokuqala kokuqala
- Umthetho 14f-1: Tshintsho kwininzi lwabalawuli
Ezinye iingcinga ezigqityiweyo zokunikezela ngeeTender
Gcina ukhumbule ukuba xa wamukela isipho somthengiso, uthengisa i-stock yakho. Oku kuthetha ukuba unako ukuhlawulwa kweentlawulo zentlawulo kunani na ukwanda kwexabiso lezabelo ozithandayo ngexesha lokubamba ubunikazi bakho ngaphandle kokuba kwenzeka ukuba ubambe izabelo kwi-akhawunti ehlawulwe irhafu okanye i-akhawunti engenaserhafu njenge-IRA yeNdabuko okanye Roth IRA .