| 英文摘要 |
The Japanese system of public tender offer, introduced in 1971 by referring to the American laws, can be divided into two main parts: public tender offer made by non-issuers and issuers (i.e. company’s purchase of its own shares). Japan’s Financial Instruments and Exchange Act, focusing primarily on mandatory public tender offer, differs clearly from the fundamental framework of Taiwan’s Securities and Exchange Act. While adding the public tender offer system on January 29, 1988, Taiwan has chosen the foundation of non-mandatory public tender offer. Even though we can observe Japanese’s deep influence on Taiwan’s public tender offer system, there are quite many subtitle differences between the two, which may not be itemized due to limitations of space. Accordingly, only several important differences will be chosen for discussion at the end of this article. Generally speaking, compared to its Japanese counterpart, Taiwanese public tender offer framework is overly favorable to the offeror, which shall be vastly changed to fulfill the legislative intent of investment protection. |
