| 英文摘要 |
In M&A, if this is not a related party transaction, the market will decide what a fair price is, and hence no regulation is required. However, in related party transactions, major shareholders or managers may obtain unfair advantages owing to information asymmetry as well as power of control. Mandatory disclosure is commonly used to curtail such abuse. The M&A practice in Taiwan, nonetheless, showed an astonishing lack of disclosure of key information, and significant room for price manipulation. This article therefore suggests certain soft law mechanisms to improve the disclosure qualities in order to provide minority shareholders greater protection. |
