上市公司重大資產(chǎn)重組法律案例分析

1、上市公司重大資產(chǎn)重組法律案例分析上市公司重大資產(chǎn)重組法律案例分析——以A重大資產(chǎn)重組為研究對(duì)象重大資產(chǎn)重組為研究對(duì)象目錄一、一、A重大資產(chǎn)重組的交易背景與主要經(jīng)過(guò)重大資產(chǎn)重組的交易背景與主要經(jīng)過(guò)........................................................................2（一）A的基本情況.........................................

2、......................................................................2（二）重大資產(chǎn)重組需要解決的主要問(wèn)題...........................................................................2（三）重大資產(chǎn)重組的主要經(jīng)過(guò).........................................

3、..................................................3（四）交易結(jié)構(gòu)圖..................................................................................................................8二、二、A重大資產(chǎn)重組的交易結(jié)構(gòu)重大資產(chǎn)重組的交易結(jié)構(gòu)...................

4、.........................................................................................9（一）本次重大資產(chǎn)重組的交易結(jié)構(gòu)...................................................................................9（二）交易結(jié)構(gòu)的法律性質(zhì)..................

5、...............................................................................10三、上市公司進(jìn)行重大資產(chǎn)重組的業(yè)務(wù)流程三、上市公司進(jìn)行重大資產(chǎn)重組的業(yè)務(wù)流程....................................................................1313（一）初步磋商及保密...................

6、.....................................................................................13（二）聘請(qǐng)中介機(jī)構(gòu)............................................................................................................13（三）董事會(huì)對(duì)重大資產(chǎn)重組事

7、項(xiàng)的審核.........................................................................15（四）股東大會(huì)對(duì)重大資產(chǎn)重組事項(xiàng)的審核.....................................................................16四、國(guó)資委對(duì)重大資產(chǎn)重組的審核四、國(guó)資委對(duì)重大資產(chǎn)重組的審核.....................

8、...........................................................................1616（一）評(píng)估備案....................................................................................................................17（二）國(guó)資委對(duì)重大資產(chǎn)重組出具意

9、見(jiàn).............................................................................17（三）重大資產(chǎn)出售與國(guó)有資產(chǎn)進(jìn)場(chǎng)交易.........................................................................17五、證監(jiān)會(huì)對(duì)重大資產(chǎn)重組的審核五、證監(jiān)會(huì)對(duì)重大資產(chǎn)重組的審核.................

10、...............................................................................1818（一）上市公司的獨(dú)立性....................................................................................................19（二）上市公司的持續(xù)盈利能力..........

11、...............................................................................20（三）歷次產(chǎn)權(quán)變動(dòng)瑕疵及其解決.....................................................................................21六、重大資產(chǎn)重組的實(shí)施六、重大資產(chǎn)重組的實(shí)施...............

12、...............................................................................................................2222（一）實(shí)施進(jìn)展情況的披露.............................................................................................

13、....22（二）鎖定期安排................................................................................................................22（三）盈利預(yù)測(cè)補(bǔ)償...................................................................................

14、.........................23七、重大資產(chǎn)重組的信息披露及停牌復(fù)牌七、重大資產(chǎn)重組的信息披露及停牌復(fù)牌..........................................................................2424八、本次重大資產(chǎn)重組可借鑒之處八、本次重大資產(chǎn)重組可借鑒之處.................................................

15、...............................................26262組，中國(guó)電信旗下三家上市公司將在數(shù)字集群、綜合電信銷(xiāo)售、呼叫中心和增值業(yè)務(wù)、通信工程業(yè)務(wù)中形成同業(yè)競(jìng)爭(zhēng)。重大資產(chǎn)重組可以改變上市公司的主營(yíng)業(yè)務(wù)，進(jìn)而解決同業(yè)競(jìng)爭(zhēng)問(wèn)題。（三）重大資產(chǎn)重組的主要經(jīng)過(guò)（三）重大資產(chǎn)重組的主要經(jīng)過(guò)A的重大資產(chǎn)重組可謂一波三折。1、第一次重組（、第一次重組（20092009年1010月至月至20102010年6

16、月）月）第一次重組時(shí)，中國(guó)電信計(jì)劃將A的主營(yíng)業(yè)務(wù)置出，同時(shí)將優(yōu)質(zhì)酒店資產(chǎn)、酒店行業(yè)信息化解決方案業(yè)務(wù)、土地資源整合和房地產(chǎn)開(kāi)發(fā)業(yè)務(wù)注入A。雖然該方案通過(guò)了國(guó)務(wù)院國(guó)資委和上市公司股東大會(huì)的審核，但由于酒店資產(chǎn)盈利能力較差、酒店信息化和土地資源整合業(yè)務(wù)開(kāi)展具有不確定性等原因，重組方案沒(méi)有獲得證監(jiān)會(huì)并購(gòu)重組委的審核通過(guò)1。1對(duì)于第一次重組被否決的具體原因，證監(jiān)會(huì)在《關(guān)于不予核準(zhǔn)中衛(wèi)國(guó)脈通信股份有限公司重大資產(chǎn)和業(yè)務(wù)出售及發(fā)行股份和現(xiàn)金購(gòu)買(mǎi)資產(chǎn)