什么叫反并购：中文篇

反并购，又称为反收购或防御收购，指的是目标公司为了阻止、挫败或推迟敌意收购者的并购行为而采取的一系列措施和策略。这些措施旨在保护公司的独立性、维护股东利益，以及确保公司的长期稳定发展。

反并购策略多种多样，包括但不限于：毒丸计划、白衣骑士、黄金降落伞、绿色邮件等。毒丸计划通常指通过发行一些新的优先股或债券来阻止敌意收购，因为这些新股或债券在被收购后可能会被转换为大量的普通股，从而稀释收购者的股权。白衣骑士则是指目标公司邀请一个友好的收购者来提出一个更有竞争力的收购要约，以此挫败敌意收购者的计划。

黄金降落伞和绿色邮件则是针对公司高管的一种保护措施。黄金降落伞计划在高管被解雇时提供丰厚的离职补偿，以此阻止敌意收购者通过解雇高管来削减成本。而绿色邮件则是公司给予股东现金或其他形式的补偿，以换取他们对敌意收购的投票反对。

然而，反并购策略并非万无一失。在某些情况下，这些策略可能会对公司的股价和声誉造成负面影响，甚至可能引发法律纠纷。因此，目标公司在采取反并购策略时需要谨慎权衡利弊，确保策略的合理性和合法性。

What Is Anti-Takeover? English Version

Anti-takeover, also known as defense against acquisition or defense strategy, refers to a series of measures and strategies adopted by the target company to prevent, defeat, or postpone hostile takeover attempts. These measures aim to protect the company's independence, safeguard shareholder interests, and ensure the long-term stable development of the company.

There are various anti-takeover strategies, including but not limited to: poison pills, white knights, golden parachutes, and greenmail. Poison pills typically involve the issuance of new preferred shares or bonds to deter hostile takeovers, as these new securities can be converted into a large number of ordinary shares upon acquisition, thereby diluting the acquirer's equity. White knights refer to the target company inviting a friendly acquirer to make a more competitive offer, thus undermining the hostile bidder's plans.

Golden parachutes and greenmail are protective measures for the company's executives. Golden parachutes provide generous severance packages to executives in the event of their dismissal, serving as a deterrent for hostile takeovers that seek to reduce costs by firing executives. Greenmail, on the other hand, involves the company offering cash or other forms of compensation to shareholders in exchange for their votes against the hostile takeover.

However, anti-takeover strategies are not foolproof. In some cases, these strategies can have negative impacts on the company's share price and reputation, and may even trigger legal disputes. Therefore, it is crucial for target companies to carefully weigh the pros and cons when adopting anti-takeover strategies, ensuring their reasonableness and legality.