{"id":86281,"date":"2024-11-14T09:28:13","date_gmt":"2024-11-14T02:28:13","guid":{"rendered":"https:\/\/jobsgo.vn\/blog\/?p=86281"},"modified":"2024-11-18T15:39:11","modified_gmt":"2024-11-18T08:39:11","slug":"hostile-takeover-la-gi","status":"publish","type":"post","link":"https:\/\/jobsgo.vn\/blog\/hostile-takeover-la-gi\/","title":{"rendered":"Hostile Takeover L\u00e0 G\u00ec? 4 D\u1ea5u Hi\u1ec7u Nh\u1eadn Bi\u1ebft Hostile Takeover"},"content":{"rendered":"\n
Hostile takeover l\u00e0 g\u00ec? <\/em><\/strong>Thu\u1eadt ng\u1eef n\u00e0y m\u00f4 t\u1ea3 h\u00ecnh th\u1ee9c ti\u1ebfp qu\u1ea3n doanh nghi\u1ec7p theo c\u00e1ch th\u1ee9c \u0111\u1ed1i \u0111\u1ea7u, kh\u00f4ng \u0111\u01b0\u1ee3c s\u1ef1 ch\u1ea5p thu\u1eadn t\u1eeb ban l\u00e3nh \u0111\u1ea1o \u0111\u01b0\u01a1ng nhi\u1ec7m c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. \u0110\u00e2y \u0111\u01b0\u1ee3c xem l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00f2i h\u1ecfi ngu\u1ed3n l\u1ef1c l\u1edbn nh\u01b0ng mang l\u1ea1i hi\u1ec7u qu\u1ea3 cao trong vi\u1ec7c m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n v\u00e0 t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng. H\u00e3y c\u00f9ng JobsGO<\/strong><\/a> kh\u00e1m ph\u00e1 3 chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng trong hostile takeover!<\/em><\/p>\n M\u1ee5c l\u1ee5c<\/p> Tr\u01b0\u1edbc khi t\u00ecm hi\u1ec3u hostile takeover, ch\u00fang ta c\u00f9ng ph\u00e2n t\u00edch Hostile l\u00e0 g\u00ec? Takeover l\u00e0 g\u00ec?<\/strong><\/p>\n Trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh doanh nghi\u1ec7p, thu\u1eadt ng\u1eef “hostile” \u00e1m ch\u1ec9 t\u00ednh ch\u1ea5t \u0111\u1ed1i \u0111\u1ecbch, kh\u00f4ng th\u00e2n thi\u1ec7n, c\u00f2n “takeover” ngh\u0129a l\u00e0 vi\u1ec7c ti\u1ebfp qu\u1ea3n, n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t. Khi gh\u00e9p l\u1ea1i, “hostile takeover” di\u1ec5n t\u1ea3 h\u00e0nh \u0111\u1ed9ng th\u00f4n t\u00ednh doanh nghi\u1ec7p theo c\u00e1ch th\u1ee9c quy\u1ebft li\u1ec7t, tr\u00e1i v\u1edbi \u00fd mu\u1ed1n c\u1ee7a ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty m\u1ee5c ti\u00eau.<\/p>\n V\u1eady th\u00f4n t\u00ednh l\u00e0 g\u00ec<\/strong>? \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c m\u00e0 b\u00ean mua th\u01b0\u1eddng \u00e1p d\u1ee5ng khi \u0111\u00e0m ph\u00e1n tr\u1ef1c ti\u1ebfp kh\u00f4ng th\u00e0nh c\u00f4ng, bu\u1ed9c h\u1ecd ph\u1ea3i th\u1ef1c hi\u1ec7n c\u00e1c bi\u1ec7n ph\u00e1p g\u00e2y \u00e1p l\u1ef1c \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c \u0111\u00edch ki\u1ec3m so\u00e1t.<\/p><\/blockquote>\n M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 hostile takeover l\u00e0 v\u1ee5 vi\u1ec7c gi\u1eefa Oracle v\u00e0 PeopleSoft v\u00e0o n\u0103m 2003. Khi \u0111\u00f3, Oracle \u0111\u00e3 nhi\u1ec1u l\u1ea7n \u0111\u01b0a ra \u0111\u1ec1 ngh\u1ecb mua l\u1ea1i PeopleSoft v\u1edbi m\u1ee9c gi\u00e1 h\u1ea5p d\u1eabn nh\u01b0ng li\u00ean t\u1ee5c b\u1ecb t\u1eeb ch\u1ed1i. Kh\u00f4ng ch\u1ea5p nh\u1eadn th\u1ea5t b\u1ea1i, Oracle \u0111\u00e3 ph\u00e1t \u0111\u1ed9ng chi\u1ebfn d\u1ecbch mua c\u1ed5 phi\u1ebfu tr\u1ef1c ti\u1ebfp t\u1eeb c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a PeopleSoft, \u0111\u1ed3ng th\u1eddi t\u1ea1o \u00e1p l\u1ef1c l\u00ean h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb th\u00f4ng qua c\u00e1c \u0111\u1ed9ng th\u00e1i ph\u00e1p l\u00fd v\u00e0 truy\u1ec1n th\u00f4ng. Sau 18 th\u00e1ng c\u0103ng th\u1eb3ng, PeopleSoft cu\u1ed1i c\u00f9ng \u0111\u00e3 ph\u1ea3i ch\u1ea5p nh\u1eadn \u0111\u1ec1 ngh\u1ecb tr\u1ecb gi\u00e1 10.3 t\u1ef7 USD, \u0111\u00e1nh d\u1ea5u m\u1ed9t trong nh\u1eefng v\u1ee5 hostile takeover \u0111\u00e1ng ch\u00fa \u00fd nh\u1ea5t trong l\u1ecbch s\u1eed ng\u00e0nh c\u00f4ng ngh\u1ec7.<\/p>\n V\u1ec1 ph\u01b0\u01a1ng di\u1ec7n chi\u1ebfn l\u01b0\u1ee3c kinh doanh, c\u00e1c t\u1eadp \u0111o\u00e0n th\u01b0\u1eddng tri\u1ec3n khai chi\u1ebfn d\u1ecbch th\u00f4n t\u00ednh \u0111\u1ed1i \u0111\u1ecbch nh\u1eb1m m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n, t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ea1nh tranh, t\u0103ng c\u01b0\u1eddng v\u1ecb th\u1ebf trong ng\u00e0nh. Th\u00f4ng qua vi\u1ec7c ti\u1ebfp qu\u1ea3n c\u00e1c \u0111\u1ed1i th\u1ee7 ti\u1ec1m n\u0103ng, doanh nghi\u1ec7p c\u00f3 th\u1ec3 nhanh ch\u00f3ng ti\u1ebfp c\u1eadn c\u00f4ng ngh\u1ec7 m\u1edbi, ngu\u1ed3n nh\u00e2n l\u1ef1c ch\u1ea5t l\u01b0\u1ee3ng cao v\u00e0 m\u1ea1ng l\u01b0\u1edbi kh\u00e1ch h\u00e0ng s\u1eb5n c\u00f3. \u0110i\u1ec1u n\u00e0y gi\u00fap h\u1ecd ti\u1ebft ki\u1ec7m \u0111\u00e1ng k\u1ec3 th\u1eddi gian, chi ph\u00ed so v\u1edbi vi\u1ec7c t\u1ef1 ph\u00e1t tri\u1ec3n n\u1ed9i b\u1ed9 t\u1eeb \u0111\u1ea7u. Ngo\u00e0i ra, vi\u1ec7c th\u00e2u t\u00f3m c\u00f2n gi\u00fap lo\u1ea1i b\u1ecf \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp, t\u1eeb \u0111\u00f3 gia t\u0103ng kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng theo mong mu\u1ed1n.<\/p>\n X\u00e9t v\u1ec1 kh\u00eda c\u1ea1nh t\u00e0i ch\u00ednh, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eafm \u0111\u1ebfn c\u00e1c c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n thu\u1ea7n cao nh\u01b0ng \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p tr\u00ean th\u1ecb tr\u01b0\u1eddng do qu\u1ea3n tr\u1ecb y\u1ebfu k\u00e9m. H\u1ecd tin r\u1eb1ng sau khi ti\u1ebfp qu\u1ea3n v\u00e0 t\u00e1i c\u01a1 c\u1ea5u, c\u00f3 th\u1ec3 khai th\u00e1c hi\u1ec7u qu\u1ea3 h\u01a1n ti\u1ec1m n\u0103ng c\u1ee7a doanh nghi\u1ec7p m\u1ee5c ti\u00eau, t\u1eeb \u0111\u00f3 t\u1ea1o ra l\u1ee3i nhu\u1eadn \u0111\u00e1ng k\u1ec3. Vi\u1ec7c n\u00e0y th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi c\u00e1c ho\u1ea1t \u0111\u1ed9ng nh\u01b0 tinh gi\u1ea3n b\u1ed9 m\u00e1y, tho\u00e1i v\u1ed1n kh\u1ecfi m\u1ea3ng kinh doanh kh\u00f4ng hi\u1ec7u qu\u1ea3, hay t\u1ed1i \u01b0u h\u00f3a chu\u1ed7i cung \u1ee9ng \u0111\u1ec3 c\u1eaft gi\u1ea3m chi ph\u00ed v\u1eadn h\u00e0nh.<\/p>\n \u1ede g\u00f3c \u0111\u1ed9 ng\u00e0nh v\u00e0 th\u1ecb tr\u01b0\u1eddng, ho\u1ea1t \u0111\u1ed9ng hostile takeover c\u00f2n h\u01b0\u1edbng t\u1edbi m\u1ee5c ti\u00eau t\u1ea1o ra c\u00e1c t\u1ed5 h\u1ee3p kinh t\u1ebf c\u00f3 quy m\u00f4 l\u1edbn, \u0111\u1ee7 s\u1ee9c c\u1ea1nh tranh trong m\u00f4i tr\u01b0\u1eddng to\u00e0n c\u1ea7u. Th\u00f4ng qua vi\u1ec7c k\u1ebft h\u1ee3p ngu\u1ed3n l\u1ef1c c\u1ee7a c\u00e1c doanh nghi\u1ec7p ri\u00eang l\u1ebb, b\u00ean th\u00e2u t\u00f3m c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng \u0111\u01b0\u1ee3c h\u1ec7 sinh th\u00e1i ho\u00e0n ch\u1ec9nh, t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c nghi\u00ean c\u1ee9u ph\u00e1t tri\u1ec3n, kh\u1ea3 n\u0103ng \u0111\u00e0m ph\u00e1n v\u1edbi \u0111\u1ed1i t\u00e1c. N\u00f3 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh qu\u1ed1c t\u1ebf ng\u00e0y c\u00e0ng gay g\u1eaft, \u0111\u00f2i h\u1ecfi c\u00e1c doanh nghi\u1ec7p ph\u1ea3i kh\u00f4ng ng\u1eebng m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 n\u00e2ng cao n\u0103ng l\u1ef1c c\u1ea1nh tranh.<\/p>\n Hostile Takeover t\u1ea1o ra nh\u1eefng t\u00e1c \u0111\u1ed9ng l\u1edbn \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, trong \u0111\u00f3 nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng ch\u1ecbu \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u nh\u1ea5t.<\/p>\n Khi th\u00f4ng tin v\u1ec1 k\u1ebf ho\u1ea1ch th\u00f4n t\u00ednh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u01b0\u1eddng t\u0103ng m\u1ea1nh do k\u1ef3 v\u1ecdng v\u1ec1 m\u1ee9c gi\u00e1 ch\u00e0o mua cao h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng. N\u00f3 t\u1ea1o ra c\u01a1 h\u1ed9i sinh l\u1eddi h\u1ea5p d\u1eabn cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 nhanh nh\u1ea1y, n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c th\u00f4ng tin s\u1edbm v\u00e0 ra quy\u1ebft \u0111\u1ecbnh k\u1ecbp th\u1eddi. Tuy nhi\u00ean, m\u1ee9c t\u0103ng n\u00e0y th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng, g\u00e2y kh\u00f3 kh\u0103n cho vi\u1ec7c \u0111\u1ecbnh gi\u00e1 v\u00e0 l\u1ef1a ch\u1ecdn th\u1eddi \u0111i\u1ec3m giao d\u1ecbch ph\u00f9 h\u1ee3p. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, do thi\u1ebfu th\u00f4ng tin, kinh nghi\u1ec7m, c\u00f3 th\u1ec3 mua v\u00e0o \u1edf v\u00f9ng gi\u00e1 \u0111\u1ec9nh v\u00e0 ch\u1ecbu t\u1ed5n th\u1ea5t n\u1ebfu th\u01b0\u01a1ng v\u1ee5 th\u00f4n t\u00ednh kh\u00f4ng th\u00e0nh c\u00f4ng.<\/p>\n Khi k\u1ef3 v\u1ecdng v\u1ec1 th\u01b0\u01a1ng v\u1ee5 th\u00f4n t\u00ednh t\u0103ng cao, \u00e1p l\u1ef1c b\u00e1n t\u1eeb nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 l\u01b0\u1edbt s\u00f3ng c\u00f3 th\u1ec3 khi\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ea3o chi\u1ec1u nhanh ch\u00f3ng. N\u00f3 \u0111\u1eb7c bi\u1ec7t nguy hi\u1ec3m \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n, b\u1edfi vi\u1ec7c n\u1eafm b\u1eaft xu h\u01b0\u1edbng gi\u00e1 tr\u1edf n\u00ean kh\u00f3 d\u1ef1 \u0111o\u00e1n h\u01a1n. C\u00e1c y\u1ebfu t\u1ed1 t\u00e1c \u0111\u1ed9ng nh\u01b0 tin \u0111\u1ed3n ho\u1eb7c thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c t\u1eeb b\u00ean mua \u0111\u1ec1u c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n Trong c\u00e1c chi\u1ebfn d\u1ecbch hostile takeover, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ee7a m\u00ecnh. M\u1eb7c d\u00f9 h\u1ecd c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft theo t\u1ef7 l\u1ec7 s\u1edf h\u1eefu, nh\u01b0ng th\u01b0\u1eddng thi\u1ebfu ti\u1ebfng n\u00f3i m\u1ea1nh m\u1ebd v\u00e0 kh\u1ea3 n\u0103ng t\u1eadp h\u1ee3p l\u1ef1c l\u01b0\u1ee3ng \u0111\u1ec3 t\u1ea1o \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng. C\u00e1c quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng th\u01b0\u1eddng do c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn v\u00e0 t\u1ed5 ch\u1ee9c chi ph\u1ed1i, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb r\u01a1i v\u00e0o th\u1ebf b\u1ecb \u0111\u1ed9ng, bu\u1ed9c ph\u1ea3i ch\u1ea5p nh\u1eadn ph\u01b0\u01a1ng \u00e1n \u0111\u01b0\u1ee3c \u0111\u01b0a ra m\u00e0 kh\u00f4ng c\u00f3 nhi\u1ec1u l\u1ef1a ch\u1ecdn thay th\u1ebf.<\/p>\n C\u00e1c b\u00ean th\u1ef1c hi\u1ec7n th\u00f4n t\u00ednh th\u01b0\u1eddng s\u1eed d\u1ee5ng nhi\u1ec1u chi\u1ebfn thu\u1eadt nh\u1eb1m thuy\u1ebft ph\u1ee5c ho\u1eb7c g\u00e2y \u00e1p l\u1ef1c l\u00ean c\u1ed5 \u0111\u00f4ng nh\u1ecf l\u1ebb, l\u00e0m gi\u1ea3m kh\u1ea3 n\u0103ng ph\u1ea3n \u0111\u1ed1i t\u1eeb nh\u00f3m n\u00e0y. K\u1ebft qu\u1ea3 l\u00e0, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n kh\u00f4ng ch\u1ec9 ch\u1ecbu t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn quy\u1ec1n l\u1ee3i t\u00e0i ch\u00ednh m\u00e0 c\u00f2n \u0111\u1ed1i m\u1eb7t v\u1edbi nguy c\u01a1 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi nh\u1eefng thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ed9t ng\u1ed9t t\u1eeb b\u00ean th\u00e2u t\u00f3m, \u0111\u1ea9y h\u1ecd v\u00e0o t\u00ecnh th\u1ebf th\u1ee5 \u0111\u1ed9ng trong qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh.<\/p>\n Ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty mu\u1ed1n \u00e1p d\u1ee5ng nhi\u1ec1u bi\u1ec7n ph\u00e1p ph\u00f2ng th\u1ee7 \u0111\u1ec3 ch\u1ed1ng l\u1ea1i n\u1ed7 l\u1ef1c hostile takeover, t\u1ee9c l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng nh\u1ecf c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u01b0 ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu, b\u00e1n t\u00e0i s\u1ea3n c\u00f3 gi\u00e1 tr\u1ecb, hay t\u0103ng n\u1ee3 vay c\u00f3 th\u1ec3 l\u00e0m suy gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu trong ng\u1eafn h\u1ea1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, v\u1edbi ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh h\u1ea1n ch\u1ebf, kh\u00f3 c\u00f3 th\u1ec3 duy tr\u00ec v\u1ecb th\u1ebf \u0111\u1ea7u t\u01b0 trong th\u1eddi gian d\u00e0i \u0111\u1ec3 ch\u1edd \u0111\u1ee3i k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng c\u1ee7a cu\u1ed9c chi\u1ebfn quy\u1ec1n l\u1ef1c n\u00e0y.<\/p>\n H\u1ec7 l\u1ee5y \u0111\u00f3 l\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn tr\u00ean th\u1ecb tr\u01b0\u1eddng, khi\u1ebfn c\u1ed5 phi\u1ebfu c\u00f4ng ty tr\u1edf n\u00ean kh\u00f4ng \u1ed5n \u0111\u1ecbnh. Khi gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m m\u1ea1nh do c\u00e1c bi\u1ec7n ph\u00e1p nh\u01b0 ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu hay t\u0103ng n\u1ee3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n c\u00f3 nguy c\u01a1 m\u1ea5t m\u00e1t \u0111\u00e1ng k\u1ec3 n\u1ebfu ph\u1ea3i b\u00e1n c\u1ed5 phi\u1ebfu \u1edf th\u1eddi \u0111i\u1ec3m kh\u00f4ng thu\u1eadn l\u1ee3i. Ngo\u00e0i ra, s\u1ef1 gia t\u0103ng n\u1ee3 vay c\u00f3 th\u1ec3 t\u1ea1o \u00e1p l\u1ef1c t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n l\u00ean c\u00f4ng ty, l\u00e0m gi\u1ea3m kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng, d\u1eabn \u0111\u1ebfn gi\u1ea3m s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai. N\u00f3 khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111\u1ee9ng tr\u01b0\u1edbc nhi\u1ec1u r\u1ee7i ro t\u00e0i ch\u00ednh h\u01a1n khi tham gia \u0111\u1ea7u t\u01b0.<\/p>\n Sau khi th\u01b0\u01a1ng v\u1ee5 th\u00f4n t\u00ednh ho\u00e0n t\u1ea5t, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng thay \u0111\u1ed5i l\u1edbn trong chi\u1ebfn l\u01b0\u1ee3c kinh doanh v\u00e0 c\u01a1 c\u1ea5u qu\u1ea3n tr\u1ecb c\u1ee7a c\u00f4ng ty. B\u00ean th\u00e2u t\u00f3m c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac m\u1ea1nh m\u1ebd, thay \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh ho\u1eb7c \u0111\u1ecbnh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n, n\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi k\u1ef3 v\u1ecdng ban \u0111\u1ea7u c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Nh\u1eefng bi\u1ebfn \u0111\u1ed9ng n\u00e0y \u0111\u00f2i h\u1ecfi h\u1ecd ph\u1ea3i nhanh ch\u00f3ng \u0111\u00e1nh gi\u00e1 l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, \u0111\u1ed3ng th\u1eddi \u0111\u1ed1i m\u1eb7t v\u1edbi quy\u1ebft \u0111\u1ecbnh kh\u00f3 kh\u0103n gi\u1eefa vi\u1ec7c duy tr\u00ec \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n hay r\u00fat v\u1ed1n \u0111\u1ec3 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i m\u1edbi.<\/p>\n Hostile takeover th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu, t\u1ea1o ra r\u1ee7i ro ng\u1eafn h\u1ea1n cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. Khi b\u00ean th\u00e2u t\u00f3m \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c m\u1edbi, c\u00f3 th\u1ec3 x\u1ea3y ra c\u00e1c \u0111\u1ee3t sa th\u1ea3i nh\u00e2n s\u1ef1 ho\u1eb7c c\u1eaft gi\u1ea3m chi ph\u00ed, g\u00e2y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng v\u00e0 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty sau th\u00f4n t\u00ednh, xem x\u00e9t m\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 theo d\u00f5i s\u00e1t sao c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u1eeb ban l\u00e3nh \u0111\u1ea1o m\u1edbi \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n \u0110\u1ec3 nh\u1eadn bi\u1ebft m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00f4n t\u00ednh, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n theo d\u00f5i nhi\u1ec1u kh\u00eda c\u1ea1nh t\u1eeb bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng \u0111\u1ebfn nh\u1eefng thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac s\u1edf h\u1eefu v\u00e0 ho\u1ea1t \u0111\u1ed9ng doanh nghi\u1ec7p. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 nh\u1eefng d\u1ea5u hi\u1ec7u quan tr\u1ecdng c\u1ea7n ch\u00fa \u00fd:<\/p>\n S\u1ef1 gia t\u0103ng \u0111\u1ed9t bi\u1ebfn v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu, \u0111\u1eb7c bi\u1ec7t khi kh\u00f4ng c\u00f3 tin t\u1ee9c c\u01a1 b\u1ea3n v\u1ec1 ho\u1ea1t \u0111\u1ed9ng kinh doanh, c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u m\u1ed9t chi\u1ebfn d\u1ecbch th\u00f4n t\u00ednh \u0111ang manh nha. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn th\u01b0\u1eddng \u00e2m th\u1ea7m t\u00edch l\u0169y c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 \u00fd \u0111\u1ecbnh ti\u1ebfp qu\u1ea3n, t\u1ea1o ra nh\u1eefng \u0111\u1ee3t bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh tr\u00ean th\u1ecb tr\u01b0\u1eddng. \u0110\u1ed3ng th\u1eddi, nh\u1eefng giao d\u1ecbch l\u1edbn t\u1eeb c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 hay t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u0169ng l\u00e0 t\u00edn hi\u1ec7u \u0111\u00e1ng ch\u00fa \u00fd, nh\u1ea5t l\u00e0 khi ch\u00fang di\u1ec5n ra trong th\u1eddi gian ng\u1eafn v\u00e0 t\u1eadp trung v\u00e0o m\u1ed9t nh\u00f3m c\u1ed5 \u0111\u00f4ng c\u1ee5 th\u1ec3.<\/p>\n D\u1ea5u hi\u1ec7u r\u00f5 r\u00e0ng nh\u1ea5t l\u00e0 s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a nh\u1eefng c\u1ed5 \u0111\u00f4ng m\u1edbi v\u1edbi t\u1ef7 l\u1ec7 s\u1edf h\u1eefu \u0111\u00e1ng k\u1ec3, th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua nhi\u1ec1u t\u00e0i kho\u1ea3n kh\u00e1c nhau \u0111\u1ec3 tr\u00e1nh ph\u1ea3i c\u00f4ng b\u1ed1 th\u00f4ng tin. Ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty m\u1ee5c ti\u00eau c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u tri\u1ec3n khai c\u00e1c bi\u1ec7n ph\u00e1p ph\u00f2ng th\u1ee7 nh\u01b0 s\u1eeda \u0111\u1ed5i \u0111i\u1ec1u l\u1ec7, t\u0103ng c\u01b0\u1eddng quy\u1ec1n bi\u1ec3u quy\u1ebft cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu hay th\u1eadm ch\u00ed t\u00ecm ki\u1ebfm “white knight” – \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 ch\u1ed1ng l\u1ea1i n\u1ed7 l\u1ef1c th\u00f4n t\u00ednh.<\/p>\n M\u1ed9t lo\u1ea1t th\u00f4ng tin ti\u00eau c\u1ef1c v\u1ec1 c\u00f4ng ty m\u1ee5c ti\u00eau \u0111\u01b0\u1ee3c tung ra tr\u00ean c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng, nh\u1eb1m g\u00e2y \u00e1p l\u1ef1c l\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 ban l\u00e3nh \u0111\u1ea1o. B\u00ean th\u00e2u t\u00f3m c\u00f3 th\u1ec3 c\u00f4ng khai ch\u1ec9 tr\u00edch chi\u1ebfn l\u01b0\u1ee3c kinh doanh, k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng hay n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb c\u1ee7a \u0111\u1ed9i ng\u0169 \u0111i\u1ec1u h\u00e0nh hi\u1ec7n t\u1ea1i. \u0110\u1ed3ng th\u1eddi, nh\u1eefng ph\u00e2n t\u00edch v\u1ec1 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng, gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a doanh nghi\u1ec7p \u0111\u01b0\u1ee3c \u0111\u01b0a ra, nh\u1eb1m thuy\u1ebft ph\u1ee5c c\u1ed5 \u0111\u00f4ng v\u1ec1 l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c thay \u0111\u1ed5i quy\u1ec1n ki\u1ec3m so\u00e1t.<\/p>\n S\u1ef1 t\u0103ng c\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty lu\u1eadt, ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh xung quanh doanh nghi\u1ec7p m\u1ee5c ti\u00eau c\u0169ng l\u00e0 d\u1ea5u hi\u1ec7u \u0111\u00e1ng ch\u00fa \u00fd. C\u00e1c chuy\u00ean gia th\u01b0\u1eddng \u0111\u01b0\u1ee3c huy \u0111\u1ed9ng \u0111\u1ec3 chu\u1ea9n b\u1ecb cho nh\u1eefng k\u1ecbch b\u1ea3n ph\u00e1p l\u00fd v\u00e0 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 x\u1ea3y ra. Vi\u1ec7c c\u00e1c \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c, nh\u00e0 cung c\u1ea5p hay kh\u00e1ch h\u00e0ng l\u1edbn b\u1eaft \u0111\u1ea7u xem x\u00e9t l\u1ea1i c\u00e1c h\u1ee3p \u0111\u1ed3ng hay th\u1ecfa thu\u1eadn h\u1ee3p t\u00e1c c\u0169ng c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u nh\u1eefng thay \u0111\u1ed5i s\u1eafp t\u1edbi trong c\u1ea5u tr\u00fac s\u1edf h\u1eefu c\u00f4ng ty.<\/p>\n C\u00f3 ba chi\u1ebfn l\u01b0\u1ee3c ch\u00ednh th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ho\u00e0n t\u1ea5t m\u1ed9t v\u1ee5 th\u00e2u t\u00f3m th\u00f9 \u0111\u1ecbch: mua c\u1ed5 phi\u1ebfu t\u1eeb th\u1ecb tr\u01b0\u1eddng, \u0111\u1ea5u th\u1ea7u v\u00e0 cu\u1ed9c chi\u1ebfn \u1ee7y quy\u1ec1n.<\/p>\n C\u00f4ng ty th\u00e2u t\u00f3m s\u1ebd mua ph\u1ea7n l\u1edbn c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. H\u1ecd s\u1ebd n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t c\u00f4ng ty m\u1ee5c ti\u00eau. Song, vi\u1ec7c n\u00e0y kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng kh\u1ea3 thi v\u00ec ph\u1ea7n l\u1edbn c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u0111ang do h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb n\u1eafm gi\u1eef, ngh\u0129a l\u00e0 kh\u00f4ng c\u00f3 nhi\u1ec1u c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 mua.<\/p>\n M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 v\u1ee5 th\u00e2u t\u00f3m c\u1ee7a Glencore \u0111\u1ed1i v\u1edbi Xstrata v\u00e0o n\u0103m 2013, khi Glencore mua l\u1ea1i ph\u1ea7n l\u1edbn c\u1ed5 phi\u1ebfu c\u1ee7a Xstrata tr\u00ean th\u1ecb tr\u01b0\u1eddng. Chi\u1ebfn l\u01b0\u1ee3c mua c\u1ed5 phi\u1ebfu t\u1eeb th\u1ecb tr\u01b0\u1eddng \u0111\u00f2i h\u1ecfi c\u00f4ng ty th\u00e2u t\u00f3m ph\u1ea3i c\u00f3 \u0111\u1ee7 ngu\u1ed3n t\u00e0i ch\u00ednh \u0111\u1ec3 mua \u0111\u01b0\u1ee3c s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u1ed5 phi\u1ebfu, \u0111\u1ed3ng th\u1eddi c\u0169ng ph\u1ea3i c\u1ea9n th\u1eadn kh\u00f4ng l\u00e0m t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu qu\u00e1 cao so v\u1edbi m\u1ee9c m\u00e0 h\u1ecd mu\u1ed1n mua.<\/p>\n C\u00f4ng ty th\u00e2u t\u00f3m s\u1ebd b\u1ecf qua h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau v\u00e0 tr\u1ef1c ti\u1ebfp \u0111\u1ec1 ngh\u1ecb mua l\u1ea1i c\u1ed5 phi\u1ebfu t\u1eeb c\u00e1c c\u1ed5 \u0111\u00f4ng v\u1edbi m\u1ee9c gi\u00e1 cao h\u01a1n gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng. C\u00e1c c\u1ed5 \u0111\u00f4ng s\u1ebd c\u00e2n nh\u1eafc b\u00e1n c\u1ed5 phi\u1ebfu cho c\u00f4ng ty th\u00e2u t\u00f3m v\u00ec \u0111\u01b0\u1ee3c tr\u1ea3 gi\u00e1 cao.<\/p>\n V\u00ed d\u1ee5, v\u00e0o n\u0103m 2010, c\u00f4ng ty Sanofi-Aventis \u0111\u00e3 \u0111\u1ec1 ngh\u1ecb mua l\u1ea1i c\u00f4ng ty Genzyme \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n \u0111\u1ec3 m\u1edf r\u1ed9ng danh m\u1ee5c s\u1ea3n ph\u1ea9m c\u1ee7a m\u00ecnh. C\u00f4ng ty th\u00e2u t\u00f3m ph\u1ea3i s\u1eb5n s\u00e0ng tr\u1ea3 m\u1ed9t m\u1ee9c gi\u00e1 cao h\u01a1n so v\u1edbi gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 thu h\u00fat c\u00e1c c\u1ed5 \u0111\u00f4ng, \u0111\u1ed3ng th\u1eddi thuy\u1ebft ph\u1ee5c \u0111\u01b0\u1ee3c h\u1ecd r\u1eb1ng vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu s\u1ebd mang l\u1ea1i l\u1ee3i \u00edch l\u1edbn h\u01a1n.<\/p>\n Doanh nghi\u1ec7p th\u00e2u t\u00f3m s\u1ebd c\u1ed1 g\u1eafng thay \u0111\u1ed5i th\u00e0nh vi\u00ean h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau b\u1eb1ng c\u00e1ch v\u1eadn \u0111\u1ed9ng c\u00e1c c\u1ed5 \u0111\u00f4ng b\u1ea7u c\u00e1c \u1ee9ng vi\u00ean do h\u1ecd l\u1ef1a ch\u1ecdn. N\u1ebfu th\u00e0nh c\u00f4ng, h\u1ecd s\u1ebd d\u1ec5 d\u00e0ng n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t c\u00f4ng ty m\u1ee5c ti\u00eau.<\/p>\n V\u00ed d\u1ee5, n\u0103m 2008, Microsoft \u0111\u00e3 kh\u1edfi x\u01b0\u1edbng m\u1ed9t cu\u1ed9c chi\u1ebfn \u1ee7y quy\u1ec1n nh\u1eb1m l\u1eadt \u0111\u1ed5 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a Yahoo \u0111\u1ec3 d\u1ec5 d\u00e0ng mua l\u1ea1i c\u00f4ng ty n\u00e0y, m\u1eb7c d\u00f9 cu\u1ed1i c\u00f9ng k\u1ebf ho\u1ea1ch n\u00e0y kh\u00f4ng th\u00e0nh c\u00f4ng.<\/p>\n \u0110\u1ec3 h\u1ea1n ch\u1ebf t\u00ecnh tr\u1ea1ng hostile takeover, doanh nghi\u1ec7p c\u1ea7n tri\u1ec3n khai c\u00e1c bi\u1ec7n ph\u00e1p to\u00e0n di\u1ec7n, t\u1eeb t\u0103ng c\u01b0\u1eddng ph\u00e1p l\u00fd \u0111\u1ebfn n\u00e2ng cao n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb v\u00e0 th\u1ef1c thi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng v\u1ec7 hi\u1ec7u qu\u1ea3. C\u1ee5 th\u1ec3 \u0111\u00f3 l\u00e0:<\/p>\n M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng l\u00e0 x\u00e2y d\u1ef1ng v\u00e0 ho\u00e0n thi\u1ec7n h\u1ec7 th\u1ed1ng quy \u0111\u1ecbnh, quy ch\u1ebf, \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty nh\u1eb1m t\u0103ng c\u01b0\u1eddng c\u00e1c bi\u1ec7n ph\u00e1p ph\u00f2ng v\u1ec7 tr\u01b0\u1edbc nh\u1eefng n\u1ed7 l\u1ef1c th\u00f4n t\u00ednh. C\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng c\u00e1c c\u01a1 ch\u1ebf nh\u01b0 quy\u1ec1n \u01b0u ti\u00ean mua l\u1ea1i, gi\u1edbi h\u1ea1n t\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ee7a c\u1ed5 \u0111\u00f4ng l\u1edbn, hay t\u0103ng s\u1ed1 phi\u1ebfu bi\u1ec3u quy\u1ebft c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu. C\u00e1c quy \u0111\u1ecbnh v\u1ec1 c\u00f4ng b\u1ed1 th\u00f4ng tin, giao d\u1ecbch c\u1ee7a c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9 c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c r\u00e0 so\u00e1t, si\u1ebft ch\u1eb7t. Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh n\u00e0y s\u1ebd t\u0103ng c\u01b0\u1eddng v\u1ecb th\u1ebf v\u00e0 quy\u1ec1n l\u1ef1c c\u1ee7a ban l\u00e3nh \u0111\u1ea1o trong vi\u1ec7c \u1ee9ng ph\u00f3 v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng b\u1ea5t ng\u1edd.<\/p>\n B\u00ean c\u1ea1nh c\u00e1c bi\u1ec7n ph\u00e1p ph\u00e1p l\u00fd, doanh nghi\u1ec7p c\u0169ng c\u1ea7n ch\u00fa tr\u1ecdng v\u00e0o vi\u1ec7c n\u00e2ng cao n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb v\u00e0 minh b\u1ea1ch h\u00f3a th\u00f4ng tin. \u0110\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o ph\u1ea3i th\u1ec3 hi\u1ec7n \u0111\u01b0\u1ee3c t\u1ea7m nh\u00ecn chi\u1ebfn l\u01b0\u1ee3c, kh\u1ea3 n\u0103ng \u0111i\u1ec1u h\u00e0nh hi\u1ec7u qu\u1ea3 c\u0169ng nh\u01b0 cam k\u1ebft b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng. Vi\u1ec7c c\u00f4ng b\u1ed1 \u0111\u1ea7y \u0111\u1ee7, k\u1ecbp th\u1eddi, ch\u00ednh x\u00e1c c\u00e1c th\u00f4ng tin v\u1ec1 ho\u1ea1t \u0111\u1ed9ng kinh doanh, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t \u0111\u1ec3 x\u00e2y d\u1ef1ng ni\u1ec1m tin v\u00e0 h\u00ecnh \u1ea3nh t\u1ed1t c\u1ee7a doanh nghi\u1ec7p tr\u00ean th\u1ecb tr\u01b0\u1eddng. N\u00f3 kh\u00f4ng ch\u1ec9 thu h\u00fat \u0111\u01b0\u1ee3c s\u1ef1 \u1ee7ng h\u1ed9 c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, m\u00e0 c\u00f2n k\u1ecbp th\u1eddi c\u1ea3nh b\u00e1o nh\u1eefng r\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng.<\/p>\n Tr\u00ean c\u01a1 s\u1edf nh\u1eefng n\u1ec1n t\u1ea3ng ph\u00e1p l\u00fd v\u00e0 qu\u1ea3n tr\u1ecb v\u1eefng ch\u1eafc, doanh nghi\u1ec7p c\u1ea7n ch\u1ee7 \u0111\u1ed9ng x\u00e2y d\u1ef1ng c\u00e1c k\u1ebf ho\u1ea1ch, ph\u01b0\u01a1ng \u00e1n \u1ee9ng ph\u00f3 v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng hostile takeover c\u00f3 th\u1ec3 x\u1ea3y ra. C\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 th\u1ec3 t\u00edch l\u0169y ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh d\u1ef1 ph\u00f2ng, x\u00e2y d\u1ef1ng m\u1ea1ng l\u01b0\u1edbi \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c, hay th\u1eadm ch\u00ed t\u00ecm ki\u1ebfm \u0111\u1ed1i t\u00e1c \u0111\u1ec3 ch\u1ed1ng l\u1ea1i nh\u1eefng n\u1ed7 l\u1ef1c th\u00e2u t\u00f3m. Doanh nghi\u1ec7p c\u0169ng c\u1ea7n ch\u1ee7 \u0111\u1ed9ng tri\u1ec3n khai c\u00e1c bi\u1ec7n ph\u00e1p t\u00e1i c\u1ea5u tr\u00fac, t\u00e1i \u0111\u1ecbnh v\u1ecb th\u01b0\u01a1ng hi\u1ec7u v\u00e0 t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c c\u1ea1nh tranh.<\/p>\n V\u1edbi s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c bi\u1ec7n ph\u00e1p tr\u00ean, doanh nghi\u1ec7p s\u1ebd t\u0103ng c\u01b0\u1eddng \u0111\u01b0\u1ee3c kh\u1ea3 n\u0103ng ch\u1ee7 \u0111\u1ed9ng \u1ee9ng ph\u00f3, b\u1ea3o v\u1ec7 m\u00ecnh tr\u01b0\u1edbc nh\u1eefng \u0111\u1ed9ng th\u00e1i th\u00f4n t\u00ednh kh\u00f4ng mong mu\u1ed1n. T\u1eeb \u0111\u00f3, t\u1ed5 ch\u1ee9c c\u00f3 th\u1ec3 t\u1eadp trung v\u00e0o vi\u1ec7c ph\u00e1t tri\u1ec3n ho\u1ea1t \u0111\u1ed9ng kinh doanh l\u00e2u d\u00e0i, mang l\u1ea1i l\u1ee3i \u00edch b\u1ec1n v\u1eefng cho c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 c\u00e1c b\u00ean li\u00ean quan.<\/p>\n D\u01b0\u1edbi \u0111\u00e2y l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t chi ti\u1ebft gi\u1eefa hai h\u00ecnh th\u1ee9c mua l\u1ea1i c\u00f4ng ty ph\u1ed5 bi\u1ebfn: Hostile Takeover (Th\u00f4n t\u00ednh th\u00f9 \u0111\u1ecbch) v\u00e0 Friendly Takeover (Th\u00f4n t\u00ednh th\u00e2n thi\u1ec7n).<\/p>\n (Th\u00f4n t\u00ednh th\u00f9 \u0111\u1ecbch)<\/strong><\/td>\n (Th\u00f4n t\u00ednh th\u00e2n thi\u1ec7n)<\/strong><\/td>\n<\/tr>\n1. Hostile Takeover L\u00e0 G\u00ec? V\u00ed D\u1ee5<\/strong><\/span><\/h2>\n
2. M\u1ee5c \u0110\u00edch C\u1ee7a Hostile Takeover L\u00e0 G\u00ec?<\/strong><\/span><\/h2>\n
3. T\u00e1c \u0110\u1ed9ng C\u1ee7a Hostile Takeover \u0110\u1ebfn C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 C\u00e1 Nh\u00e2n<\/strong><\/span><\/h2>\n
3.1 Bi\u1ebfn \u0110\u1ed9ng Gi\u00e1 C\u1ed5 Phi\u1ebfu V\u00e0 C\u01a1 H\u1ed9i Ki\u1ebfm L\u1eddi Ng\u1eafn H\u1ea1n<\/strong><\/span><\/h3>\n
3.2 Quy\u1ec1n L\u1ee3i V\u00e0 Vai Tr\u00f2 Trong Qu\u00e1 Tr\u00ecnh Bi\u1ec3u Quy\u1ebft<\/strong><\/span><\/h3>\n
3.3 R\u1ee7i Ro T\u1eeb Chi\u1ebfn L\u01b0\u1ee3c Ph\u00f2ng Th\u1ee7 C\u1ee7a Ban L\u00e3nh \u0110\u1ea1o<\/strong><\/span><\/h3>\n
3.4 Thay \u0110\u1ed5i V\u1ec1 \u0110\u1ecbnh H\u01b0\u1edbng C\u00f4ng Ty Sau Th\u00f4n T\u00ednh<\/strong><\/span><\/h3>\n
4. D\u1ea5u Hi\u1ec7u Nh\u1eadn Bi\u1ebft Hostile Takeover<\/strong><\/span><\/h2>\n
4.1 Bi\u1ebfn \u0110\u1ed9ng B\u1ea5t Th\u01b0\u1eddng C\u1ee7a C\u1ed5 Phi\u1ebfu<\/strong><\/span><\/h3>\n
4.2 Thay \u0110\u1ed5i Trong C\u01a1 C\u1ea5u C\u1ed5 \u0110\u00f4ng V\u00e0 H\u00e0nh Vi Qu\u1ea3n Tr\u1ecb<\/strong><\/span><\/h3>\n
4.3 Ho\u1ea1t \u0110\u1ed9ng Truy\u1ec1n Th\u00f4ng V\u00e0 Quan H\u1ec7 C\u00f4ng Ch\u00fang<\/strong><\/span><\/h3>\n
4.4 \u0110\u1ed9ng Th\u00e1i T\u1eeb C\u00e1c B\u00ean Li\u00ean Quan<\/strong><\/span><\/h3>\n
5. C\u00e1c Chi\u1ebfn L\u01b0\u1ee3c Th\u01b0\u1eddng \u0110\u01b0\u1ee3c \u00c1p D\u1ee5ng Trong Hostile Takeover<\/strong><\/span><\/h2>\n
5.1 Mua C\u1ed5 Phi\u1ebfu T\u1eeb Th\u1ecb Tr\u01b0\u1eddng<\/strong><\/span><\/h3>\n
5.2 \u0110\u1ea5u Th\u1ea7u<\/strong><\/span><\/h3>\n
5.3 Cu\u1ed9c Chi\u1ebfn \u1ee6y Quy\u1ec1n<\/strong><\/span><\/h3>\n
6. L\u00e0m Sao \u0110\u1ec3 H\u1ea1n Ch\u1ebf T\u00ecnh Tr\u1ea1ng Hostile Takeover?<\/strong><\/span><\/h2>\n
6.1 Ho\u00e0n Thi\u1ec7n Khu\u00f4n Kh\u1ed5 Ph\u00e1p L\u00fd V\u00e0 Quy \u0110\u1ecbnh N\u1ed9i B\u1ed9<\/strong><\/span><\/h3>\n
6.2 N\u00e2ng Cao N\u0103ng L\u1ef1c Qu\u1ea3n Tr\u1ecb V\u00e0 Minh B\u1ea1ch Th\u00f4ng Tin<\/strong><\/span><\/h3>\n
6.3 Tri\u1ec3n Khai Chi\u1ebfn L\u01b0\u1ee3c Ph\u00f2ng V\u1ec7 Hi\u1ec7u Qu\u1ea3<\/strong><\/span><\/h3>\n
7. Ph\u00e2n Bi\u1ec7t Hostile Takeover V\u1edbi Friendly Takeover<\/strong><\/span><\/h2>\n
\n\n
\n Ti\u00eau ch\u00ed<\/strong><\/td>\n Hostile Takeover\u00a0<\/strong><\/p>\n Friendly Takeover\u00a0<\/strong><\/p>\n \n M\u1ee5c ti\u00eau<\/td>\n Mua l\u1ea1i c\u00f4ng ty m\u1ee5c ti\u00eau m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 \u0111\u1ed3ng thu\u1eadn t\u1eeb ban l\u00e3nh \u0111\u1ea1o hi\u1ec7n t\u1ea1i.<\/td>\n Mua l\u1ea1i c\u00f4ng ty m\u1ee5c ti\u00eau v\u1edbi s\u1ef1 \u0111\u1ed3ng \u00fd c\u1ee7a ban l\u00e3nh \u0111\u1ea1o hi\u1ec7n t\u1ea1i.<\/td>\n<\/tr>\n \n Ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c hi\u1ec7n<\/td>\n Qua c\u00e1c bi\u1ec7n ph\u00e1p m\u1ea1nh nh\u01b0 mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u00f4ng khai, b\u1ecf qua s\u1ef1 ph\u1ea3n \u0111\u1ed1i.<\/td>\n Th\u1ecfa thu\u1eadn v\u00e0 th\u01b0\u01a1ng l\u01b0\u1ee3ng tr\u1ef1c ti\u1ebfp gi\u1eefa hai b\u00ean \u0111\u1ec3 \u0111\u1ea1t \u0111\u1ed3ng thu\u1eadn.<\/td>\n<\/tr>\n \n Quan h\u1ec7 gi\u1eefa hai b\u00ean<\/td>\n Th\u01b0\u1eddng x\u1ea3y ra c\u0103ng th\u1eb3ng, xung \u0111\u1ed9t gi\u1eefa b\u00ean mua v\u00e0 ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty m\u1ee5c ti\u00eau.<\/td>\n Quan h\u1ec7 h\u1ee3p t\u00e1c, t\u00f4n tr\u1ecdng l\u1eabn nhau gi\u1eefa b\u00ean mua v\u00e0 b\u00ean \u0111\u01b0\u1ee3c mua l\u1ea1i.<\/td>\n<\/tr>\n \n Ph\u1ea3n \u1ee9ng t\u1eeb ban l\u00e3nh \u0111\u1ea1o<\/td>\n Ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty m\u1ee5c ti\u00eau th\u01b0\u1eddng kh\u00f4ng \u0111\u1ed3ng \u00fd v\u00e0 c\u00f3 bi\u1ec7n ph\u00e1p ch\u1ed1ng l\u1ea1i.<\/td>\n Ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty m\u1ee5c ti\u00eau \u1ee7ng h\u1ed9 v\u00e0 h\u1ed7 tr\u1ee3 qu\u00e1 tr\u00ecnh mua l\u1ea1i.<\/td>\n<\/tr>\n \n Ph\u1ea3n \u1ee9ng t\u1eeb c\u1ed5 \u0111\u00f4ng<\/td>\n C\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 chia r\u1ebd, m\u1ed9t s\u1ed1 \u1ee7ng h\u1ed9 v\u00ec gi\u00e1 cao h\u01a1n, s\u1ed1 kh\u00e1c lo l\u1eafng v\u1ec1 t\u01b0\u01a1ng lai.<\/td>\n C\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng \u1ee7ng h\u1ed9 v\u00ec th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 mang l\u1ea1i l\u1ee3i \u00edch.<\/td>\n<\/tr>\n \n Kh\u1ea3 n\u0103ng th\u00e0nh c\u00f4ng<\/td>\n Th\u1ea5p h\u01a1n do c\u00f3 s\u1ef1 ch\u1ed1ng \u0111\u1ed1i t\u1eeb c\u00f4ng ty m\u1ee5c ti\u00eau v\u00e0 kh\u00f3 kh\u0103n ph\u00e1p l\u00fd.<\/td>\n Cao h\u01a1n nh\u1edd v\u00e0o s\u1ef1 \u0111\u1ed3ng \u00fd v\u00e0 \u1ee7ng h\u1ed9 t\u1eeb c\u00f4ng ty m\u1ee5c ti\u00eau.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n