Abstract
In Case (B), a fierce battle broke out between ZUIG and KAISA for control of Zhenxing Biochem after the successful tender offer. Eventually, an agreement was reached, and ZUIG gained control of the company. Under ZUIG’s governance, Zhenxing Biochem embarked on a new phase of development through strategic partnerships, asset restructuring, and other initiatives.
This case study provides a comprehensive overview of the target company’s development before the tender offer, the complex tender offer and anti-takeover measures, and the challenging integration process that followed. The entire process was characterized by ups and downs, making it a classic example of a hostile takeover that provides valuable lessons for all market participants.
| Translated title of the contribution | ZUIG's Tender Offer Takeover of Zhenxing Biochem (B): Barbarians Enter the Gate |
|---|---|
| Original language | Chinese (Simplified) |
| Number of pages | 7 |
| Publication status | Published - 15 May 2023 |
Case number
FIN-23-039Case normative number
FIN-23-039-CCCase type
Field CaseUpdate date
15/05/2023Supplement
For more details, please visit www.chinacases.orgPublished by
China Europe International Business SchoolKeywords
- interests of minority shareholders
- takeover motive
- tender offer
- corporate governance
- corporate value
- company value
- anti takeover
- anti-takeover
Case studies discipline
- General Management
- Operations & Management Science
- Strategy
Case studies industry
- Finance and Insurance
- Health Care Services