委託書爭奪戰

委託書爭奪戰即投票代理權爭奪，英文為Proxy fight，或作Proxy battle，就是第3方要透過股東選舉的方式，來改變現有董事會成員的做法，以達到特定目的。通常發生在購併案雙方談判無法達成共識時，可能採取的手段，例如買方有意出價收購1家公司，但公司董事會或主要股東並不同意出售，而買方就可能採取委託書爭奪戰的方式，獲得其他股東(通常為股份較少的小股東們)的支持，說服其餘股東支持出售公司，或是取得其他股東的委託書授權，來進行投票通過購併案。

基本介紹

• 中文名：委託書爭奪戰
• 外文名：Proxy fight
• 定義：3方股東選舉來改變現有成員做法
• 案例：微軟併購雅虎

委託書爭奪戰的案例

最近有名的案例，即為微軟(Microsoft)擬購併雅虎(Yahoo!) ，但後者不願出售，一度引發微軟揚言要展開委託書爭奪戰，強行收購，不過後來並未實行，近來Microchip和On Semiconductor擬聯手購併Atmel遭拒，亦表示發動委託書爭奪戰為選擇之一。

另外，委託書爭奪戰也是維權股東(activist shareholder)常使用的手段之一，維權股東可藉此說服小股東同聲一氣對抗投資公司的管理層，著名的維權股東Carl Icahn就曾多次為了積極爭取投資公司的董事會席次，展開委託書爭奪戰。

委託書爭奪戰的適用情況

一般來說，委託書爭奪戰適用於幾種情況：一是目標公司管理層確實有嚴重問題；二是作為要約收購的配套措施，特別是通過改選董事會來解除其所設定的防禦措施，以降低敵意收購的成本；還有一種情況是作為善意收購的後盾，意在警告對方不要敬酒不吃吃罰酒。最近的微軟收購雅虎就是如此：我來跟你談判；你談就談，你不談或者談不成，我就有可能改選董事會，把你換掉。

投票代理權爭奪及其法律問題

Proxy: a document whereby a shareholder appoints someone else to vote for him. (quorum requirement; voting in person/by proxy)

Proxy solicitation: sending a proxy card to a shareholder requesting him to sign and return it to the sender.

Proxy fight/contest: any competition between two competing factions (generally management and outside insurgents) to obtain shareholder votes on a proposal (much like a political campaign); most proxy fights involve the election of directors, and are thus direct contests for control; about 1/3 proxy fights are contest over some proposal by management or by a shareholder-insurgent (usually relates to a corporate takeover or restructuring/anti-takeover defenses/poison pill)

(Obtaining control by owning a majority of shares/obtaining a majority of the board seats/vote-by-selling/green mail)

Proxy solicitation rules: disclosure and antifraud

Proxy statement: conflicts of interest; compensation plan to be voted on; compensation paid to the five most highly-paid officers; major corporate change to be voted on/annual report

Any statement which is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statement therein not false or misleading/shareholders’ implied right of private action for an injunction or damages

Every proxy solicitation must be accompanied or preceded by a written proxy statement; any documents that will be sent to shareholders as part of solicitation process must first be filed with the SEC before they are sent to shareholders;

If the solicitation is by management and relates to an annual meeting at which directors will be elected, the proxy statement must be preceded or accompanied by an annual report; if the solicitation relates only to election of directors and is not contested, pre-filing is not necessary.

(proxy card/proxy statement and other solicitation materials/annual reports)

(communications by shareholders: not free mail their stuff or give them a list/free include shareholder proposal in management materials: length/election of directors)

(Securities Exchange Act, Section 14(a) and 12; SEC rule 14a: proxy solicitation in respect of registered securities)

Proxy contest rules

Insurgents’ right to get information form management/shareholder list/shareholder inspection rights/a purpose reasonably related his interest as a stockholder (proper purpose)

Insurgent must file special information about each participant/participant: any one who contributes more than $500 to the contest/information: Schedule 14B business background, interest in the corporation’s stock; his financial contribution to the proxy fight and other information that will assist a shareholder in deciding whether the insurgent’s slate is more worthy than management’s.

Management’s costs/expenses: corporation may pay bare bones costs/other solicitation costs (reasonable costs in educating the shareholders as to the correctness of management’s view/contest involving policy rather than personal power; costs/expenses of successful insurgents: corporation may pay if the contest involved policy rather than being a pure power struggle and shareholder approval (Rosenfeld) (may pay for both sides); costs/expenses of unsuccessful insurgents: no chance