About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

2019 Colum. Bus. L. Rev. 192 (2019)
China as a National Strategic Buyer: Toward a Multilateral Regime for Cross-Border M&A

handle is hein.journals/colb2019 and id is 198 raw text is: CHINA AS A NATIONAL STRATEGIC BUYER: TOWARD A MULTILATERAL REGIME FOR CROSS-BORDER M&A Jeffrey N. Gordon* & Curtis J. Milhaupt** Unlike the case of cross-border trade, there is no explicit international governance regime for cross- border M&A; rather, there is a shared understanding that publicly traded companies are generally for purchase by any bidder-domestic or foreign-willing to offer a sufficiently large premium over a target's stock market price. The unspoken premise that undergirds the system is that the prospective buyer is motivated by private economic gain-seeking. The entry of China into the global M&A market threatens the fundamental assumptions of the current permissive international regime. China has become a significant player in the cross-border M&A market, particularly as an acquirer. The central claim of the article is that the cross-border M&A regime will require a new rules-of-the-game structure to take account of China's ascension. This is because cross-border M&A with China introduces a new dimension: what we call the national strategic buyer (NSB), whose objective is to further the *Richard Paul Richman Professor of Law at Columbia Law School and a Fellow and Research Member of the European Corporate Governance Institute. **Professor of Law at Stanford Law School and a Research Member of the European Corporate Governance Institute. We benefitted from an early conversation about this project with Karl Sauvant. We thank Scott Barshay, Weitseng Chen, Ron Gilson, Joe Grundfest, Igor Kirman, Michael Klausner, Dan Puchniak, Chief Justice Leo Strine, Alan Sykes, and participants at a Columbia Law School Blue Sky workshop, a lecture at the National University of Singapore, the Law, Accounting and Business Workshop at the University of California, Berkeley, and a conference at Trinity College Dublin for helpful comments. Maddy Berg (Columbia Law School) and Andres Rovira (Columbia College) provided excellent research assistance. Milhaupt gratefully acknowledges support and funding from the National University of Singapore Centre for Asian Legal Studies.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most