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Unocal,Revlon,Blasius和Weinherger这些传统的收购规则经历了从初期的菡萏初开、百花齐放,到如今奄奄一息、今非昔比的巨大转变。不可置否,这与以私人监管为主的新规则的萌芽和崛起息息相关。这些一度使得特拉华州法院同时兼具规则制定者和纠纷裁判者双重身份的规则,必须根据新生事物的涌现作出相应的调整和改造。这些新兴的监管机构包括独立董事、机构投资者、公司治理代理机构和对冲基金等。未来司法适度干预的中心逐渐转移到对冲基金和股东权利领域,这也为进一步完善收购规则体系提出新型的挑战与方向。
The traditional acquisition rules of Unocal, Revlon, Blasius and Weinherger have undergone tremendous transformation from the beginning of the initial period, the flourishing of all kinds of flowers to the dying of the present and the present. Can not be ignored, which is closely related to the emergence and rise of the new rules based on private regulation. These rules, which once made Delaware courts both dual identities of rule makers and dispute adjudicators, must be adjusted and reformed according to the emergence of new things. These emerging regulatory agencies include independent directors, institutional investors, corporate governance agencies and hedge funds. The future center of judicial intervention will gradually shift to the field of hedge funds and shareholder rights, which also poses new challenges and directions for further improvement of the rules of acquisition system.