國巨收購案 金管會能守最後一關？

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【聯合晚報╱鍾張涵、嚴珮華】
2011.05.24 02:55 pm

遨睿公開收購國巨(2327)案有了最新發展，遨睿宣布收購國巨的累計應賣股數已超過最低收購門檻，且已取得行政院公平交易委員會許可；但由於投審會尚在審理，遨睿因此延長公開收購期限一個月。這個撼動被動元件市場的重大收購下市案究竟能否通過，最終，就只剩下金管會為投資人把關。

國巨董事長陳泰銘和私募基金KKR組成了遨睿公司來收購自己公司，當初一宣布就震驚台灣資本市場，「左手換右手」、「陳泰銘併陳泰銘」一說不脛而走，老股東抱怨當年套在100多元只等國巨翻身，如今卻只有16.1元的被併購選擇；專家更是分析認為，陳泰銘此舉 擬要獨享長 期利益，以低股價換取更大利益空間，玩的是「野蠻金錢遊戲」。

當初不少專家呼籲股東只要堅拒被收購，此案尚有挽回餘地，但如今遨睿宣布已成功公開收購逾10.61億股，是最低收購門檻約1.37倍；而瑞銀指出，遨睿併國巨就像南山案一樣並無不同，金管會可針對此事提出意見讓投審會整合、參酌，但現在只待投審會的一紙書面通過即可。這證明，現在只要金管會和投審會一錘定音，國巨下市即成定局。

國巨下市案一路走來撲朔迷離，股東和散戶在陳泰銘「往高端發展必將下市」的夢裡一頭霧水、看不見自身權益；近月來外資動作頻頻，先是大舉買超、近兩周以來又積極賣超的套利動作讓散戶難以力挽狂瀾；而國巨董事會同意的過程中，更只有一位合法董事表決就通過收購案，程序上合法嗎?

老散戶當年住進百元套房的忠誠守候，換來16.1元的價格收購書。當初金管會兵分二路(證交所及投保中心)調查國巨、保障投資人權益，證交所要求陳泰銘出面說明下市主因，投保中心不斷關注收購價格合理性，如今又做何解釋？

在各界關注下，國巨購併下市案悄悄到來最後關口，現在，只剩下金管會可為投資人把最後一關了。如果這樣只有一人有資格的董事會表決通過是「合法的」、「有效的」；如果這樣大股東自訂價格併小股東，吃下小股東的股權，下市後再可以重新換裝上市換取更大的未來與利益，誠如大股東認為國巨「有前途」，那麼，大股東對未來的計劃與發展，與小股東明顯有「資訊不對稱」之嫌。在一方面推動公司治理，一方面又放任一人董事會通過，其合法性以及大小股東資訊不對稱之疑！如果，金管會都認為是合理合法的，那麼，台灣的投資人由誰來保護？日後還有誰敢放心大膽的將錢放在台灣的資本市場？台股小股東還可以信任台灣政府嗎？

【2011/05/24 聯合晚報】@ http://udn.com/

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