Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities Article 38
The corporate resolution to initiate the public tender offer and the opinion on its reasonableness:1. If the public tender offeror is a natural person, the prospectus shall include the written opinion by its independent expert on the reasonableness of the cash price for the present public tender offer.2. If the public tender offeror is a company, the prospectus shall include the minutes of the shareholders meeting or directors meeting where it was resolved to initiate the tender offer, and the written opinion by an independent expert on the reasonableness of the cash price for the present public tender offer.The opinion on the reasonableness in the preceding paragraph shall disclose at least the following information:1. The method, principles, or calculations adopted for determination of the public tender offer price.2. If a price appraisal report of a professional appraiser is taken into account in the public tender offer price, the content and conclusion of the appraisal report shall be specified.
中文原文 公開收購不動產投資信託受益證券管理辦法第38條
公司決議及合理性意見書：
一、公開收購人為自然人者，其獨立專家對於本次公開收購現金價格之合理性意見書。
二、公開收購人為公司者，其決議辦理本次收購之股東會或董事會議事錄及獨立專家對於本次公開收購現金價格之合理性意見書。
前項之合理性意見書至少應揭露下列事項：
一、公開收購價格訂定所採用之方法、原則或計算方式。
二、公開收購價格若參考專業估價者之估價報告書，應說明該估價報告書內容及結論。
一、公開收購人為自然人者，其獨立專家對於本次公開收購現金價格之合理性意見書。
二、公開收購人為公司者，其決議辦理本次收購之股東會或董事會議事錄及獨立專家對於本次公開收購現金價格之合理性意見書。
前項之合理性意見書至少應揭露下列事項：
一、公開收購價格訂定所採用之方法、原則或計算方式。
二、公開收購價格若參考專業估價者之估價報告書，應說明該估價報告書內容及結論。