Regulations Governing Information to be Published in Public Tender Offer Prospectuses Article 13
The resolution [to initiate the public tender offer], and an opinion on its reasonableness:1. If the public tender offeror is a natural person, the prospectus shall include an appraisal by an independent expert of the reasonableness of the cash price calculation or share exchange ratio of the public tender offer consideration.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 an appraisal by an independent expert of the reasonableness of the cash price calculation or share exchange ratio of the public tender offer consideration.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, and comparison with the market-value method, cost method, and discounted cash flow method commonly used internationally.2. Comparison of the financial condition, profit status, and price-to-earnings ratio of the subject company with those of TWSE or GTSM listed companies in the same industry.3. If a price appraisal report of an appraisal organization is taken into account in the public tender offer price, the opinion shall specify the content and conclusion of the appraisal report.4. If assets or shares of the subject company, or of the surviving company in the case of a merger, are listed as collateral in the tender offeror's financing repayment plan, the opinion shall disclose the collateralization terms, and assessment of the impact on the financial and operational soundness, of the subject company or of the surviving company of the merger.
中文原文 公開收購說明書應行記載事項準則第13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對價現金價格計算或換股比例之評價合理性意見書。
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對價現金價格計算或換股比例或其他財產之評價合理性意見書。
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、原則或計算方式及與國際慣用之市價法、成本法及現金流量折現法之比較。
二、被收購公司與已上市櫃同業之財務狀況、獲利情形及本益比之比較情形。
三、公開收購價格若參考鑑價機構之鑑價報告者，應說明該鑑價報告內容及結論。
四、收購人融資償還計畫若係以被收購公司或合併後存續公司之資產或股份為擔保者，應說明對被收購公司或合併後存續公司財務業務健全性之影響評估。
一、公開收購人為自然人者，其獨立專家對於本次公開收購對價現金價格計算或換股比例之評價合理性意見書。
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對價現金價格計算或換股比例或其他財產之評價合理性意見書。
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、原則或計算方式及與國際慣用之市價法、成本法及現金流量折現法之比較。
二、被收購公司與已上市櫃同業之財務狀況、獲利情形及本益比之比較情形。
三、公開收購價格若參考鑑價機構之鑑價報告者，應說明該鑑價報告內容及結論。
四、收購人融資償還計畫若係以被收購公司或合併後存續公司之資產或股份為擔保者，應說明對被收購公司或合併後存續公司財務業務健全性之影響評估。