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Core Viewpoint - The article discusses the rarity and challenges of tender offers in China's A-share market, highlighting the factors that influence their success and failure, as well as their potential benefits for target companies [1][2]. Group 1: Tender Offer Overview - Since the first tender offer case in 2003, there have been fewer than 300 cases in total, averaging less than 15 per year [1]. - The scarcity of tender offers is attributed to lengthy and uncertain transaction processes, with parties often opting for alternative acquisition methods to avoid tender obligations [1]. - Tender offers can provide multiple benefits for target companies, including stock price boosts, governance improvements, and operational enhancements [1]. Group 2: Factors Influencing Success - Successful tender offers depend on several variables, including timing, pricing, the target company's equity structure, strategies of major shareholders, and the acquirer's capital strength [2]. - Common reasons for failed tender offers include unattractive offer prices, disclosure violations, insufficient acceptance of shares, and expired or unapproved audit reports [2]. - Market conditions and concerns about the target company's quality can also lead to withdrawal from offers [2]. Group 3: Market Dynamics and Investor Considerations - The outcomes of tender offers can lead to polarized stock price movements, with failed cases having a lower probability of outperforming the market compared to successful ones [3]. - Investors are advised to closely monitor tender offer developments and assess various factors such as offer pricing, acquirer strength, and target company quality to make informed investment decisions [3].