【导读】远东股份十年前的并购，公司控股股东与被并购方的差额补偿纠纷仍无定论 中国基金报记者 南深 自证监会去年9月24日发布"并购六条"以来，A股市场并购重组交易如火如荼，延续至今。近日，一单发生在上一轮牛市（2015年）的并购重组及其衍生 的纠纷诉讼，引发市场关注。 这场诉讼发生在远东股份的控股股东远东控股和被并购标的福斯特公司（后更名为远东电池）的原实控人蔡道国、颜秋娥、蔡强（以下简称蔡道国方）之 间，源于远东控股未按双方签署的合同进行股份差额补偿。 这起案件一审在无锡市中级人民法院审理，蔡道国方胜诉，远东控股被判令支付本金及利息合计近4亿元。远东控股不服，于2023年7月上诉至江苏省高级 人民法院，江苏高院经过两年多审理、多次开庭仍未宣判，但在2024年9月曾召集双方，以口头释明方式认为案涉合同无效。 因该案时间跨度长、反复拉锯且过往没有类似判例，有法律界人士称其为"上市公司重大资产重组股票差额补偿第一案"。此前，认定差额补足条款无效的 判例均针对的是上市公司再融资中的定向增发保底行为，而本案为资产重组中的差额补足，因此其最终宣判结果及理由，对当下火热的并购重组市场无疑 极具借鉴意义。 广州一位证券律师 ...

Core Viewpoint - The ongoing legal dispute between Far East Holdings and the original controlling shareholders of Foster Company highlights the complexities and implications of share compensation agreements in mergers and acquisitions, particularly in the context of the A-share market's recent activity in restructuring transactions [2][3]. Group 1: Background of the Case - The lawsuit stems from a merger that took place in July 2015, where Far East Holdings acquired 100% of Foster Company for a total consideration of 1.2 billion yuan, with 420 million yuan in cash and 780 million yuan in stock [5]. - The share lock-up period for the shareholders involved was unusually long, lasting up to 10 years, which exceeded the regulatory requirement of 12 months [7][9]. Group 2: Legal Proceedings - The first instance ruling by the Wuxi Intermediate People's Court found in favor of the original shareholders, ordering Far East Holdings to pay nearly 400 million yuan in principal and interest [10][14]. - Far East Holdings appealed the decision to the Jiangsu High Court, which has yet to issue a final ruling but indicated that the contract in question may be invalid [16][18]. Group 3: Implications for the Market - This case is considered a landmark in the context of asset restructuring, as it is the first significant case regarding share compensation in mergers, potentially setting a precedent for future transactions in the A-share market [3][10]. - Legal experts suggest that the outcome of this case could provide guidance for resolving disputes in the rapidly evolving landscape of mergers and acquisitions in China [3][10].