A股首例竞争性要约收购案暂告一段落。 5月23日晚间，ST新潮（600777.SH）发布关于内蒙古伊泰煤炭股份有限公司（"伊泰B股"）要约收购公 司股份的结果及清算公告。 截至2025年5月22日，本次要约收购期限届满。预受要约股份总数共计为34.07亿股，占公司目前股份总 数的50.10%。最终预受要约的股份数量达到本次要约收购生效条件要求的数量。公告显示，伊泰B股要 约收购清算过户手续将于近日办理。 5月26日，贝壳财经记者按ST新潮证券部要求就要约收购进展等事宜发送了采访邮件，暂未收到回复。 此外记者致电伊泰B股，未获接通。 今年以来，ST新潮因身陷A股首例竞争性要约收购而备受关注。另一要约收购方金帝石油在截至5月7日 的要约期限内预受要约的股份数量未达到要约收购生效条件要求的数量 ，因此提前出局。 何谓竞争性要约收购？据吴晓宏介绍，竞争性要约在A股市场中的法律定义与监管框架植根于《上市公 司收购管理办法》及其配套规则，其核心特征体现为两个及以上收购方在重叠时间段内对同一目标公司 发起存在显著条件差异的要约收购，以争夺控制权为目标形成直接博弈。在ST新潮案例中，金帝石油 与伊泰B股的要约期存在部分重叠， ...

Core Viewpoint - The competitive takeover of ST New潮 has reached a significant milestone, with the offer from Inner Mongolia Yitai Coal Co., Ltd. successfully meeting the necessary conditions for effectiveness [1][2]. Group 1: Takeover Details - As of May 22, 2023, 20,200 shareholders holding 3.407 billion shares of ST New潮 accepted the offer from Yitai B shares, representing approximately 50.10% of ST New潮's total share capital [1]. - The total amount offered by Yitai B shares exceeds 11.5 billion yuan [1]. - The offer price was set at 3.40 yuan per share, with a maximum of 3.468 billion shares targeted for acquisition, accounting for 51% of ST New潮's total shares [1]. Group 2: Offer Conditions - The effectiveness condition for the offer required that at least 1.9 billion shares be accepted by the deadline, which represents 28.00% of ST New潮's total shares [1]. - The acceptance of shares far exceeded the minimum requirement by the deadline [1]. Group 3: Competitive Landscape - Earlier in the year, ST New潮 faced a rare competitive acquisition attempt from Jindi Petroleum, which ultimately failed to meet the effectiveness conditions [4]. - The competitive nature of the acquisition indicates potential uncertainties regarding Yitai B's ability to secure control over ST New潮, especially considering the company's assets are primarily overseas and it currently lacks a controlling shareholder [4]. Group 4: Company Background - ST New潮, established in 1985, focuses on the exploration, extraction, and sale of oil and natural gas [4]. - Yitai Coal, founded in 1997, is the largest local coal enterprise in Inner Mongolia and one of China's major coal companies [4].

Group 1 - The competitive takeover bid for ST Xinchao has reached its conclusion, with Inner Mongolia Yitai Coal Co., Ltd. successfully acquiring control after the bid period ended on May 22, 2025 [1][3][5] - As of May 22, 2025, a total of 20,168 shareholder accounts had accepted the offer, with a total of 3.407 billion shares, representing approximately 50.10% of ST Xinchao's total share capital [1][4][5] - The acquisition price offered by Yitai Coal was 3.40 yuan per share, which is nearly 20% higher than ST Xinchao's closing price of 2.84 yuan on April 18 [4][5] Group 2 - The failure of ST Xinchao to publish its annual report led to its suspension from trading, which may have accelerated the completion of the takeover bid by Yitai Coal [2][6][7] - The company faced a risk of delisting if it could not disclose its 2024 annual report within two months of suspension [7][8] - Yitai Coal's acquisition aims to stabilize the company's equity structure and gain control, although internal conflicts within ST Xinchao regarding management rights may lead to further developments [8][9]

围绕ST新潮（600777）(即新潮能源，600777.SH)两大要约收购方的"竞争性要约收购"事项，即将迎 来"终局时刻"。 截至5月15日收盘，根据上交所披露的最新数据，内蒙古油气类上市公司伊泰B(900948.SH)收到的ST新 潮预受要约股份数量已经合计达到22.47亿股，占公司总股本68亿股的33.04%。 而截至13日，伊泰B已经收到了20.29亿股预受要约，占公司总股本的29.77%，超越了伊泰B预售要约成 行的下限股本比例28%。 这也意味着，只要在5月17日后，即伊泰B要约收购预售要约允许撤回的最后期限之前，预售要约股份 占比维持在28%以上，那么伊泰B将正式完成对ST新潮的要约收购。 事实上，由于伊泰B，以及另一个竞争对手浙江金帝石油勘探开发有限公司(以下简称"金帝石油")此前 分别计划对公司全体股东要约收购51%和20%股权，若两家人同时完成要约收购，那么ST新潮可能因公 众股数量不足而面临退市风险。 但考虑到此前金帝石油要约收购计划已经于5月7日结束，而该公司截至要约收购最后一日合计获得预售 要约数量仅为963万股(约占公司总股本的0.0014%)，其导致金帝石油要约收购计划已经以失败 ...

金帝石油对ST新潮（600777）发起的要约收购以失败告终，而接受伊泰B股要约收购的股份数量在近期 呈快速增长态势，A股市场首例竞争性要约收购案的走向逐渐明晰。 ST新潮5月8日晚间披露浙江金帝石油勘探开发有限公司(简称"金帝石油")要约收购公司股份的结果，在 本次要约收购期限内，预受要约的股东账户总数仅为579户，预受要约股份总数共计为963.2万股，占公 司目前股份总数的0.14%。这意味着预受要约的股份数量未达到金帝石油要约收购生效条件要求的数 量，本次要约收购自始不生效。 金帝石油于4月3日向ST新潮全体股东发起部分要约，要约收购股份数量为13.6亿股，占上市公司总股本 的20%，要约收购价格为3.10元/股。 本次要约收购生效条件系在4月8日至5月7日期间,预受要约的ST新潮股票申报数量达到5.44亿股，即占 ST新潮股份总数的8.00%，否则本次要约收购自始不生效，从最终结果来看，金帝石油本次要约收购结 果与生效目标相去甚远。 根据交易所披露数据，金帝石油本次要约收购走向失败的转折日是4月18日。 4月18日，伊泰B股向ST新潮股东发出要约收购报告书正式入局，以更高的要约收购价格发起收购。在 此之 ...

Group 1 - The core point of the article is the competitive tender offers for ST Xinchao, with two major companies, Yitai B shares and Jindi Petroleum, vying for control, potentially leading to the first competitive tender offer case in A-shares [1][3][9] - Yitai B shares announced a plan to acquire 3.468 billion shares of ST Xinchao, representing 51% of its total share capital, at a price of 3.40 yuan per share, totaling approximately 11.792 billion yuan [3][6] - Jindi Petroleum previously disclosed a tender offer of 4.216 billion yuan for 1.36 billion shares, or 20% of ST Xinchao, at a price of 3.1 yuan per share, which is a 27% premium over the closing price at the time [7][8] Group 2 - Yitai B shares, as the largest coal enterprise in Inner Mongolia, aims to enhance the stability of ST Xinchao's equity structure and gain control, leveraging its operational management experience [6][9] - The tender offer from Yitai B shares is characterized as a proactive offer, not fulfilling a legal obligation, and does not intend to terminate ST Xinchao's listing status [6][9] - If both tender offers succeed, ST Xinchao may exceed the 90% threshold of non-public shares, potentially jeopardizing its listing status [9][10] Group 3 - ST Xinchao has been a target for significant capital interest due to its dispersed shareholding structure, with previous attempts at acquisition, including a failed offer from Haineng Haitou [10] - The company operates in the energy sector, focusing on oil and gas exploration, extraction, and sales, and is currently without a controlling shareholder, making it an attractive target for investors [10]