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股票要约收购条款解析
2025/07/25·StepFun can make mistakes, check important info.
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这个讲的啥意思,给我解释下,用中文
Reason
思考过程

Okay, let me break this down step by step. The user is asking about a financial document clause related to a share purchase offer. From the history, I see they've previously asked for translations of similar financial/legal texts about unregistered securities and corporate event instructions. This suggests they're likely dealing with a cross-border transaction or investment matter, possibly involving Palantir Technologies.

Hmm... the current text describes a tender offer for Palantir's Class A shares. The key elements I need to unpack are: the purchaser's jurisdiction (Nevis), share details (class, ISIN, par value), tender conditions, pricing mechanics, and tax implications.
The user seems to need both translation and contextual explanation - they didn't just ask for a translation but specifically requested "what it means". Given their previous queries about SEC registration and corporate events, they're probably evaluating risks/terms of this offer. Might be an individual investor or someone advising clients on complex transactions.

Breaking down the clause:
First, the legal foundation - the purchaser is organized under Nevis law. That jurisdiction has specific financial regulations that could affect the transaction. Then the target: up to 500k Class A shares (ISIN provided for identification). Important to note the par value is nominal (160) - that 160,000x premium shows this is a premium offer, likely for acquisition or strategic investment.

The "such lesser number" phrase is legally cautious - covers scenarios where fewer shares are tendered. The "not properly withdrawn" condition is crucial too - protects against gaming the system by tendering then pulling out last minute.
Tax treatment is messy here - "net to seller in cash, without interest, less withholding taxes" means the seller gets less than $160/share. Withholding taxes vary by jurisdiction (US has 30% rate for foreign sellers typically). The "subject to conditions" phrase refers to the full offer document - that's where all the legal fine print lives.

Given the complexity, I should flag the practical implications: this appears to be a partial offer (capping at 500k shares), likely from a special purpose vehicle in Nevis for structuring purposes. The tax implications alone could significantly impact net proceeds. Since Palantir is a major US tech firm, the user should definitely check if this is a public market transaction or private placement.

The response should maintain the precision of legal/financial terms while making the power dynamics clear - the purchaser is setting strict terms, the seller's actual receipt is reduced by fees/taxes, and all important details are buried in supplementary documents. Might add a gentle warning about seeking professional advice given the cross-border tax and regulatory complexities.

这是一份关于股票要约收购的正式法律条款,详细解释了收购方对Palantir Technologies INC.(美国特拉华州公司)A类普通股的收购要约细节。以下是逐句解析和中文释义:

原文拆解与中文翻译

  1. "to the laws of the Island of Nevis purchaser"
    依据尼维斯岛法律设立的收购方
    (说明收购方的法律注册地是加勒比地区的尼维斯岛,该地区有特定的离岸金融法规。)

  2. "is offering to purchase up to 500,000 outstanding shares of class A common stock"
    现提出收购最多500,000股已发行的A类普通股
    (“up to”表示收购有数量上限,并非全部流通股;A类普通股是Palantir的特定股权类别,通常对应不同投票权/收益权。)

  3. "par value USD0.001 per share (ISIN US69608A1088)"
    每股面值为0.001美元(国际证券识别编码:ISIN US69608A1088)
    (“面值(par value)”是股票发行时的名义价值,通常远低于市场价;“ISIN”是全球唯一的证券身份编码,用于精准识别标的资产。)

  4. "or such lesser number of shares as may be validly tendered and not properly withdrawn (the shares)"
    或收购所有有效要约且未被合法撤回的股份(下称“标的股份”)中更少的数量
    (“lesser number”是灵活条款:若实际有效要约的股份<500,000股,则仅收购该部分;同时限制“反悔权”——只有“未被合法撤回”的股份才纳入收购。)

  5. "at a purchase price of USD160.00 per share (the offer price)"
    收购价格为每股160.00美元(下称“要约价格”)
    (明确每股收购对价,且该价格是“要约价”的统称,后续条款会基于此展开。)

  6. "net to the seller in cash, without interest thereon and less any applicable withholding taxes"
    以现金形式向卖方净额支付(不包含利息,且扣除任何适用的预扣税)

    • “net to the seller”:支付给卖方的金额是扣除所有应扣款项后的净额(非160美元全款);
    • “without interest”:支付金额不计算利息(即便交易延迟也无额外收益);
    • “less withholding taxes”:代扣代缴税款(如美国税法下,外国卖家可能被预扣30%税款,实际到手是160×(1-税率))。
  7. "upon the terms and subject to the conditions set forth in this offer to purchase and in the related letter of transmittal"
    依据本《要约收购书》及随附《转递函》中列明的条款与条件执行
    (所有细节(如收购流程、撤回规则、交割时间等)都在《要约收购书》(offer to purchase)和《转递函》(letter of transmittal)中,此处仅为核心条款摘要。)

条款背后的核心逻辑

这是一份要约收购(Tender Offer) 的“要约摘要”,用于向Palantir股东说明:

  • 谁在买?→ 尼维斯岛注册的收购方;
  • 买什么?→ Palantir A类普通股(最多50万股);
  • 多少钱?→ 每股160美元(但实际到手是“净额”,还要扣税);
  • 怎么买?→ 股东需在《要约收购书》和《转递函》中规定的流程下,提交“有效要约”且不得随意撤回。

对股东的关键影响

  1. 数量限制:不是所有想卖的股东都能成交,只有前50万股的“有效要约”会被收购;
  2. 税务损失:每股160美元是“要约价”,但实际到手会被预扣税(税率因卖家国籍/地区而异)和手续费侵蚀;
  3. 程序约束:必须通过《转递函》的流程提交要约,且一旦提交后若“合法撤回”则无法成交(“not properly withdrawn”是严格限制)。

(注:若涉及实际投资决策,需结合《要约收购书》全文分析收购方背景、资金来源、后续整合计划等,建议咨询金融/法律顾问。)