委托书争夺战的概念
委托书争夺战的案例
委托书争夺战的适用情况
投票代理权争夺及其法律问题
委托书争夺战的概念
委托书争夺战即投票代理权争夺，英文为Proxyfight，或作Proxybattle，就是第3方要透过股东选举的方式，来改变现有董事会成员的做法，以达到特定目的。通常发生在购并案双方谈判无法达成共识时，可能采取的手段，例如买方有意出价收购1家公司，但公司董事会或主要股东并不同意出售，而买方就可能采取委托书争夺战的方式，获得其他股东(通常为股份较少的小股东们)的支持，说服其余股东支持出售公司，或是取得其他股东的委托书授权，来进行投票通过购并案。
委托书争夺战的案例
最近有名的案例，即为微软(Microsoft)拟购并雅虎(Yahoo!)，但后者不愿出售，一度引发微软扬言要展开委托书争夺战，强行收购，不过后来并未实行，近来Microchip和OnSemiconductor拟联手购并Atmel遭拒，亦表示发动委托书争夺战为选择之一。
另外，委托书争夺战也是维权股东(activistshareholder)常使用的手段之一，维权股东可借此说服小股东同声一气对抗投资公司的管理层，著名的维权股东CarlIcahn就曾多次为了积极争取投资公司的董事会席次，展开委托书争夺战。
委托书争夺战的适用情况
一般来说，委托书争夺战适用于几种情况：一是目标公司管理层确实有严重问题；二是作为要约收购的配套措施，特别是通过改选董事会来解除其所设置的防御措施，以降低敌意收购的成本；还有一种情况是作为善意收购的后盾，意在警告对方不要敬酒不吃吃罚酒。最近的微软收购雅虎就是如此：我来跟你谈判；你谈就谈，你不谈或者谈不成，我就有可能改选董事会，把你换掉。
投票代理权争夺及其法律问题
Proxy:adocumentwherebyashareholderappointssomeoneelsetovoteforhim.(quorumrequirement;votinginperson/byproxy)
Proxysolicitation:sendingaproxycardtoashareholderrequestinghimtosignandreturnittothesender.
Proxyfight/contest:anycompetitionbetweentwocompetingfactions(generallymanagementandoutsideinsurgents)toobtainshareholdervotesonaproposal(muchlikeapoliticalcampaign);mostproxyfightsinvolvetheelectionofdirectors,andarethusdirectcontestsforcontrol;about1/3proxyfightsarecontestoversomeproposalbymanagementorbyashareholder-insurgent(usuallyrelatestoacorporatetakeoverorrestructuring/anti-takeoverdefenses/poisonpill)
(Obtainingcontrolbyowningamajorityofshares/obtainingamajorityoftheboardseats/vote-by-selling/greenmail)
Proxysolicitationrules:disclosureandantifraud
Proxystatement:conflictsofinterest;compensationplantobevotedon;compensationpaidtothefivemosthighly-paidofficers;majorcorporatechangetobevotedon/annualreport
Anystatementwhichisfalseormisleadingwithrespecttoanymaterialfact,orwhichomitstostateanymaterialfactnecessaryinordertomakethestatementthereinnotfalseormisleading/shareholders’impliedrightofprivateactionforaninjunctionordamages
Everyproxysolicitationmustbeaccompaniedorprecededbyawrittenproxystatement;anydocumentsthatwillbesenttoshareholdersaspartofsolicitationprocessmustfirstbefiledwiththeSECbeforetheyaresenttoshareholders;
Ifthesolicitationisbymanagementandrelatestoanannualmeetingatwhichdirectorswillbeelected,theproxystatementmustbeprecededoraccompaniedbyanannualreport;ifthesolicitationrelatesonlytoelectionofdirectorsandisnotcontested,pre-filingisnotnecessary.
(proxycard/proxystatementandothersolicitationmaterials/annualreports)
(communicationsbyshareholders:notfreemailtheirstufforgivethemalist/freein-cludeshareholderproposalinmanagementmaterials:length/electionofdirectors)
(SecuritiesExchangeAct,Section14(a)and12;SECrule14a:proxysolicitationinrespectofregisteredsecurities)
Proxycontestrules
Insurgents’righttogetinformationformmanagement/shareholderlist/shareholderinspectionrights/apurposereasonablyrelatedhisinterestasastockholder(properpurpose)
Insurgentmustfilespecialinformationabouteachparticipant/participant:anyonewhocontributesmorethan$500tothecontest/information:Schedule14Bbusinessbackground,interestinthecorporation’sstock;hisfinancialcontributiontotheproxyfightandotherinformationthatwillassistashareholderindecidingwhethertheinsurgent’sslateismoreworthythanmanagement’s.
Management’scosts/expenses:corporationmaypaybarebonescosts/othersolicitationcosts(reasonablecostsineducatingtheshareholdersastothecorrectnessofmanagement’sview/contestinvolvingpolicyratherthanpersonalpower;costs/expensesofsuccessfulinsurgents:corporationmaypayifthecontestinvolvedpolicyratherthanbeingapurepowerstruggleandshareholderapproval(Rosenfeld)(maypayforbothsides);costs/expensesofunsuccessfulinsurgents:nochance