2020年9月18日，国联证券和涌金（集团）有限公司签署受让国金证券（600109。SH）股权意向性协议，并于9月21日发布《关于收购股份暨筹划重大资产重组停牌公告》。国联证券于10月12日公告，由于交易相关方未能就本次重大资产重组方案的部分核心条款达成一致意见，公司终止筹划重大资产重组，公司股票10月13日复牌，基本上这是一次失败的并购。由于并购交易方披露的相关信息很有限，本文试图探讨此项并购的潜在协同效应，并分析自签署并购意向公告前后的市场的反应。
On September 18，2020，Guolian Securities Co.，Ltd. reached the tentative agreement with Yongjin Industry （Group） Co.，Ltd. on purchasing the stocks of Sinolink Securities Co.，Ltd. （600109.SH）. The suspension announcement on the planned acquisition of stock and the restructuring of core assets was issued on September 21，2020. On October 12，Guolian Securities Co.，Ltd. announced that the restructuring was ceased due to failure to reach an agreement on the key provisions of the restructuring plan. The trading of Guolian Securities’ stock was resumed on October 13. In a nutshell，the case of Guolian Securities is a case of failure. This case study explores the potential synergy effects underlying this proposed transaction and analyzes the market reactions before and after the disclosure of the tentative agreement.
| Keywords： | Information DisclosureReorganizations and RestructuringResources SynergySuspicious Transactions |
