“squeeze out”和“sell out”指的都是为保护公司少数股东的权益而赋予其的权利。

squeeze out指强迫出售。

在公司章程允许的情下，代表公司股权90%以上的股东同意出售股份时，其可以要求小股东接受善意购买者提出的购买全部已发行股本的要约，但小股东有权要求以同等出售条件和出售价格出售其股权。其英文释义如下：

A squeeze-out or squeezeout, sometimes synonymous with freeze-out,[2] is the compulsory sale of the shares of minority shareholders of a joint-stock company for which they receive a fair cash compensation. This technique allows one or more shareholders who collectively hold a majority of shares in a corporation to gain ownership of remaining shares in that corporation. The majority shareholders incorporate a second corporation, which initiates a merger with the original corporation. The shareholders using this technique are then in a position to dictate the plan of merger. They force the minority stockholders in the original corporation to accept a cash payment for their shares, effectively "freezing them out" of the resulting company.

美国：美国联邦法没有明文规定强迫出售权，但是，美国有些州法允许收购方采用二次并购的方式来达到同样目的。如果收购方在第一次要约收购中取得了目标公司90％或以上投票权，收购方就可以再发起一次不需要股东投票决议的交易，将目标公司和自己的一个子公司进行合并。在二次收购中，收购方可以仅让目标公司寄给股东一个简短的信息通告而无需再次投票。如果异议股东对要约价格不满意，该股东可以向法院申请重新估价。

英国：英国规定如果收购方已收购到或达成了协议将会收购到代表目标公司股票价值和表决权90％以上的股票时，该收购方就有权在一定期限内要求剩余股东必须向其出售股票。

香港公司条例中的相关规定如下：

Subdivision 2“Squeeze-out”

第2次分部“强迫出售”

712.Repurchasing company may give notice to buy out minority shareholders

712.回购公司可发出通知表示全面回购少数股东的股份

(1)This section applies if a member or members of the repurchasing company has or have given notice under section 711 that the member or members will not tender any shares to be bought back by that company under a general offer.

(1)如有回购公司的成员根据第711条发出通知，表明该成员不会提供任何股份供该公司根据公开要约回购，则本条适用。

(2)If, in the case of a general offer that does not relate to shares of differentes, the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, at least 90% in number of the shares to which the offer relates, the repurchasing company may give notice to the holder of any other shares to which the offer relates that it desires to buy back those shares.

(2)在公开要约不是关乎不同类别股份的情况下，如回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的股份中的最少90%，则该公司可向该要约所关乎的任何其他股份的持有人发出通知，表明该公司有意回购该等股份。

(3)If, in the case of a general offer that relates to shares of differentes, the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, at least 90% in number of the shares of any to which the offer relates, the repurchasing company may give notice to the holder of any other shares of that to which the offer relates that it desires to buy back those shares.

(3)在公开要约是关乎不同类别股份的情况下，如回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的任何类别股份中的最少90%，则该公司可藉向该要约所关乎的该类别股份的任何其他股份的持有人发出通知，表明该公司有意回购该等股份。

(4)If, in the case of a general offer that does not relate to shares of differentes, the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, less than 90% in number of the shares to which the offer relates, the repurchasing company may apply to the Court for an order authorizing it to give notice to the holder of any other shares to which the offer relates that it desires to buy back those shares.

(4)在公开要约不是关乎不同类别股份的情况下，如回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的股份中的少于90%，则该公司可向原讼法庭提出申请，要求原讼法庭作出命令，授权该公司向该要约所关乎的任何其他股份的持有人发出通知，表明该公司有意回购该等股份。

(5)If, in the case of a general offer that relates to shares of differentes, the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, less than 90% in number of the shares of any to which the offer relates, the repurchasing company may apply to the Court for an order authorizing it to give notice to the holder of any other shares of that to which the offer relates that it desires to buy back those shares.

(5)在公开要约是关乎不同类别股份的情况下，如回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的任何类别股份中的少于90%，则该公司可向原讼法庭提出申请，要求原讼法庭作出命令，授权该公司向该要约所关乎的该类别股份的任何其他股份的持有人发出通知，表明该公司有意回购该等股份。

(6)The Court may, on application under subsection (4) or (5), make the order if it is satisfied that—

(6)原讼法庭如信纳以下事宜，可应根据第(4)或(5)款提出的申请作出命令 ——

(a)after reasonable enquiry, the repurchasing company has been unable to trace one or more of the persons holding shares to which the general offer relates;

(a)回购公司在作出合理查探后，仍不能追寻到一名或多于一名持有有关公开要约所关乎的股份的人的下落；

(b)had the person, or all those persons, accepted the general offer, the repurchasing company would have, by virtue of acceptances of that offer, bought back, or contracted unconditionally to buy back, at least 90% in number of the shares, or the shares of any, to which that offer relates; and

(b)假使该人或所有该等人士接受该公开要约，该公司便会凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的股份或任何类别股份中的最少90%；及

(c)the consideration offered is fair and reasonable.

(c)提供的代价是公平及合理的。

(7)The Court must not make the order unless it is satisfied that it is just and equitable to do so having regard to all the circumstances and, in particular, to the number of holders of shares who have been traced but who have not accepted the general offer.

(7)原讼法庭除非信纳在顾及所有情况(尤其须顾及已找到但没有接受有关公开要约的股份持有人的数目)下，作出上述命令是公正及公平的，否则不得作出该命令。

(8)If the Court makes an order authorizing the repurchasing company to give notice to the holder of any shares, the repurchasing company may give notice to that holder.

(8)如原讼法庭作出命令，授权回购公司向任何股份的持有人发出通知，则该公司可向该持有人发出通知。

sell out指的则是强迫购买权。当收购方的股份达到一定比率后（比如90%），则剩余的股东权行使强迫购买权，将股份以一个合理的价格卖给收购方，退出公司。这个比率在各个国家有不同规定，收购方必须是以过去N个月的最高报价来收购剩余股份。这个条件的主要目的是确保收购方不利用他们的权利地位而牺牲了小股东的利益。The mandatory-bid condition through sell out rights allows remaining shareholders to exit the company at a fair price once the bidder has accumulated a certain number of shares. The amount of shares accumulated before the rule applies varies between countries. The bidder must offer the shares at the highest share price, as a minimum, which had been paid by the bidder previously. The main purpose for this condition is to ensure that the acquirer does not exploit their position of power at the expense of minority shareholders.

香港公司条例中的相关规定如下：

Subdivision 3“Sell-out”

第3次分部 “强迫购买”。

718.Repurchasing company may be required to buy out minority

718.回购公司可被要求全面回购少数股东的股份

(1)This section applies if a member or members of the repurchasing company has or have given notice under section 711 that the member or members will not tender any shares to be bought back by that company under a general offer.

(1)如有回购公司的成员根据第711条发出通知，表明该成员不会提供任何股份供该公司根据公开要约回购，则本条适用。

(2)If, in the case of a general offer that does not relate to shares of differentes—

(2)在公开要约不是关乎不同类别股份的情况下，如 ——

(a)the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, some but not all of the shares to which the offer relates; and

(a)回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的股份的一部分(但非全部)；及

(b)at any time before the end of the offer period, the shares in the repurchasing company controlled by that company, with or without the shares in the repurchasing company held by the non-tendering member, represent at least 90% in number of the shares in the repurchasing company,

(b)在要约期内的任何时间，由回购公司控制的该公司的股份(不论是否包括不售股成员持有的该公司的股份)，占该公司的股份中的最少90%，

the holder of any shares to which the offer relates who has not accepted the offer before the end of that period may, by a letter addressed to the repurchasing company, require that company to buy back those shares.

持有该要约所关乎的任何股份而在该期间终结前没有接受该要约的持有人，可藉致予回购公司的信件，要求该公司回购该等股份。

If, in the case of a general offer that relates to shares of differentes—

(3)在公开要约是关乎不同类别股份的情况下，如 ——

(a)the repurchasing company has, by virtue of acceptances of the offer, bought back, or contracted unconditionally to buy back, some but not all of the shares of any to which the offer relates; and

(a)回购公司已凭借该要约获接受，而回购或订立合约承诺无条件回购该要约所关乎的任何类别股份的一部分(但非全部)；及

(b)at any time before the end of the offer period, the shares of that controlled by the repurchasing company, with or without the shares of that held by the non-tendering member, represent at least 90% in number of the shares of that,

(b)在要约期内的任何时间，由回购公司控制的该等股份(不论是否包括不售股成员持有的该类别的股份)，占该类别股份中的最少90%，

the holder of any shares of that to which the offer relates who has not accepted the offer before the end of that period may, by a letter addressed to the repurchasing company, require that company to buy back those shares.

持有该要约所关乎的该类别的任何股份而在该期间终结前没有接受该要约的持有人，可藉致予回购公司的信件，要求该公司回购该等股份。

(4)Rights given to the holder of any shares by this section to require a repurchasing company to buy back the shares are only exercisable within 3 months after whichever is the later of the following—

(4)本条给予任何股份的持有人要求回购公司回购该等股份的权利，只可在以下两个时间中的较后者之后的3个月内行使 ——

(a)the end of the offer period;

(a)要约期终结时；

(b)the date of the notice given to the holder under section 719.

(b)根据第719条向该持有人发出通知的日期。

(5)If the general offer gives the holder of shares a choice of consideration, that holder may indicate the holder’s choice in the letter requiring the repurchasing company to buy back the shares.

(5)如有关公开要约让股份持有人选择代价，则该持有人可在要求回购公司回购该等股份的信件中，示明该持有人的选择。

(6)In this section, a reference to shares controlled by a repurchasing company is a reference to—

(6)在本条中，提述由回购公司控制的股份，即提述 ——

(a)shares that are held by an associate of the repurchasing company or by a nominee on the repurchasing company’s behalf;

(a)由回购公司的有联系者持有的股份，或由代名人代表该公司持有的股份；

(b)shares that the repurchasing company has, by virtue of acceptances of the general offer, acquired or contracted unconditionally to acquire; or

(b)回购公司已凭借公开要约获接受，而回购或订立合约承诺无条件回购的股份；或

(c)other shares that the repurchasing company, an associate of the repurchasing company, or a nominee on the repurchasing company’s behalf, has acquired, or has contracted, unconditionally or subject to conditions being satisfied, to acquire.

(c)回购公司、该公司的有联系者或代表该公司的代名人已回购或已订立合约承诺无条件回购或承诺在某些条件获得符合的前提下回购的其他股份。

转载自：译问  作者：旗渡多语信息中心（出海信息服务）