【并购潮进入“冷静期” A股重组终止案例频现】8月24日,智光电气、顶固集创相继按下并购“终止键”。据记者不完全统计,8月以来,已有至少11起A股并购重组项目宣告终止。梳理案例详情,终止原因大体可以分为三类:市场环境或标的基本面发生变化,交易核心条款未能谈拢,审核或交易程序无法继续推进。今年以来,A股并购交易持续活跃与终止案例增加的现象同步发生。交易双方对于标的质量、交易作价、支付方式和产业协同的审视明显趋严,一批交易条件难以匹配、盈利预期发生变化或产业逻辑尚待验证的项目陆续退出。未来并购市场将进入更充分的价格博弈和质量筛选阶段。
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