except to (i) any corporation resulting form any merger, consolidation or other reorganization involving the assigning party,

除非轉(zhuǎn)讓給（i）涉及轉(zhuǎn)讓方因兼并、合并或其他重組而產(chǎn)生的任何公司；

Acquisition，merger，Consolidation法律術(shù)語(yǔ)分析

三個(gè)單詞均指公司之間的相互整合或合并。

acquisition譯為“購(gòu)并”，

merger譯為“兼并”，

consolidation譯為 “合并”。

以acquisition方式進(jìn)行的購(gòu)并，多指 一個(gè)公司以收購(gòu)某公司股份的方式進(jìn)行接管或達(dá)到控股的目的(the obtaining of controlling interest in a company [1])，結(jié)果是兩個(gè)法人的實(shí)體地位在交易之后仍可同時(shí)存在，鑒于收購(gòu)所需資金關(guān)系，故此種方式多用作收購(gòu)小公司。

merger所指的是一個(gè)公司對(duì)另一個(gè)公司的兼并，其多以被兼并公司的消亡形式進(jìn)行，但有時(shí)也可保留被兼并的公司的名稱，或兼并公司成為被兼并公司的控股公司，但此時(shí)被兼并公司已失去其法人身份，不再是獨(dú)立的商務(wù)實(shí)體（an amalgamation of two corporations pursuant to statutory provision in which one of the corporations survives and the other disappears. The absorption of one company by another, the former losing its legal identity, and the latter retains its own name and identity and acquiring assets, liabilities, franchises, and powers of the former, and absorbed company ceasing to exist as separate business entity[2])。

目前流行的公司之間的“并購(gòu)”，則指merger and acquisition，略為MA，指用收購(gòu)方式進(jìn)行的兼并。

consolidation常用于大公司的合并，在合并時(shí)多有新資本注入， 其與merger和acquisition的主要區(qū)別在于consolidation是把兩個(gè)或兩個(gè)以上的公司合并成為一家新公司，而原有的諸公司都得宣布解散(Merger differs from a consolidation wherein all the corporations terminate their existence and become parties to a new one[3]) 。

[1]Cf. Linda Picard Wood, J.D. , Merriam Webster's Dictionary of Law, at p. 10, Merriam-Webster, Incorporated (1996).
[2]Cf. The Publisher's Editorial Staff, Black's Law Dictionary (with Pronunciations), abridged 6th edition，at p. 682，West Publishing Co. (1991).
[3]Id. at p. 682.