Triangular Merger指的是三角并购，与直接并购（direct merger）相对。三角并购重组。是指在一项交易中，并购公司首先设立一家全资子公司，然后将目标公司与该子公司合并。作为目标公司的股东获得的对价，至少有50%是母公司的股票，其余可以是现金、债券或其他。其英文释义如下：

A triangular merger involves three business entities: a parent (the acquirer), its subsidiary, and the entity to be acquired (the target). This merger type involves the creation of a wholly-owned subsidiary of the acquiring company in order to facilitate a share exchange between the buyer and the seller.

Forward Triangular Merger和Reverse Triangular Merger是三角并购的两种类型，分别是顺三角并购和反三角并购。

Forward Triangular Merger顺三角并购

在三角并购中，若目标公司被子公司并购，则为顺三角并购，目标公司注销，其资产和负债合并到并购公司中，目标公司的股东转而持有并购公司的股票。A forward triangular merger, or indirect merger, is when a company acquires a target company through a subsidiary, or shell company. The acquired company is merged into this shell company, which assumes all the target's assets and liabilities.

反之，若子公司被目标公司并购，则为反三角并购，但是采用这种方式，一般是由于存在执照、租赁、贷款担保、管制要求等限制情形，有必要保留目标公司。A reverse triangular merger occurs when an acquiring company forms a subsidiary in order to purchase a target company, which then absorbs the subsidiary to create a new company. This differs from a reverse merger, which involves a smaller private company absorbing a larger publicly-listed company.

以下为相关双语示例，供参考：

The reverse triangular merger process is simpler than a direct merger, mainly due to the acquiring company being the sole shareholder of the subsidiary. A reverse triangular merger is advantageous when the target company’s continued existence is necessary for non-tax reasons, which can include franchising rights, licenses, leasing or contracts, or the ability to continue operating in a foreign country.

相较于直接并购过程，反三角并购过程更为简单，主要原因在于收购公司为子公司的唯一股东。当目标公司的继续存续因税收之外的原因而属必要时，反三角并购则更为有利。这些原因包括特许经营权、许可证、租赁或合同或继续在外国经营的能力。

The reverse triangular merger moves forward after receiving approval from the boards of directors for all three of the companies involved. Shareholders for the target company must then provide their approval, with any dissenting shareholders given buyouts of their shares.

获得所涉及的三家公司的董事会的批准后，反三角并购可继续进行。目标公司的股东必须提供他们的批准，任何股东持异议的，可买下其所有股份。