A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Baden-Baden
Nomos
2008
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| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Studien zum Handels-, Arbeits- und Wirtschaftsrecht
125 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | 323 S. |
| ISBN: | 9783832934811 |
Internformat
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| 650 | 4 | |a Consolidation and merger of corporations |x Law and legislation |z Europe | |
| 650 | 4 | |a Consolidation and merger of corporations |x Law and legislation |z European Union countries | |
| 650 | 4 | |a Minority stockholders |x Legal status, laws, etc. |z Europe | |
| 650 | 4 | |a Minority stockholders |x Legal status, laws, etc. |z European Union countries | |
| 650 | 4 | |a Tender offers (Securities) |x Law and legislation |z Europe | |
| 650 | 4 | |a Tender offers (Securities) |x Law and legislation |z European Union countries | |
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Datensatz im Suchindex
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| adam_text |
TABLE OF CONTENTS INTRODUCTION 27 PART I: ECONOMIC ANALYSIS, HISTORICAL
OVERVIEW AND INTRODUCTION TO THE MANDATORY BID RULE 31 CHAPTER 1:
ECONOMIC ANALYSIS OF THE MANDATORY BID RULE 31 1. AN INTRODUCTION TO THE
MARKET FOR CORPORATE CONTROL 31 2. AN INTRODUCTION TO THE MANDATORY BID
RULE 35 3. PURPOSE OF THE MANDATORY BID RULE 37 4. ECONOMIC ASSESSMENT
OF THE MANDATORY BID RULE 40 CHAPTER 2: HISTORICAL MILESTONES IN
RELATION TO THE MANDATORY BID RULE IN THE SELECTED JURISDICTIONS AND
UNDER THE TAKEOVER DIRECTIVE 44 1. HISTORICAL OVERVIEW OF THE MANDATORY
BID RULE IN THE SELECTED JURISDICTIONS 44 1.1 UNITED KINGDOM 44 1.2
FRANCE 45 1.3 BELGIUM 49 1.4 GERMANY 52 2. THE TAKEOVER DIRECTIVE 55 2.1
A STATUS REPORT 55 2.2 HISTORICAL BACKGROUND 57 2.3 IMPLEMENTATION OF
THE TAKEOVER DIRECTIVE IN THE SELECTED JURISDICTIONS 62 13 CHAPTER 3:
INTRODUCTION TO THE MANDATORY BID RULE IN THE SELECTED JURISDICTIONS AND
UNDER THE TAKEOVER DIRECTIVE 65 1 LEGAL FRAMEWORK AND OBLIGATION TO
LAUNCH A MANDATORY BID 65 1.1 THE TAKEOVER DIRECTIVE 65 1.2 THE UK CITY
CODE 66 1.3 THE FRENCH AMF GENERAL REGULATIONS 69 1.4 THE BELGIAN ROYAL
DECREE ON TAKEOVER BIDS 71 1.5 THE GERMAN TAKEOVER ACT 78 2 FIELD OF
APPLICATION OF THE MANDATORY BID RULE 79 2.1 NATURE OF THE TARGET
COMPANY 79 2.2 LOCATION OF THE TARGET COMPANY'S REGISTERED OFFICE AND
THE REGULATED MARKET ON WHICH ITS SECURITIES ARE ADMITTED TO TRADING 81
3. SUPERVISORY AUTHORITY 84 3.1 AUTHORITY SUPERVISING MANDATORY BIDS 84
3.2 ROLE OF THE SUPERVISORY AUTHORITY 86 3.3 COMPETENT SUPERVISORY
AUTHORITY 88 PART II: ANALYSIS OF THE MANDATORY BID RULE 89 CHAPTER 1:
INCURRING THE OBLIGATION TO LAUNCH A MANDATORY BID 89 1. CONTROL FOR THE
APPLICATION OF THE MANDATORY BID RULE 89 1.1 A PERCENTAGE OF VOTING
RIGHTS DEEMED TO CONFER CONTROL 90 1.2 STRENGTHENING EXISTING CONTROL 94
2. THE ATTRIBUTION OF VOTING RIGHTS FOR THE ASSESSMENT OF CONTROL 96 2.1
ACTING IN CONCERT IN THE SELECTED JURISDICTIONS 97 2.1.1 DEFINING THE
CONCEPT OF ACTING IN CONCERT 98 (A) UNITED KINGDOM 98 (B) FRANCE 99 (C)
BELGIUM 100 14 (D) GERMANY 101 2.1.2 ELEMENTS DETERMINING ACTING IN
CONCERT 101 (A) PERSONS ACTING IN CONCERT 101 (I) PERSONS CAPABLE OF
ACTING IN CONCERT 101 (II) SHAREHOLDERS COMING TOGETHER TO ACT IN
CONCERT 104 (III) CONCERTED PARTY BEING LIABLE FOR LAUNCHING A MANDATORY
BID 106 (B) AN AGREEMENT FOR PERSONS TO BE ACTING IN CONCERT 110 (I) AN
AGREEMENT VERSUS PARALLEL BEHAVIOUR 110 (II) OBJECT OF THE AGREEMENT 113
2.1.3 PRESUMED CONCERTED ACTION 119 (A) PRESUMED CONCERTED ACTION IN THE
UNITED KINGDOM 119 (B) PRESUMED CONCERTED ACTION IN FRANCE 125 (C)
PRESUMED CONCERTED ACTION IN BELGIUM 127 (D) PRESUMED CONCERTED ACTION
IN GERMANY 128 2.1.4 EXAMPLES OF CONCERTED ACTION 129 (A) VOTING
AGREEMENTS 129 (B) PRE-EMPTION RIGHTS 133 (C) STANDSTILL AGREEMENTS 134
(D) UNDERWRITING AGREEMENTS AND INVESTORS IN A BIDDING CONSORTIUM 135
(E) EMPLOYEE BENEFIT TRUST 136 (F) PRIVATE LIMITED COMPANY AND ITS
MANAGERS 137 (G) OTHER EXAMPLES OF CONCERTED ACTION 137 2.2 ATTRIBUTION
OF VOTING RIGHTS IN THE SELECTED JURISDICTIONS 140 2.2.1 ATTRIBUTION OF
VOTING RIGHTS HELD BY SUBSIDIARIES OF THE BIDDER 140 2.2.2 ATTRIBUTION
OF VOTING RIGHTS HELD BY A THIRD PARTY ACTING FOR THE ACCOUNT OF THE
BIDDER 142 2.2.3 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO SHARES GIVEN
AS COLLATERAL BY THE BIDDER 145 2.2.4 ATTRIBUTION OF VOTING RIGHTS
ATTACHING TO SHARES OVER WHICH THE BIDDER HAS A RIGHT OF USUFRUCT 146
2.2.5 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO SHARES THAT THE BIDDER
CAN ACQUIRE AT WILL 146 2.2.6 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO
SHARES ENTRUSTED TO THE BIDDER 147 3. THE CHAIN PRINCIPLE 148 3.1
APPLICATION OF THE CHAIN PRINCIPLE IN THE UNITED KINGDOM 149 3.2
APPLICATION OF THE CHAIN PRINCIPLE IN FRANCE 150 3.3 APPLICATION OF THE
CHAIN PRINCIPLE IN GERMANY 152 3.4 APPLICATION OF THE CHAIN PRINCIPLE IN
BELGIUM 153 15 4. SECURITIES DETERMINING AND TRANSACTIONS TRIGGERING THE
APPLICATION OF THE MANDATORY BID RULE 156 4.1 SECURITIES DETERMINING THE
ACQUISITION OF CONTROL 156 4.1.1 SECURITIES NORMALLY CONFERRING A RIGHT
TO VOTE 157 4.1.2 SECURITIES NOT NORMALLY CONFERRING A RIGHT TO VOTE 157
4.1.3 SECURITIES NORMALLY CONFERRING A RIGHT TO VOTE OF WHICH THE VOTING
RIGHTS ARE SUSPENDED 159 4.1.4 OPTIONS, WARRANTS AND CONVERTIBLE BONDS
160 4.2 TRANSACTIONS TRIGGERING THE ACQUISITION OF CONTROL 161 4.2.1
ACQUISITION OF SECURITIES 161 (A) MARKET PURCHASES OR PRIVATE
ACQUISITIONS OF SECURITIES 161 (B) REDUCTION OR DILUTION OF A
SHAREHOLDING 163 (C) CAPITAL INCREASE 164 (D) EXERCISE OF CONVERSION OR
SUBSCRIPTION RIGHTS 165 (E) ACQUISITION OF INTERESTS IN SECURITIES 166
(F) ACQUISITION OF DOUBLE VOTING RIGHTS 167 (G) OTHER TRANSACTIONS 167
4.2.2 PASSIVE ACQUISITION OF SECURITIES 168 (A) CAPITAL REDUCTION,
CANCELLATION OF SECURITIES OR REDEMPTION OR PURCHASE BY A TARGET COMPANY
OF ITS OWN SECURITIES 169 (B) LOSS OF DOUBLE VOTING RIGHTS 170 CHAPTER
2: LAUNCHING A MANDATORY BID 171 1. THE LAUNCH OF A MANDATORY BID 171
1.1 PERSON RESPONSIBLE FOR LAUNCHING A MANDATORY BID 171 1.2 THE ROLE OF
FINANCIAL ADVISORS 172 2. TIMETABLE FOR LAUNCHING A MANDATORY BID 174
2.1 TIMETABLE FOR LAUNCHING A MANDATORY BID IN THE UNITED KINGDOM 175
2.2 TIMETABLE FOR LAUNCHING A MANDATORY BID IN GERMANY 181 2.3 TIMETABLE
FOR LAUNCHING A MANDATORY BID IN BELGIUM 186 2.4 TIMETABLE FOR LAUNCHING
A MANDATORY BID IN FRANCE 192 3. TERMS AND CONDITIONS OF A MANDATORY BID
197 3.1 GENERAL OFFER OR PARTIAL OFFER 197 3.2 CONDITIONAL OFFER 198 16
3.2.1 UNCONDITIONAL NATURE OF A MANDATORY BID 198 3.2.2 MINIMUM LEVEL OF
ACCEPTANCES UNDER THE CITY CODE 200 3.2.3 MERGER CONTROL CLEARANCE AND
THE MANDATORY BID RULE 202 3.3 REVOCATION OF A MANDATORY BID 206 4.
SECURITIES TO BE ACQUIRED UNDER A MANDATORY BID 206 4.1 SECURITIES
REPRESENTING THE SHARE CAPITAL AND/OR CONFERRING A RIGHT TO VOTE 206 4.2
OPTIONS, WARRANTS AND CONVERTIBLE BONDS 209 5. RESTRICTIONS ON SHARE
DEALINGS AND THE MANDATORY BID RULE 210 5.1 SHARE DEALINGS BEFORE THE
ANNOUNCEMENT OF A MANDATORY BID 210 5.2 SHARE DEALINGS PENDING A
MANDATORY BID 212 5.3 SHARE DEALINGS AFTER CLOSING OF A MANDATORY BID
214 6. EXEMPTIONS AND DISPENSATIONS FROM THE OBLIGATION TO LAUNCH A
MANDATORY BID 215 6.1 EXEMPTION FROM THE MANDATORY BID RULE IF CONTROL
IS ACQUIRED FOLLOWING A PUBLIC TAKEOVER BID 216 6.2 DISPENSATIONS FROM
THE MANDATORY BID RULE WHEN THE INTENTION TO ACQUIRE CONTROL IS ABSENT
219 6.2.1 TEMPORARILY OR UNINTENTIONALLY EXCEEDING THE RELEVANT
THRESHOLD FOR THE APPLICATION OF THE MANDATORY BID RULE 219 6.2.2 A
THIRD PARTY EXERCISING CONTROL OR HOLDING A HIGHER PARTICIPATION 221
6.2.3 ENFRANCHISEMENT OF NON-VOTING SHARES 223 6.2.4 GIFTS OR
DISTRIBUTIONS 224 6.2.5 ENFORCEMENT OF A SECURITY INTEREST FOR A LOAN
226 6.2.6 LIQUIDATOR 228 6.2.7 CHARITIES 228 6.3 DISPENSATIONS FROM THE
MANDATORY BID RULE WHEN MINORITY SHAREHOLDERS' INTERESTS ARE SAFEGUARDED
THROUGH OTHER MEANS 229 6.3.1 VOTE OF INDEPENDENT SHAREHOLDERS - THE
WHITEWASH PROCEDURE IN THE UNITED KINGDOM 229 6.3.2 VOTE OF INDEPENDENT
SHAREHOLDERS IN CONNECTION WITH A MERGER OR CAPITAL INCREASE 231 6.3.3
REDEMPTION OR PURCHASE BY A COMPANY OF ITS OWN SECURITIES OR REDUCTION
OF THE TOTAL NUMBER OF VOTING SECURITIES 232 6.3.4 A COMPANY IN SERIOUS
FINANCIAL DIFFICULTIES 234 6.3.5 OTHER DISPENSATIONS 236 17 6.3 ROLE OF
THE COMPETENT SUPERVISORY AUTHORITY IN GRANTING DISPENSATIONS FROM THE
MANDATORY BID RULE 238 7. ENFORCEMENT OF THE MANDATORY BID RULE 241 7.1
POWERS OF THE SUPERVISORY AUTHORITY 241 7.2 FORFEITURE OF RIGHTS 244 7.3
FINES 245 7.4 PARTICULAR SANCTIONS FOR PRACTITIONERS UNDER THE CITY CODE
245 7.5 COURT REVIEW 247 CHAPTER 3: PRICE TO BE OFFERED UNDER A
MANDATORY BID 250 1. THE PRICE TO BE OFFERED AS THE KEY ELEMENT IN
MEETING THE AIM UNDERLYING THE MANDATORY BID RULE 250 2. THE LEVEL OF
THE PRICE TO BE OFFERED UNDER A MANDATORY BID 251 2.1 AN EQUITABLE PRICE
TO BE OFFERED UNDER A MANDATORY BID 251 2.1.1 THE HIGHEST-PRICE-PAID
RULE 251 2.1.2 THE OFFER PRICE MUST MATCH THE HIGHEST PRICE PAID DURING
A CERTAIN PERIOD PRIOR TO A MANDATORY BID 253 2.2 THE IMPACT OF
ACQUISITIONS OF SHARES BY PERSONS ACTING IN CONCERT WITH THE BIDDER ON
THE PRICE TO BE OFFERED UNDER A MANDATORY BID 255 2.3 MINIMUM PRICE TO
BE OFFERED UNDER A MANDATORY BID IN CASE OF ACQUISITIONS ON MORE
FAVOURABLE TERMS 256 2.3.1 THE OFFER PRICE MUST MATCH THE HIGHEST PRICE
PAID PENDING A MANDATORY BID 257 2.3.2 MANDATORY MINIMUM INCREASE OF THE
OFFER PRICE IN CASE ACQUISITIONS ARE MADE ON MORE FAVOURABLE TERMS
PENDING A MANDATORY BID 258 2.3.3 IMPACT OF PURCHASES MADE AFTER CLOSING
OF A MANDATORY BID ON THE OFFER PRICE 258 2.4 IMPACT OF THE STOCK
EXCHANGE PRICE ON THE PRICE TO BE OFFERED UNDER A MANDATORY BID 260 2.5
THE PRICE TO BE OFFERED FOR DIFFERENT CLASSES OF SECURITIES UNDER A
MANDATORY BID 261 2.6 EXEMPTIONS FROM THE OBLIGATION TO OFFER THE
HIGHEST PRICE PAID 263 3. NATURE OF THE PRICE TO BE OFFERED UNDER A
MANDATORY BID 266 18 3.1 CASH OR SECURITIES TO BE OFFERED UNDER A
MANDATORY BID 267 3.1.1 CASH TO BE OFFERED AT LEAST AS AN ALTERNATIVE IN
THE UNITED KINGDOM 267 3.1.2 CASH OR LIQUID SHARES ADMITTED TO TRADING
ON AN ORGANISED MARKET TO BE OFFERED IN GERMANY 268 3.1.3 CASH OR
SECURITIES TO BE OFFERED IN CONSULTATION WITH THE AMF IN FRANCE 269
3.1.4 CASH, LIQUID SECURITIES OR A COMBINATION OF BOTH CAN BE OFFERED IN
BELGIUM 270 3.2 CONTINGENT-VALUE RIGHTS, PUT OPTIONS OR CASH GUARANTEES
OFFERED AS AN ALTERNATIVE CONSIDERATION UNDER A MANDATORY BID 272 3.2.1
CONTINGENT-VALUE RIGHTS 272 3.2.2 PUT OPTIONS 273 3.2.3 CASH GUARANTEES
273 4. FINANCING A MANDATORY BID 273 4.1 GUARANTEES ENSURING PAYMENT OF
THE OFFER PRICE IN THE UNITED KINGDOM 274 4.2 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN GERMANY 275 4.3 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN BELGIUM 276 4.4 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN FRANCE 277 SUMMARY 279 I. ECONOMIC
ANALYSIS, HISTORICAL OVERVIEW AND INTRODUCTION TO THE MANDATORY BID RULE
279 II. ANALYSIS OF THE MANDATORY BID RULE 280 1. INCURRING THE
OBLIGATION TO LAUNCH A MANDATORY BID 280 2. LAUNCHING A MANDATORY BID
282 3. PRICE TO BE OFFERED UNDER A MANDATORY BID 283 APPENDIX 1: THE
IMPACT OF THE CONCEPT OF CONTROL UNDER BELGIAN LAW FOR THE APPLICATION
OF THE MANDATORY BID RULE 1. THE CONCEPT OF SOLE CONTROL UNDER BELGIAN
LAW 1.1 STATUTORY DEFINITION OF CONTROL 19 1.2 CRITERIA FOR THE
ESTABLISHMENT OF CONTROL 1.3 CONTROL DE JURE 1.4 CONTROL DE FACTO 2. THE
CONCEPT OF JOINT CONTROL UNDER BELGIAN LAW SELECTED BIBLIOGRAPHY 293 20 |
| adam_txt |
TABLE OF CONTENTS INTRODUCTION 27 PART I: ECONOMIC ANALYSIS, HISTORICAL
OVERVIEW AND INTRODUCTION TO THE MANDATORY BID RULE 31 CHAPTER 1:
ECONOMIC ANALYSIS OF THE MANDATORY BID RULE 31 1. AN INTRODUCTION TO THE
MARKET FOR CORPORATE CONTROL 31 2. AN INTRODUCTION TO THE MANDATORY BID
RULE 35 3. PURPOSE OF THE MANDATORY BID RULE 37 4. ECONOMIC ASSESSMENT
OF THE MANDATORY BID RULE 40 CHAPTER 2: HISTORICAL MILESTONES IN
RELATION TO THE MANDATORY BID RULE IN THE SELECTED JURISDICTIONS AND
UNDER THE TAKEOVER DIRECTIVE 44 1. HISTORICAL OVERVIEW OF THE MANDATORY
BID RULE IN THE SELECTED JURISDICTIONS 44 1.1 UNITED KINGDOM 44 1.2
FRANCE 45 1.3 BELGIUM 49 1.4 GERMANY 52 2. THE TAKEOVER DIRECTIVE 55 2.1
A STATUS REPORT 55 2.2 HISTORICAL BACKGROUND 57 2.3 IMPLEMENTATION OF
THE TAKEOVER DIRECTIVE IN THE SELECTED JURISDICTIONS 62 13 CHAPTER 3:
INTRODUCTION TO THE MANDATORY BID RULE IN THE SELECTED JURISDICTIONS AND
UNDER THE TAKEOVER DIRECTIVE 65 1 LEGAL FRAMEWORK AND OBLIGATION TO
LAUNCH A MANDATORY BID 65 1.1 THE TAKEOVER DIRECTIVE 65 1.2 THE UK CITY
CODE 66 1.3 THE FRENCH AMF GENERAL REGULATIONS 69 1.4 THE BELGIAN ROYAL
DECREE ON TAKEOVER BIDS 71 1.5 THE GERMAN TAKEOVER ACT 78 2 FIELD OF
APPLICATION OF THE MANDATORY BID RULE 79 2.1 NATURE OF THE TARGET
COMPANY 79 2.2 LOCATION OF THE TARGET COMPANY'S REGISTERED OFFICE AND
THE REGULATED MARKET ON WHICH ITS SECURITIES ARE ADMITTED TO TRADING 81
3. SUPERVISORY AUTHORITY 84 3.1 AUTHORITY SUPERVISING MANDATORY BIDS 84
3.2 ROLE OF THE SUPERVISORY AUTHORITY 86 3.3 COMPETENT SUPERVISORY
AUTHORITY 88 PART II: ANALYSIS OF THE MANDATORY BID RULE 89 CHAPTER 1:
INCURRING THE OBLIGATION TO LAUNCH A MANDATORY BID 89 1. CONTROL FOR THE
APPLICATION OF THE MANDATORY BID RULE 89 1.1 A PERCENTAGE OF VOTING
RIGHTS DEEMED TO CONFER CONTROL 90 1.2 STRENGTHENING EXISTING CONTROL 94
2. THE ATTRIBUTION OF VOTING RIGHTS FOR THE ASSESSMENT OF CONTROL 96 2.1
ACTING IN CONCERT IN THE SELECTED JURISDICTIONS 97 2.1.1 DEFINING THE
CONCEPT OF ACTING IN CONCERT 98 (A) UNITED KINGDOM 98 (B) FRANCE 99 (C)
BELGIUM 100 14 (D) GERMANY 101 2.1.2 ELEMENTS DETERMINING ACTING IN
CONCERT 101 (A) PERSONS ACTING IN CONCERT 101 (I) PERSONS CAPABLE OF
ACTING IN CONCERT 101 (II) SHAREHOLDERS COMING TOGETHER TO ACT IN
CONCERT 104 (III) CONCERTED PARTY BEING LIABLE FOR LAUNCHING A MANDATORY
BID 106 (B) AN AGREEMENT FOR PERSONS TO BE ACTING IN CONCERT 110 (I) AN
AGREEMENT VERSUS PARALLEL BEHAVIOUR 110 (II) OBJECT OF THE AGREEMENT 113
2.1.3 PRESUMED CONCERTED ACTION 119 (A) PRESUMED CONCERTED ACTION IN THE
UNITED KINGDOM 119 (B) PRESUMED CONCERTED ACTION IN FRANCE 125 (C)
PRESUMED CONCERTED ACTION IN BELGIUM 127 (D) PRESUMED CONCERTED ACTION
IN GERMANY 128 2.1.4 EXAMPLES OF CONCERTED ACTION 129 (A) VOTING
AGREEMENTS 129 (B) PRE-EMPTION RIGHTS 133 (C) STANDSTILL AGREEMENTS 134
(D) UNDERWRITING AGREEMENTS AND INVESTORS IN A BIDDING CONSORTIUM 135
(E) EMPLOYEE BENEFIT TRUST 136 (F) PRIVATE LIMITED COMPANY AND ITS
MANAGERS 137 (G) OTHER EXAMPLES OF CONCERTED ACTION 137 2.2 ATTRIBUTION
OF VOTING RIGHTS IN THE SELECTED JURISDICTIONS 140 2.2.1 ATTRIBUTION OF
VOTING RIGHTS HELD BY SUBSIDIARIES OF THE BIDDER 140 2.2.2 ATTRIBUTION
OF VOTING RIGHTS HELD BY A THIRD PARTY ACTING FOR THE ACCOUNT OF THE
BIDDER 142 2.2.3 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO SHARES GIVEN
AS COLLATERAL BY THE BIDDER 145 2.2.4 ATTRIBUTION OF VOTING RIGHTS
ATTACHING TO SHARES OVER WHICH THE BIDDER HAS A RIGHT OF USUFRUCT 146
2.2.5 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO SHARES THAT THE BIDDER
CAN ACQUIRE AT WILL 146 2.2.6 ATTRIBUTION OF VOTING RIGHTS ATTACHING TO
SHARES ENTRUSTED TO THE BIDDER 147 3. THE CHAIN PRINCIPLE 148 3.1
APPLICATION OF THE CHAIN PRINCIPLE IN THE UNITED KINGDOM 149 3.2
APPLICATION OF THE CHAIN PRINCIPLE IN FRANCE 150 3.3 APPLICATION OF THE
CHAIN PRINCIPLE IN GERMANY 152 3.4 APPLICATION OF THE CHAIN PRINCIPLE IN
BELGIUM 153 15 4. SECURITIES DETERMINING AND TRANSACTIONS TRIGGERING THE
APPLICATION OF THE MANDATORY BID RULE 156 4.1 SECURITIES DETERMINING THE
ACQUISITION OF CONTROL 156 4.1.1 SECURITIES NORMALLY CONFERRING A RIGHT
TO VOTE 157 4.1.2 SECURITIES NOT NORMALLY CONFERRING A RIGHT TO VOTE 157
4.1.3 SECURITIES NORMALLY CONFERRING A RIGHT TO VOTE OF WHICH THE VOTING
RIGHTS ARE SUSPENDED 159 4.1.4 OPTIONS, WARRANTS AND CONVERTIBLE BONDS
160 4.2 TRANSACTIONS TRIGGERING THE ACQUISITION OF CONTROL 161 4.2.1
ACQUISITION OF SECURITIES 161 (A) MARKET PURCHASES OR PRIVATE
ACQUISITIONS OF SECURITIES 161 (B) REDUCTION OR DILUTION OF A
SHAREHOLDING 163 (C) CAPITAL INCREASE 164 (D) EXERCISE OF CONVERSION OR
SUBSCRIPTION RIGHTS 165 (E) ACQUISITION OF INTERESTS IN SECURITIES 166
(F) ACQUISITION OF DOUBLE VOTING RIGHTS 167 (G) OTHER TRANSACTIONS 167
4.2.2 PASSIVE ACQUISITION OF SECURITIES 168 (A) CAPITAL REDUCTION,
CANCELLATION OF SECURITIES OR REDEMPTION OR PURCHASE BY A TARGET COMPANY
OF ITS OWN SECURITIES 169 (B) LOSS OF DOUBLE VOTING RIGHTS 170 CHAPTER
2: LAUNCHING A MANDATORY BID 171 1. THE LAUNCH OF A MANDATORY BID 171
1.1 PERSON RESPONSIBLE FOR LAUNCHING A MANDATORY BID 171 1.2 THE ROLE OF
FINANCIAL ADVISORS 172 2. TIMETABLE FOR LAUNCHING A MANDATORY BID 174
2.1 TIMETABLE FOR LAUNCHING A MANDATORY BID IN THE UNITED KINGDOM 175
2.2 TIMETABLE FOR LAUNCHING A MANDATORY BID IN GERMANY 181 2.3 TIMETABLE
FOR LAUNCHING A MANDATORY BID IN BELGIUM 186 2.4 TIMETABLE FOR LAUNCHING
A MANDATORY BID IN FRANCE 192 3. TERMS AND CONDITIONS OF A MANDATORY BID
197 3.1 GENERAL OFFER OR PARTIAL OFFER 197 3.2 CONDITIONAL OFFER 198 16
3.2.1 UNCONDITIONAL NATURE OF A MANDATORY BID 198 3.2.2 MINIMUM LEVEL OF
ACCEPTANCES UNDER THE CITY CODE 200 3.2.3 MERGER CONTROL CLEARANCE AND
THE MANDATORY BID RULE 202 3.3 REVOCATION OF A MANDATORY BID 206 4.
SECURITIES TO BE ACQUIRED UNDER A MANDATORY BID 206 4.1 SECURITIES
REPRESENTING THE SHARE CAPITAL AND/OR CONFERRING A RIGHT TO VOTE 206 4.2
OPTIONS, WARRANTS AND CONVERTIBLE BONDS 209 5. RESTRICTIONS ON SHARE
DEALINGS AND THE MANDATORY BID RULE 210 5.1 SHARE DEALINGS BEFORE THE
ANNOUNCEMENT OF A MANDATORY BID 210 5.2 SHARE DEALINGS PENDING A
MANDATORY BID 212 5.3 SHARE DEALINGS AFTER CLOSING OF A MANDATORY BID
214 6. EXEMPTIONS AND DISPENSATIONS FROM THE OBLIGATION TO LAUNCH A
MANDATORY BID 215 6.1 EXEMPTION FROM THE MANDATORY BID RULE IF CONTROL
IS ACQUIRED FOLLOWING A PUBLIC TAKEOVER BID 216 6.2 DISPENSATIONS FROM
THE MANDATORY BID RULE WHEN THE INTENTION TO ACQUIRE CONTROL IS ABSENT
219 6.2.1 TEMPORARILY OR UNINTENTIONALLY EXCEEDING THE RELEVANT
THRESHOLD FOR THE APPLICATION OF THE MANDATORY BID RULE 219 6.2.2 A
THIRD PARTY EXERCISING CONTROL OR HOLDING A HIGHER PARTICIPATION 221
6.2.3 ENFRANCHISEMENT OF NON-VOTING SHARES 223 6.2.4 GIFTS OR
DISTRIBUTIONS 224 6.2.5 ENFORCEMENT OF A SECURITY INTEREST FOR A LOAN
226 6.2.6 LIQUIDATOR 228 6.2.7 CHARITIES 228 6.3 DISPENSATIONS FROM THE
MANDATORY BID RULE WHEN MINORITY SHAREHOLDERS' INTERESTS ARE SAFEGUARDED
THROUGH OTHER MEANS 229 6.3.1 VOTE OF INDEPENDENT SHAREHOLDERS - THE
WHITEWASH PROCEDURE IN THE UNITED KINGDOM 229 6.3.2 VOTE OF INDEPENDENT
SHAREHOLDERS IN CONNECTION WITH A MERGER OR CAPITAL INCREASE 231 6.3.3
REDEMPTION OR PURCHASE BY A COMPANY OF ITS OWN SECURITIES OR REDUCTION
OF THE TOTAL NUMBER OF VOTING SECURITIES 232 6.3.4 A COMPANY IN SERIOUS
FINANCIAL DIFFICULTIES 234 6.3.5 OTHER DISPENSATIONS 236 17 6.3 ROLE OF
THE COMPETENT SUPERVISORY AUTHORITY IN GRANTING DISPENSATIONS FROM THE
MANDATORY BID RULE 238 7. ENFORCEMENT OF THE MANDATORY BID RULE 241 7.1
POWERS OF THE SUPERVISORY AUTHORITY 241 7.2 FORFEITURE OF RIGHTS 244 7.3
FINES 245 7.4 PARTICULAR SANCTIONS FOR PRACTITIONERS UNDER THE CITY CODE
245 7.5 COURT REVIEW 247 CHAPTER 3: PRICE TO BE OFFERED UNDER A
MANDATORY BID 250 1. THE PRICE TO BE OFFERED AS THE KEY ELEMENT IN
MEETING THE AIM UNDERLYING THE MANDATORY BID RULE 250 2. THE LEVEL OF
THE PRICE TO BE OFFERED UNDER A MANDATORY BID 251 2.1 AN EQUITABLE PRICE
TO BE OFFERED UNDER A MANDATORY BID 251 2.1.1 THE HIGHEST-PRICE-PAID
RULE 251 2.1.2 THE OFFER PRICE MUST MATCH THE HIGHEST PRICE PAID DURING
A CERTAIN PERIOD PRIOR TO A MANDATORY BID 253 2.2 THE IMPACT OF
ACQUISITIONS OF SHARES BY PERSONS ACTING IN CONCERT WITH THE BIDDER ON
THE PRICE TO BE OFFERED UNDER A MANDATORY BID 255 2.3 MINIMUM PRICE TO
BE OFFERED UNDER A MANDATORY BID IN CASE OF ACQUISITIONS ON MORE
FAVOURABLE TERMS 256 2.3.1 THE OFFER PRICE MUST MATCH THE HIGHEST PRICE
PAID PENDING A MANDATORY BID 257 2.3.2 MANDATORY MINIMUM INCREASE OF THE
OFFER PRICE IN CASE ACQUISITIONS ARE MADE ON MORE FAVOURABLE TERMS
PENDING A MANDATORY BID 258 2.3.3 IMPACT OF PURCHASES MADE AFTER CLOSING
OF A MANDATORY BID ON THE OFFER PRICE 258 2.4 IMPACT OF THE STOCK
EXCHANGE PRICE ON THE PRICE TO BE OFFERED UNDER A MANDATORY BID 260 2.5
THE PRICE TO BE OFFERED FOR DIFFERENT CLASSES OF SECURITIES UNDER A
MANDATORY BID 261 2.6 EXEMPTIONS FROM THE OBLIGATION TO OFFER THE
HIGHEST PRICE PAID 263 3. NATURE OF THE PRICE TO BE OFFERED UNDER A
MANDATORY BID 266 18 3.1 CASH OR SECURITIES TO BE OFFERED UNDER A
MANDATORY BID 267 3.1.1 CASH TO BE OFFERED AT LEAST AS AN ALTERNATIVE IN
THE UNITED KINGDOM 267 3.1.2 CASH OR LIQUID SHARES ADMITTED TO TRADING
ON AN ORGANISED MARKET TO BE OFFERED IN GERMANY 268 3.1.3 CASH OR
SECURITIES TO BE OFFERED IN CONSULTATION WITH THE AMF IN FRANCE 269
3.1.4 CASH, LIQUID SECURITIES OR A COMBINATION OF BOTH CAN BE OFFERED IN
BELGIUM 270 3.2 CONTINGENT-VALUE RIGHTS, PUT OPTIONS OR CASH GUARANTEES
OFFERED AS AN ALTERNATIVE CONSIDERATION UNDER A MANDATORY BID 272 3.2.1
CONTINGENT-VALUE RIGHTS 272 3.2.2 PUT OPTIONS 273 3.2.3 CASH GUARANTEES
273 4. FINANCING A MANDATORY BID 273 4.1 GUARANTEES ENSURING PAYMENT OF
THE OFFER PRICE IN THE UNITED KINGDOM 274 4.2 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN GERMANY 275 4.3 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN BELGIUM 276 4.4 GUARANTEES ENSURING
PAYMENT OF THE OFFER PRICE IN FRANCE 277 SUMMARY 279 I. ECONOMIC
ANALYSIS, HISTORICAL OVERVIEW AND INTRODUCTION TO THE MANDATORY BID RULE
279 II. ANALYSIS OF THE MANDATORY BID RULE 280 1. INCURRING THE
OBLIGATION TO LAUNCH A MANDATORY BID 280 2. LAUNCHING A MANDATORY BID
282 3. PRICE TO BE OFFERED UNDER A MANDATORY BID 283 APPENDIX 1: THE
IMPACT OF THE CONCEPT OF CONTROL UNDER BELGIAN LAW FOR THE APPLICATION
OF THE MANDATORY BID RULE 1. THE CONCEPT OF SOLE CONTROL UNDER BELGIAN
LAW 1.1 STATUTORY DEFINITION OF CONTROL 19 1.2 CRITERIA FOR THE
ESTABLISHMENT OF CONTROL 1.3 CONTROL DE JURE 1.4 CONTROL DE FACTO 2. THE
CONCEPT OF JOINT CONTROL UNDER BELGIAN LAW SELECTED BIBLIOGRAPHY 293 20 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Bolle, Caroline |
| author_GND | (DE-588)1135213275 |
| author_facet | Bolle, Caroline |
| author_role | aut |
| author_sort | Bolle, Caroline |
| author_variant | c b cb |
| building | Verbundindex |
| bvnumber | BV035154717 |
| callnumber-first | K - Law |
| callnumber-label | KJC2628 |
| callnumber-raw | KJC2628 |
| callnumber-search | KJC2628 |
| callnumber-sort | KJC 42628 |
| classification_rvk | PU 1542 |
| ctrlnum | (OCoLC)227931676 (DE-599)DNB98945763X |
| dewey-full | 346.40662 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 346 - Private law |
| dewey-raw | 346.40662 |
| dewey-search | 346.40662 |
| dewey-sort | 3346.40662 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| edition | 1. Aufl. |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Europa Europäische Union. Mitgliedsstaaten Deutschland (DE-588)4011882-4 gnd Frankreich (DE-588)4018145-5 gnd Großbritannien (DE-588)4022153-2 gnd Belgien (DE-588)4005406-8 gnd |
| geographic_facet | Europa Europäische Union. Mitgliedsstaaten Deutschland Frankreich Großbritannien Belgien |
| id | DE-604.BV035154717 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:48:11Z |
| indexdate | 2024-08-10T00:57:12Z |
| institution | BVB |
| isbn | 9783832934811 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016961919 |
| oclc_num | 227931676 |
| open_access_boolean | |
| owner | DE-M382 DE-945 DE-29 DE-20 DE-188 |
| owner_facet | DE-M382 DE-945 DE-29 DE-20 DE-188 |
| physical | 323 S. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Nomos |
| record_format | marc |
| series | Studien zum Handels-, Arbeits- und Wirtschaftsrecht |
| series2 | Studien zum Handels-, Arbeits- und Wirtschaftsrecht |
| spelling | Bolle, Caroline Verfasser (DE-588)1135213275 aut A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom Caroline Bolle 1. Aufl. Baden-Baden Nomos 2008 323 S. txt rdacontent n rdamedia nc rdacarrier Studien zum Handels-, Arbeits- und Wirtschaftsrecht 125 Zugl.: Hamburg, Univ., Diss., 2007 Recht Consolidation and merger of corporations Law and legislation Europe Consolidation and merger of corporations Law and legislation European Union countries Minority stockholders Legal status, laws, etc. Europe Minority stockholders Legal status, laws, etc. European Union countries Tender offers (Securities) Law and legislation Europe Tender offers (Securities) Law and legislation European Union countries Übernahmeangebot (DE-588)4186613-7 gnd rswk-swf Rechtspflicht (DE-588)4177251-9 gnd rswk-swf Europa Europäische Union. Mitgliedsstaaten Deutschland (DE-588)4011882-4 gnd rswk-swf Frankreich (DE-588)4018145-5 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Belgien (DE-588)4005406-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Belgien (DE-588)4005406-8 g Übernahmeangebot (DE-588)4186613-7 s Rechtspflicht (DE-588)4177251-9 s Frankreich (DE-588)4018145-5 g Deutschland (DE-588)4011882-4 g Großbritannien (DE-588)4022153-2 g DE-604 Studien zum Handels-, Arbeits- und Wirtschaftsrecht 125 (DE-604)BV000746281 125 http://d-nb.info/98945763X/04 Inhaltsverzeichnis SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016961919&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bolle, Caroline A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom Studien zum Handels-, Arbeits- und Wirtschaftsrecht Recht Consolidation and merger of corporations Law and legislation Europe Consolidation and merger of corporations Law and legislation European Union countries Minority stockholders Legal status, laws, etc. Europe Minority stockholders Legal status, laws, etc. European Union countries Tender offers (Securities) Law and legislation Europe Tender offers (Securities) Law and legislation European Union countries Übernahmeangebot (DE-588)4186613-7 gnd Rechtspflicht (DE-588)4177251-9 gnd |
| subject_GND | (DE-588)4186613-7 (DE-588)4177251-9 (DE-588)4011882-4 (DE-588)4018145-5 (DE-588)4022153-2 (DE-588)4005406-8 (DE-588)4113937-9 |
| title | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom |
| title_auth | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom |
| title_exact_search | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom |
| title_exact_search_txtP | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom |
| title_full | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom Caroline Bolle |
| title_fullStr | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom Caroline Bolle |
| title_full_unstemmed | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom Caroline Bolle |
| title_short | A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom |
| title_sort | a comparative overview of the mandatory bid rule in belgium france germany and the united kingdom |
| topic | Recht Consolidation and merger of corporations Law and legislation Europe Consolidation and merger of corporations Law and legislation European Union countries Minority stockholders Legal status, laws, etc. Europe Minority stockholders Legal status, laws, etc. European Union countries Tender offers (Securities) Law and legislation Europe Tender offers (Securities) Law and legislation European Union countries Übernahmeangebot (DE-588)4186613-7 gnd Rechtspflicht (DE-588)4177251-9 gnd |
| topic_facet | Recht Consolidation and merger of corporations Law and legislation Europe Consolidation and merger of corporations Law and legislation European Union countries Minority stockholders Legal status, laws, etc. Europe Minority stockholders Legal status, laws, etc. European Union countries Tender offers (Securities) Law and legislation Europe Tender offers (Securities) Law and legislation European Union countries Übernahmeangebot Rechtspflicht Europa Europäische Union. Mitgliedsstaaten Deutschland Frankreich Großbritannien Belgien Hochschulschrift |
| url | http://d-nb.info/98945763X/04 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016961919&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000746281 |
| work_keys_str_mv | AT bollecaroline acomparativeoverviewofthemandatorybidruleinbelgiumfrancegermanyandtheunitedkingdom |
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