Shareholders' agreements and takeover bids

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Κατεύθυνση Εταιρείες και Χρηματοδότηση
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Σωτηρόπουλος Γεώργιος, Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Μαστρομανώλης Εμμανουήλ, Επίκουρος Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Βερβεσός Νικόλαος, Επίκουρος Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Original Title:
Εξωεταιρικές συμφωνίες και δημόσιες προτάσεις εξαγοράς
Translated title:
Shareholders' agreements and takeover bids
The subject of this paper is to analyze the impact of shareholders’ agreements on takeover bids. This term refers to a set of rules of the capital markets law which regulate the process of acquiring securities listed on a regulated market. Shareholders’ agreements are contractual agreements and constitute, in particular, the legal basis for claiming damages in the event of a breach. The impact of shareholders’ agreements goes through all stages of a takeover bid. Before submitting a public offer, shareholders’ agreements might be taken into account to determine whether control is exercised over a company. Subsequently, shareholders’ agreements can also act as a defensive measure against a takeover bid; one case in point is shareholders’ agreements regarding the exercise of voting rights at the General Meeting convened with the purpose of approving the adoption of defensive measures by the Board of Directors or agreements regarding the transfer of securities that prevent shareholders from accepting the takeover bid. Such effects, though, can be canceled due to the application of the breakthrough rule, imposed by the Takeover Bids Directive with a view to ensuring that restrictions imposed by shareholders’ agreements or by the articles of association on the transfer of shares and the exercise of voting rights do not apply during the time allowed for the acceptance of a bid. The first part of this paper analyzes the main topics related to shareholders’ agreements in general and the second part analyzes the process of acquiring a company under the capital markets law from the scope of shareholders’ agreements possible impact in the process.
Main subject category:
Law and Legislation
Other subject categories:
Commercial Law
shareholders' agreements, takeover bids, act in concert, breakthrough rule, defense measurements
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Εξωεταιρικές Συμφωνίες και Δημόσιες Προτάσεις Pergamos (1).pdf
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