The Law of Corporate Finance: General Principles and EU Law: Volume III: Funding, Exit, Takeovers

10.2 Cash Payments by the Company 335 Member States have a right but not a duty to authorise the redemption of the subscribed c ...

336 10 Exit of Shareholders Fifth, subject to the principle of equivalent treatment of shareholders, share buy-backs can change ...

10.2 Cash Payments by the Company 337 Prohibited and permitted share buy-backs. The main rule under the Second Di- rective is th ...

338 10 Exit of Shareholders or, in the absence thereof, the accountable par of the acquired shares, including shares previously ...

10.2 Cash Payments by the Company 339 If the acquisition was not lawful, the shares must be disposed of within one year.^62 In s ...

340 10 Exit of Shareholders Member States have a right but not a duty to permit the acquisition of own sha- res. The acquisitio ...

10.2 Cash Payments by the Company 341 Core provisions. The Second Company Law Directive sets out the core rules on redeemable sh ...

342 10 Exit of Shareholders 10.2.6 Withdrawal of Shares Otherwise It would be legally more difficult to withdraw shares unless i ...

10.3 Third Party as a Source of Remuneration 343 or few controlling shareholders. Joint-ventures typically raise difficult quest ...

344 10 Exit of Shareholders for private-equity firms to sell their holdings to a competitor. Secondary or even tertiary buy-outs ...

10.3 Third Party as a Source of Remuneration 345 The main rule on the liability of the seller for the quality of shares is cavea ...

346 10 Exit of Shareholders The question of valuation of shares raises particular questions in involuntary transactions such as ...

10.3 Third Party as a Source of Remuneration 347 Dutch auction); the first-price sealed-bid auction; and the second price sealed ...

348 10 Exit of Shareholders different trading mechanisms, with a call auction used to open trading and a con- tinuous auction us ...

10.3 Third Party as a Source of Remuneration 349 June 2007, a small group of prospective bidders that had showed interest receiv ...

350 10 Exit of Shareholders jumped 18% on its debut. This indicates that the Dutch auction failed to create a high enough price ...

10.3 Third Party as a Source of Remuneration 351 Where there are two competing takeover bids for shares listed on the London Sto ...

352 10 Exit of Shareholders ried out via the internet so that retail investors could also participate directly. However, interne ...

10.3 Third Party as a Source of Remuneration 353 valuation of shares in the target company can prejudice the interests of the is ...

354 10 Exit of Shareholders disclosing this information to the public. The thresholds are 5%, 10%, 15%, 20%, 25%, 30%, 50% and 7 ...