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The 'fair' squeeze-out compensation - Die angemessene Barabfindung fur Minderheitsgesellschafter in einem Squeeze-Out (Paperback)
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The 'fair' squeeze-out compensation - Die angemessene Barabfindung fur Minderheitsgesellschafter in einem Squeeze-Out (Paperback)
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Diploma Thesis from the year 2006 in the subject Business economics
- Investment and Finance, grade: 1,0, University of Vienna
(Wirtschaftswissenschaften, Finanzwirtschaft), language: English,
abstract: Inhaltsangabe: Abstract: This diploma thesis analyses
squeeze-outs a deal where a controlling shareholder has the right
to buy out minority shareholders at a fair compensation. As
expected, the term fair can have very different meanings depending
on who you ask. On the one hand, minority shareholders often argue
perceiving the squeeze-out as a legal expropriation and accordingly
demand a significant squeeze-out premium. On the other hand,
controlling shareholders have the clear and simple intention to pay
as little as possible when acquiring the remaining stake in the
company. Even law, often seen as the last resort, leaves out a
clear and definite description of the expression fair why the
squeeze-out compensation turned out to be the crucial point in
almost all past squeeze-out processes. Squeeze-outs, in the US
called freeze-outs, usually follow a public tender offer where a
shareholder has acquired the necessary shareholding (e.g. 90
percent) and consequently obtained the right to exclude the
remaining minority shareholders by paying an adequate compensation.
In this context the squeeze-out rule, providing the legal
framework, has the intention to make public takeovers more
attractive. However, in the recent years, more and more minority
shareholders executed their own right to challenge the proposed
fair squeeze-out compensation in court with the objective to
improve the value of the initial squeeze-out offer. For example,
minority shareholders of the German Hamburg-Mannheimer AG that
protested against the squeeze-out resolution and requested a
judicial appraisal of majority shareholder's initially proposed
fair squeeze-out compensation in June 2002 could, after a costly
lawsuit that lasted two years, finally more than double the amount
offered under
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