Acquisition of Corporate Control and Clear Criteria in the Adjustment of the Mandatory Bid Price

Law and Financial Markets Review (2013) Volume 7, Number 2, pp. 97-106 Hart Publishing-Oxford

10 Pages Posted: 26 Mar 2013 Last revised: 9 Apr 2013

See all articles by Thomas Papadopoulos

Thomas Papadopoulos

Department of Law, University of Cyprus

Date Written: March 24, 2013

Abstract

This article discusses the adoption of clear criteria for the adjustment of the bid price in mandatory bids. The analysis takes place in the context of Article 5 of the EU Takeovers Directive which harmonises mandatory bids, the notion of “equitable price” of shares and the adjustment of the mandatory bid price, at the EU level. This article focuses on the ruling of the EFTA Court in the case of Periscopus AS v Oslo Børs ASA and Erik Must AS which analysed corporate control transactions and clear criteria for the adjustment of the mandatory bid price, within the framework of the Takeover Directive. The EFTA Court sought to interpret and to clarify this adjustment mechanism. The protection of minority shareholders is also scrutinised. Moreover, the importance of EU fundamental freedoms with regard to the adjustment of the mandatory bid price is analysed. A few concluding remarks are deduced.

Keywords: EU Takeovers Directive, mandatory bids, adjustment of the mandatory bid price, Periscopus AS v Oslo Børs ASA and Erik Must AS, protection of minority shareholders, EU fundamental freedoms

JEL Classification: K22, K30, K29, K23, K19

Suggested Citation

Papadopoulos, Thomas, Acquisition of Corporate Control and Clear Criteria in the Adjustment of the Mandatory Bid Price (March 24, 2013). Law and Financial Markets Review (2013) Volume 7, Number 2, pp. 97-106 Hart Publishing-Oxford , Available at SSRN: https://ssrn.com/abstract=2238603

Thomas Papadopoulos (Contact Author)

Department of Law, University of Cyprus ( email )

P.O. Box 20537
Nicosia, 1678
Cyprus

HOME PAGE: http://ucy.ac.cy/dir/en/component/comprofiler/userprofile/tpapad05

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
158
Abstract Views
615
rank
206,912
PlumX Metrics