Izvorni znanstveni članak
Legal Features of Companies Takeovers Before and After the Accession to the EU With Observed Regulatory Aspects
Edita Čulinović-Herc
orcid.org/0000-0002-6177-8057
; Pravni fakultet Sveučilišta u Rijeci, Rijeka, Hrvatska
Antonija Zubović
orcid.org/0000-0001-8238-3495
; Pravni fakultet Sveučilišta u Rijeci, Rijeka, Hrvatska
Sažetak
The paper deals with takeover bid procedures of the companies listed at the Zagreb Stock Exchange for a period of two years preceding the accession of Croatia to the EU (1st July 2013 being the relevant date), as well as in two post-accession years. The aim of this analysis was to determine whether a number of takeovers with a foreign (EU) element was growing after the accession. Among all takeovers conducted in the relevant period(s), takeover bids in the financial sector were closely examined because of prima facie evidence of the higher frequency of the foreign element. The authors examined the attitude of the management boards of the target companies towards the bid, the success of the bid in terms of achievement of strategic goals announced, and the post-bid events and their impact on the business of the target company. While dealing with post-bid events, the authors noted the most frequent corporate actions and reflected as to the extent to which their activation depended on the quantum of the acquired (voting) shares. The authors closely analysed the criteria for each typical post-bid corporate action and pointed out the (dis)advantages of each depending on the size of the voting shares acquired through the bid.
Ključne riječi
corporate takeovers; squeeze out; delisting; post-takeover period; financial sector
Hrčak ID:
169100
URI
Datum izdavanja:
7.11.2016.
Posjeta: 2.168 *