| Tittel: | Tre frågor om värdering av minoritetsaktier med anledning av det nya fusionsdirektivet: »aktierna eller bolaget«, minoritetsrabatter och illikviditetsrabatter |
| Ansvar: | Erik Lidman og Kevin Ewerlöf |
| Forfatter: | Lidman, Erik  / Ewerlöf, Kevin |
| Materialtype: | Artikkel - elektronisk |
| Signatur: | Nordisk tidsskrift for Selskabsret |
| Utgitt: | København : DJØF Forlag, 2021 |
| Omfang: | S. 76-92 |
| Serie: | Nordisk tidsskrift for Selskabsret ; 3/2021 |
| Emneord: | Aksjeselskaper / Fusjoner |
| Stikkord: | Direktiv (EU) 2019/2121 - Fusjonsdirektivet (2019) |
| Innhold: | Three questions regarding the valuation of minority shares connected to the new directive on cross-border conversions, mergers and divisions: appraising the ‘shares or the company’, minority discounts and illiquidity discounts
In this article, we discuss three questions connected to the appraisal remedy in the new EU-directive on cross-border conversions, mergers and divisions (see article 86i, 126a and 160i in [EU] 2019/2121), which dictates that member states should provide shareholders who has voted against the approval of a cross-border operation (such as a merger) to have the right to exit the company and receive cash compensation for their shares that is equivalent to the value of those shares. First, should the market value of the minority shares or the value of the corporation serve as basis for the calculation of a fair cash compensation awarded to the shareholders who voted against an approval of a cross-border operation? Second, should a fair cash compensation include a minority discount (or control premium)? And third, should a fair cash compensation include an illiquidity discount? We discuss these questions and the valuation effects of how they are answered by comparing the appraisal remedy in Delaware corporate law with the regulation on compulsory share redemption (‘inlösen av minoritetsaktier’) in Swedish law. Our findings are that the directive allows both the market value of the minority shares and the value of the corporation to serve as basis for calculating a fair cash compensation and that it will be up to the national competent authorities to make this choice at present, and also that the answers to the second and third question will follow from this choice. |
| Del av verk: | Nordisk tidsskrift for selskabsret 3/2021 |