Privalomas akcijų pardavimas ir pirkimas – instituto esmė ir kai kurie probleminiai aspektai

LTPagrindinis straipsnio tikslas – pateikti privalomo akcijų pardavimo ir pirkimo instituto analizę ir atskleisti probleminius šio instituto taikymo aspektus. Kadangi privalomas akcijų pardavimas ir pirkimas, kurį reglamentuoja Lietuvos Respublikos vertybinių popierių įstatymo 37 straipsnis, yra tiesiogiai susijęs su oficialaus siūlymo institutu, straipsnyje taip pat nagrinėjami tam tikri aktualūs oficialaus siūlymo, ypač Lietuvos teismų praktikos, klausimai. Straipsnis skiriamas finansų rinkos dalyviams, investuotojams, teisininkams ir šia sritimi besidomintiems mokslininkams. [Iš leidinio]

ENAll issues that have been analyzed in this article are relevant to financial markets participants, investors and legal professionals who deal with relevant requirements in practice. The article is divided into three main parts and the primary attention is devoted to those issues: 1) taking into consideration that the application of squeeze-out and sell-out rights directly depends on the properly exercised takeover-bid (mandatory or voluntary), in the first part of this article some relevant Lithuanian case law aspects are being analyzed. Lithuanian regulation should be improved and mandatory provision, which would state that takeover bid must be exercised despite the fact that if the shares were transferred to the third party (when the terms have been omitted), should be introduced. Accordingly, the subsequent transfer of shares does not eliminate the obligation to make a mandatory takeover bid; 2) the second part of the article analyzes the essence and main features of the squeeze-out and sell-out rights, the reasons for introduction of those rights in the EU regulation; detailed analyzes of both EU and Lithuanian regulations are being presented; 3) the last part of this article reveals the problematic aspects of the application of the squeeze-out and sell-out institute in practice; two conclusions are being drawn: (i) the squeeze-out and sell-out rights must be applicable and properly exercised even when the issuer was reorganized and the new entity was established; and (ii) when the price of the mandatory takeover bid has been adjusted in order to enable a firm in difficulty to be rescued, this price should not automatically be considered as equitable price for another institute – squeeze-out and sell-out rights. [From the publication]