prikaz prve stranice dokumenta Cash-Settled Derivatives and Their Role in Companies’ Takeovers
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Scientific paper - Chapter in Book
Cash-Settled Derivatives and Their Role in Companies’ Takeovers
In: New Europe - Old Values? Reform and Perseverance / Bodiroga-Vukobrat, Nada; Rodin, Siniša; Sander, Gerald G. (Ed.). Heidelberg: Springer, 2016. pp. 235-267. urn:nbn:hr:118:601646
Čulinović-Herc, Edita; Zubović, Antonija

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Čulinović Herc, E. & Zubović, A. (2016). Cash-Settled Derivatives and Their Role in Companies’ Takeovers. In N. Bodiroga Vukobrat, (Ed.), S. Rodin, (Ed.), G. G. Sander, (Ed.), New Europe - Old Values? Reform and Perseverance (pp. 235-267). Heidelberg: Springer. Retrieved from https://urn.nsk.hr/urn:nbn:hr:118:601646

Čulinović Herc, Edita and Antonija Zubović. "Cash-Settled Derivatives and Their Role in Companies’ Takeovers." New Europe - Old Values? Reform and Perseverance, edited by Nada Bodiroga Vukobrat, edited by Siniša Rodin, edited by Gerald G. Sander, Springer, 2016, pp. 235-267. https://urn.nsk.hr/urn:nbn:hr:118:601646

Čulinović Herc, Edita and Antonija Zubović. "Cash-Settled Derivatives and Their Role in Companies’ Takeovers." In New Europe - Old Values? Reform and Perseverance, edited by Nada Bodiroga Vukobrat, edited by Siniša Rodin, edited by Gerald G. Sander, 235-267. Heidelberg: Springer, 2016. https://urn.nsk.hr/urn:nbn:hr:118:601646

Čulinović Herc, E. and Zubović, A. (2016) 'Cash-Settled Derivatives and Their Role in Companies’ Takeovers' in Bodiroga Vukobrat, N. (ed.), Rodin, S. (ed.), Sander, G. G. (ed.) New Europe - Old Values? Reform and Perseverance Heidelberg: Springer, pp. 235-267. Available at: https://urn.nsk.hr/urn:nbn:hr:118:601646 (Accessed 06 May 2024)

Čulinović Herc E, Zubović A. Cash-Settled Derivatives and Their Role in Companies’ Takeovers. In: N. Bodiroga Vukobrat, ed., S. Rodin, ed., G. G. Sander, ed. New Europe - Old Values? Reform and Perseverance. Heidelberg: Springer; 2016. Pp. 235-267. [cited 2024 May 06] Available at: https://urn.nsk.hr/urn:nbn:hr:118:601646

E. Čulinović Herc and A. Zubović, "Cash-Settled Derivatives and Their Role in Companies’ Takeovers", New Europe - Old Values? Reform and Perseverance, N. Bodiroga Vukobrat, S. Rodin and G. G. Sander, Eds. Heidelberg: Springer, 2016, pp. 235-267. [Online] Available at: https://urn.nsk.hr/urn:nbn:hr:118:601646

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Metadata
Title (english)Cash-Settled Derivatives and Their Role in Companies’ Takeovers
AuthorEdita Čulinović-Herc
AuthorAntonija Zubović
EditorNada Bodiroga-Vukobrat
EditorSiniša Rodin
EditorGerald G. Sander
Author's institutionUniversity of Rijeka
FACULTY OF LAW
(Department of Corporate and Financial Law)
(Chair of Commercial Law and Corporate Law)
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Law
Abstract (english)
This paper deals with the role of cash-settled derivatives in the companies’ takeovers. EU capital market practice shows that they can be powerful instrument to gain or retain control in the target company. Because of abusive nature of their use—to hold them deliberately under the radar and then to create an element of surprise with the hostile takeover bid, many EU legislators upgraded their disclosure regime by adding new comprehensive “catch all” disclosure duties. In some EU states, these changes were done through “the major block of shares” disclosure duties, mostly aligned with takeover disclosure duties. Latest amendments in some jurisdictions showed that takeover disclosure duties deserve slightly modified approach. The reason was simple—if cash-settled derivatives are calculable into the control block, their adding can trigger mandatory takeover bid. If not, prospective hostile bidder could secretly build its “cash-settled stake” and “in last minute” reverses it into the voting rights resulting in loss of the takeover premium. This paper tries to approach the problem by putting emphasis on the intent of the bidder rather than on upgrading technically demanding rules on calculation.
Keywords (english)
Languageenglish
Publication typeScientific paper - Chapter in Book
Publication statusPublished
Peer reviewUnknown
Publication versionPublished version
Book titleNew Europe - Old Values? Reform and Perseverance
Numberingpp. 235-267
ISBN978-3-319-02212-3
URN:NBNurn:nbn:hr:118:601646
Publication2016
Document URLhttp://bib.irb.hr/811168
Type of resourceText
PublisherSpringer
Publishing placeHeidelberg
Access conditionsClosed access
Terms of useLicence In copyright icon
Created on2022-12-14 13:51:10