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Refinancing, debt for equity agreements and takeover bids under Spanish law



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Arias Varona, Francisco Javier (2011) Refinancing, debt for equity agreements and takeover bids under Spanish law. [ DT del Departamento de Derecho Mercantil; nº 39, 2011, ] (No publicado)

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This paper focuses on the connection between agreed solutions to the insolvency of listed companies implying changes in corporate control and the rules governing takeover bids. The solution to insolvency problems sometimes leads to a change in corporate control, namely when the solution involves modifying the capital structure of the company. In such cases, when the insolvent entity is a listed company, takeover bid regulation must be taken into account, as it can render the operation impossible or economically useless, if the change in control of the company must be accompanied by a mandatory takeover bid. As seen below, there are specific rules governing these scenarios. This paper reviews how Spanish Law deals with the situation, although certain general ideas will be initially provided as an introduction to the problem.

Tipo de documento:Documento de trabajo o Informe técnico
Información Adicional:

Ponencia presentada en "VIII Seminar Harvard-Complutense" celebrado los días 27, 28, 29 y 30 de septiembre de 2010 con el título "Mergers and acquisitions in the context of the financial crisis"

Palabras clave:Debt for equity swap, takeover bid, mandatory takeoverbid exemption, insolvency, companies in distress
Materias:Ciencias Sociales > Derecho > Derecho mercantil
Título de serie o colección:DT del Departamento de Derecho Mercantil
Código ID:12704
Depositado:10 May 2011 10:49
Última Modificación:14 Dic 2018 11:42

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