Israelische Werte: Wann muß Pflichtangebot an Aktionäre folgen und wie hoch? - 500 Beiträge pro Seite

[juanhaas]

Hallo liebe WO- Gemeinde,

ich habe eine Frage, welche durch Googeln nicht beantwortet werden konnte: Stimmt es, daß ab dem Erreichen von 45% an einer israelischen Gesellschaft (Z.B. Metis Capital WKN 936734) laut israelischem Börsenrecht ein Pflichtangebot an die freien Aktionäre des Unternehmens veröffentlicht werden muß? Wie wird der Preis des Pflichtangebotes genau berechnet bzw. wie hoch muß dieses mindestens sein? Bei Metis Capital könnte diese Situation innerhalb kurzer Zeit eintreten, wenn man sich die letzten Ad- Hocs anschaut, welche auf eine deutliche Aufstockung des Anteils des Großaktionärs hindeuten. Die IR-Abteilung des Unternehmens konnte mir leider keine genauen Auskünfte geben. Darüberhinaus kann ich keine Quellen zu dieser Thematik im Internet ausfindig machen.
Vielleicht hat jemand von Euch ein genaueres Wissen und/oder kann mir irgendwelche Quellen bzgl. dieses Themas nennen.

Vielen Dank.

Grüße

Juan

[no_brainer]

Antwort auf Beitrag Nr.: 23.351.734 von juanhaas am 08.08.06 11:21:04

Anti-Takeover Provisions; Mergers and Acquisitions under Israeli Law

Tender Offers

The Companies Law provides that an acquisition of shares of a public company must be made by means of a tender offer if as a result of the acquisition, the purchaser would become a holder of 25% or more of the voting rights in the company. This rule does not apply if there is already another holder of 25% or more of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares in a public company must be made by means of a tender offer if as a result of the acquisition the purchaser would become a holder of more than 45% of the voting rights of the company, if there is no other holder of more than 45% of the voting rights of the company.

The foregoing provisions do not apply to:

-- a private placement in which the company's shareholders approved such holder owning 25% or more of the voting rights in the company (if there is no other shareholder that holds 25% or more of the voting rights in the company); or more than 45% of the voting rights in the company (if there is no other shareholder that holds 45% or more of the voting rights in the company); or

-- a purchase from an existing holder of 25% or more of the voting rights in the company that results in another person becoming a holder of 25% or more of the voting rights in the company or a purchase from an existing holder of more than 45% of the voting rights in the company that results in another person becoming a holder of more than 45% of the voting rights in the company.

Regulations adopted under the Companies Law provide that these tender offer requirements do not apply to companies whose shares are listed for trading outside of Israel if, according to the law in the country in which the shares are traded, including the rules and regulations of the stock exchange on which the shares are traded, there is either a limitation on acquisition of any level of control of the company, or the acquisition of any level of control requires the purchaser to do so by means of a tender offer to the public.

The Companies Law also provides that if following any acquisition of shares, the acquirer holds 90% or more of the company's shares or of a class of shares, the acquisition must be made by means of a tender offer for all the target company's shares or all the shares of the class, as applicable. An acquirer who wishes to eliminate all minority shareholders must do so by way of a tender offer and acquire 95% of all shares not held by or for the benefit of the acquirer before the acquisition. If, however, the tender offer to acquire 95% is not successful, the acquirer may not acquire shares tendered if by doing so the acquirer would own more than 90% of the shares of the target company.