Update: Delisting Made Easier – Federal Supreme Court on Change of Market Segment for Listed Companies

In November 2013, we had reported on the Federal Supreme Court’s (Bundesgerichtshof)  change of direction on delistings.  In the Frosta judgment, the court gave up its previous position, as developed in the 2002 Macroton case, that delistings triggered the duty of the corporation itself or its majority shareholders to make a mandatory offer to buy out the minority shareholders. Professor Dirk Zetzsche reviews the new legal environment for going-private transactions  in Germany in an English language article, “Going Dark Under German Law – Towards an Efficient Regime for Regular Delisting.” Here is the abstract: Continue reading

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