Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Budgivarens bundenhet vid takeovererbjudanden - en studie av Aktiemarknadsnämndens uttalanden om fullföljandevillkor

Sedvall, Andrea LU (2020) JURM02 20201
Department of Law
Faculty of Law
Abstract (Swedish)
En av takeoverreglernas mest centrala bestämmelser är att budgivaren blir bunden av det lämnade erbjudandet. Budgivaren tillåts dock att uppställa fullföljandevillkor, som i vissa situationer kan användas för att återkalla takeovererbjudandet. Det finns formella krav på fullföljandevillkors utformning, men inga materiella begränsningar. Takeoverreglernas bestämmelser om fullföljandevillkor är relativt generellt utformade. Detta gör det svårt att utläsa vilka fullföljandevillkor som får uppställas när reglerna ska tillämpas i specifika situationer. Aktiemarknadsnämnden har till uppgift att tolka takeoverreglerna. Genom att analysera Aktiemarknads-nämndens praxis avser uppsatsen förtydliga vilka fullföljandevillkor som får uppställas och hur... (More)
En av takeoverreglernas mest centrala bestämmelser är att budgivaren blir bunden av det lämnade erbjudandet. Budgivaren tillåts dock att uppställa fullföljandevillkor, som i vissa situationer kan användas för att återkalla takeovererbjudandet. Det finns formella krav på fullföljandevillkors utformning, men inga materiella begränsningar. Takeoverreglernas bestämmelser om fullföljandevillkor är relativt generellt utformade. Detta gör det svårt att utläsa vilka fullföljandevillkor som får uppställas när reglerna ska tillämpas i specifika situationer. Aktiemarknadsnämnden har till uppgift att tolka takeoverreglerna. Genom att analysera Aktiemarknads-nämndens praxis avser uppsatsen förtydliga vilka fullföljandevillkor som får uppställas och hur dessa villkor ska utformas.

Uppsatsen finner att Aktiemarknadsnämndens praxis i viss utsträckning tydliggör vilka fullföljandevillkor som får uppställas. MAC-villkor och villkor som tar sikte på förändringar i målbolagets finansiella ställning tycks behandlas med restriktivitet. Fullföljandevillkor som innebär att flera erbjudanden sammankopplas med varandra tillåts normalt om anledningen är väsentliga kommersiella eller industriella skäl. Villkor som rör rekommendationer från målbolagets styrelse uppfyller i sig inte väsentlig-hetskravet. Omständigheterna i övrigt kan dock göra att villkoret ändå får uppställas. Vidare tillåts fullföljandevillkor med innebörden att någon annan än budgivaren erhåller nödvändiga myndighetstillstånd på för denne acceptabla villkor, om detta är motiverat på grund av ägarförhållandena i bolagen. Slutligen är fullföljandevillkor som med största sannolikhet inte kan uppfyllas inte tillåtna. Det finns givetvis andra typer av fullföljandevillkor som tillåts som inte behandlats av Aktiemarknadsnämnden. Det avgörande för ett fullföljandevillkors tillåtelse tycks vara omständigheterna i det enskilda fallet.

Uppsatsen konstaterar att små skillnader i fullföljandevillkors utformning kan avgöra huruvida villkoret tillåts eller inte. Fullföljandevillkor ska utformas med sådan precision att det går att göra en objektiv bedömning av villkorets uppfyllelse. Det är även eftersträvansvärt att siffror eller procenttal används för att villkoret ska vara möjligt att verifiera av en utomstående person. Ett fullföljandevillkor kan även behöva utformas så att aktieägarna kan förstå villkorets motiv, om inte motivet annars tydligt framgår. Dessutom ska villkoret eller erbjudandehandlingen i övrigt innehålla tillräckligt mycket information för att målbolagets aktieägare ska kunna bedöma vad som krävs för att villkoret ska uppfyllas.

Slutligen konstateras att Aktiemarknadsnämndens uttalanden gällande fullföljandevillkor är relativt få i antal. Dessutom är de ofta kortfattade. Följaktligen är det svårt att dra alltför långtgående slutsatser. Uppsatsen kan dock ge viss vägledning kring vilka fullföljandevillkor som tillåts på den svenska aktiemarknaden och hur dessa villkor ska vara utformade. (Less)
Abstract
The Swedish Takeover Code is based on the offeror being bound by its offer. Consequently, the offeror may not withdraw an offer which has been submitted. However, the offeror may stipulate completion conditions. If a completion condition has not been, or cannot be, fulfilled, the offeror is entitled to withdraw the offer. There are formal requirements on the structure of completion conditions, but no limitations on which types of conditions may be allowed. The provisions regarding completion conditions are relatively general. Thus, interpretation difficulties may arise when the rules are to be applied in specific situations. The Swedish Securities Council's task is to issue rulings concerning the interpretation of the Swedish Takeover... (More)
The Swedish Takeover Code is based on the offeror being bound by its offer. Consequently, the offeror may not withdraw an offer which has been submitted. However, the offeror may stipulate completion conditions. If a completion condition has not been, or cannot be, fulfilled, the offeror is entitled to withdraw the offer. There are formal requirements on the structure of completion conditions, but no limitations on which types of conditions may be allowed. The provisions regarding completion conditions are relatively general. Thus, interpretation difficulties may arise when the rules are to be applied in specific situations. The Swedish Securities Council's task is to issue rulings concerning the interpretation of the Swedish Takeover Code. This paper aims to analyze the Council's rulings in order to clarify which types of completion conditions that may be stipulated, and how these conditions should be structured.

The paper finds that the Council's rulings to some extent clarify which types of completion conditions that may be stipulated. Firstly, MAC-conditions and conditions regarding changes to the offeree company's financial position are treated restrictively. Secondly, completion conditions interconnecting several takeover bids with each other may be stipulated, if the interconnection is due to essential commercial or industrial reasons. Thirdly, takeover bids must generally not be conditional on the offeree company board's recommendation of the bid. However, the circumstances in the particular case may result in the condition being allowed. Further, completion of the offer may be conditional on a company other than the offeror being granted requisite regulatory approvals on terms that are acceptable to that company, if justified by the ownership of the companies. Finally, completion conditions that most likely cannot be met must not be stipulated. There are certainly other types of completion conditions that may be allowed besides the conditions mentioned above. The circumstances of the individual case seem to be the decisive factor in permitting a completion condition.

Slight changes in the structure of the completion condition may mean the difference of whether or not the condition is allowed. Conditions shall be structured with sufficient precision to allow an objective determination of the condition's fulfillment. It is desirable that numbers are used so that it is possible for a third party to verify whether or not the condition has been fulfilled. The condition or the offer document shall contain sufficient information to allow the shareholders of the offeree company to assess the condition's requirements.

The paper concludes that the Council's rulings regarding completion conditions are few. Additionally, they are usually concise. Too far-reaching conclusions cannot be drawn. However, the thesis is able to provide some guidance on the types of completion conditions allowed, and how these conditions should be structured. (Less)
Please use this url to cite or link to this publication:
author
Sedvall, Andrea LU
supervisor
organization
alternative title
The offeror's obligation to honour its takeover offer - a study on the Swedish Securities Council's rulings regarding completion conditions
course
JURM02 20201
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Associationsrätt, förmögenhetsrätt, aktiemarknadsrätt, takeoverreglerna, Aktiemarknadsnämnden
language
Swedish
id
9009924
date added to LUP
2020-06-15 08:51:24
date last changed
2020-06-15 08:51:24
@misc{9009924,
  abstract     = {{The Swedish Takeover Code is based on the offeror being bound by its offer. Consequently, the offeror may not withdraw an offer which has been submitted. However, the offeror may stipulate completion conditions. If a completion condition has not been, or cannot be, fulfilled, the offeror is entitled to withdraw the offer. There are formal requirements on the structure of completion conditions, but no limitations on which types of conditions may be allowed. The provisions regarding completion conditions are relatively general. Thus, interpretation difficulties may arise when the rules are to be applied in specific situations. The Swedish Securities Council's task is to issue rulings concerning the interpretation of the Swedish Takeover Code. This paper aims to analyze the Council's rulings in order to clarify which types of completion conditions that may be stipulated, and how these conditions should be structured.

The paper finds that the Council's rulings to some extent clarify which types of completion conditions that may be stipulated. Firstly, MAC-conditions and conditions regarding changes to the offeree company's financial position are treated restrictively. Secondly, completion conditions interconnecting several takeover bids with each other may be stipulated, if the interconnection is due to essential commercial or industrial reasons. Thirdly, takeover bids must generally not be conditional on the offeree company board's recommendation of the bid. However, the circumstances in the particular case may result in the condition being allowed. Further, completion of the offer may be conditional on a company other than the offeror being granted requisite regulatory approvals on terms that are acceptable to that company, if justified by the ownership of the companies. Finally, completion conditions that most likely cannot be met must not be stipulated. There are certainly other types of completion conditions that may be allowed besides the conditions mentioned above. The circumstances of the individual case seem to be the decisive factor in permitting a completion condition. 

Slight changes in the structure of the completion condition may mean the difference of whether or not the condition is allowed. Conditions shall be structured with sufficient precision to allow an objective determination of the condition's fulfillment. It is desirable that numbers are used so that it is possible for a third party to verify whether or not the condition has been fulfilled. The condition or the offer document shall contain sufficient information to allow the shareholders of the offeree company to assess the condition's requirements. 

The paper concludes that the Council's rulings regarding completion conditions are few. Additionally, they are usually concise. Too far-reaching conclusions cannot be drawn. However, the thesis is able to provide some guidance on the types of completion conditions allowed, and how these conditions should be structured.}},
  author       = {{Sedvall, Andrea}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Budgivarens bundenhet vid takeovererbjudanden - en studie av Aktiemarknadsnämndens uttalanden om fullföljandevillkor}},
  year         = {{2020}},
}