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Bolagsledningens försvarsåtgärder vid fientliga uppköpserbjudanden

Kamryd, Samuel LU (2022) JURM02 20222
Department of Law
Faculty of Law
Abstract (Swedish)
Den svenska aktiemarknaden har under senare år utvecklats till att innehålla fler aktiva aktörer, och värdet på aktier noterade på svenska marknadsplatser har ökat markant. I takt med en ökad aktivitet har vi även sett en ökning of- fentliga uppköpserbjudanden och därmed även sådana av fientligt slag. Fient- liga uppköpserbjudanden tar formen av ett offentligt uppköpserbjudande, men med avvikelsen av att målbolagets styrelse ställer sig emot ett sådant förvärv. Vid sådana sammanhang är det inte helt ovanligt att bolagets ledning vill vidta vissa åtgärder för att skydda sig själva mot ett uppköp, dessa åtgär- der benämns försvarsåtgärder. En försvarsåtgärd är då en åtgärd som är ägnad att förhindra, eller försvåra för det budgivande... (More)
Den svenska aktiemarknaden har under senare år utvecklats till att innehålla fler aktiva aktörer, och värdet på aktier noterade på svenska marknadsplatser har ökat markant. I takt med en ökad aktivitet har vi även sett en ökning of- fentliga uppköpserbjudanden och därmed även sådana av fientligt slag. Fient- liga uppköpserbjudanden tar formen av ett offentligt uppköpserbjudande, men med avvikelsen av att målbolagets styrelse ställer sig emot ett sådant förvärv. Vid sådana sammanhang är det inte helt ovanligt att bolagets ledning vill vidta vissa åtgärder för att skydda sig själva mot ett uppköp, dessa åtgär- der benämns försvarsåtgärder. En försvarsåtgärd är då en åtgärd som är ägnad att förhindra, eller försvåra för det budgivande företaget att genomföra sitt förvärv. I uppsatsen presenteras exempel på sådana åtgärder, några av dem benämns som poison pills och white knights.
I svensk rätt är nästintill alla former av försvarsåtgärder förbjudna. Detta föl- jer efter att vi implementerat EU:s takeover-direktiv genom bestämmelserna i lagen om offentlig upphandling, mer exakt styrelseneutralitetsprincipen. Det enda försvarsåtgärden som är tillåten utan att ett godkännande från bolag- stämman behöver erhållas är så kallade white knights, eller sökandet efter alternativa budgivare. Uppsatsen behandlar vidare försvarsåtgärdernas tidsa- spekt och hur vissa kan ta form innan, under och efter ett offentligt erbjudande presenteras. Detta har analyserats mot svensk gällande rätt för att skilja till- låtna mot otillåtna försvarsåtgärder.
I uppsatsen så har också enligt författarens mening, vissa brister med lagens utformning påpekats. Från detta har de lege ferenda resonemang förts och exempel på en alternativ utformning har visats. Syftet med det generella för- budet har varit att främja det fria flödet av kapital inom EU, samt att skydda aktieägarintresset. (Less)
Abstract
In recent years, the Swedish stock market has developed to include more ac- tive players, and the value of shares listed on Swedish marketplaces has in- creased significantly. Along with increased activity, we have also seen an in- crease in public takeover offers and thus also those of a hostile nature. Hostile takeover offers take the form of a public takeover offer, but with the exception that the target company's board opposes such an acquisition. In such contexts, it is not entirely unusual for the company's management to take certain measures to protect themselves against a takeover, these measures are called defensive measures. A defensive measure is a measure which is intended to prevent or make it more difficult for the bidding... (More)
In recent years, the Swedish stock market has developed to include more ac- tive players, and the value of shares listed on Swedish marketplaces has in- creased significantly. Along with increased activity, we have also seen an in- crease in public takeover offers and thus also those of a hostile nature. Hostile takeover offers take the form of a public takeover offer, but with the exception that the target company's board opposes such an acquisition. In such contexts, it is not entirely unusual for the company's management to take certain measures to protect themselves against a takeover, these measures are called defensive measures. A defensive measure is a measure which is intended to prevent or make it more difficult for the bidding company to carry out its acquisition. The essay presents examples of such measures, some of which are referred to as poison pills and white knights.
According to Swedish law, almost all forms of defensive measures are pro- hibited. This follows after we implemented the EU's takeover directive through the provisions of the Public Procurement Act, more precisely the board neutrality principle. The only defence measure that is permitted without the need to obtain approval from the general meeting is so-called white knights, or the search for alternative bidders. The essay further deals with the timing aspect of defense measures and how some can take shape before, dur- ing and after a public offer is presented. This has been analysed against cur- rent Swedish law to distinguish between permissible and impermissible de- fence measures.
In the essay, according to the author's opinion, certain shortcomings with the design of the law have been pointed out. From this, de lege ferenda reasoning has been carried out and examples of an alternative design have been shown. The purpose of the general ban has been to promote the free flow of capital within the EU, as well as to protect shareholder interests. (Less)
Please use this url to cite or link to this publication:
author
Kamryd, Samuel LU
supervisor
organization
alternative title
Hostile takeovers and the use of defence mechanisms
course
JURM02 20222
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Uppköpserbjudanden, LUA, Fientliga bud, Styrelseneutralitetsprincipen, försvarsåtgärder, associationsrätt, EU-rätt, finansrätt
language
Swedish
id
9104723
date added to LUP
2023-01-24 08:57:49
date last changed
2023-01-24 08:57:49
@misc{9104723,
  abstract     = {{In recent years, the Swedish stock market has developed to include more ac- tive players, and the value of shares listed on Swedish marketplaces has in- creased significantly. Along with increased activity, we have also seen an in- crease in public takeover offers and thus also those of a hostile nature. Hostile takeover offers take the form of a public takeover offer, but with the exception that the target company's board opposes such an acquisition. In such contexts, it is not entirely unusual for the company's management to take certain measures to protect themselves against a takeover, these measures are called defensive measures. A defensive measure is a measure which is intended to prevent or make it more difficult for the bidding company to carry out its acquisition. The essay presents examples of such measures, some of which are referred to as poison pills and white knights.
According to Swedish law, almost all forms of defensive measures are pro- hibited. This follows after we implemented the EU's takeover directive through the provisions of the Public Procurement Act, more precisely the board neutrality principle. The only defence measure that is permitted without the need to obtain approval from the general meeting is so-called white knights, or the search for alternative bidders. The essay further deals with the timing aspect of defense measures and how some can take shape before, dur- ing and after a public offer is presented. This has been analysed against cur- rent Swedish law to distinguish between permissible and impermissible de- fence measures.
In the essay, according to the author's opinion, certain shortcomings with the design of the law have been pointed out. From this, de lege ferenda reasoning has been carried out and examples of an alternative design have been shown. The purpose of the general ban has been to promote the free flow of capital within the EU, as well as to protect shareholder interests.}},
  author       = {{Kamryd, Samuel}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Bolagsledningens försvarsåtgärder vid fientliga uppköpserbjudanden}},
  year         = {{2022}},
}