going private transactions in going private transactions in france

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2. Cost of listing (in one-half of cases): IIncrease to the h overall ll cost of f going i public bli and d remaining public. Factors: 1) Increased constraints imposed upon listed companies: Financial constraints: The market’s financial expectations in terms of profitability and liquidity. Potential litigation risks resulting from the listing. 18
Regulatory g y constraints resulting g from the need to improve the transparency of the market and protect the interests of investors: IFRS; Prospectus, Market Abuse, Transparency and Takeover bid Directi Directives; es Compliance with a corporate governance code of best practices practices. Greater impact on SMEs. Estimated annual costs: 0.6% 0 6% to 11.5 5 % of the listing ii.e. e €100,000 to €300,000. 19
Page 1 and 2: GOING PRIVATE TRANSACTIONS IN FRANC
Page 3 and 4: LEGAL DEFINITION
Page 5 and 6: “GOING PRIVATE”? A) ) A delisti
Page 7 and 8: The 2009 legislative change: Remova
Page 9 and 10: CURRENT STATUS OF GOING CURRENT STA
Page 11 and 12: Increase in voluntary y delistings:
Page 13 and 14: PUBLIC TO PUBLIC TRANSACTIONS Overv
Page 15 and 16: PUBLIC TO PUBLIC TRANSACTIONS 42 Ov
Page 17: Objectives of the companies delisti
Page 21 and 22: 3) ) Availability y of alternative
Page 23 and 24: Reactions of the financial markets:
Page 25 and 26: Restrictive conditions in France:
Page 27 and 28: 2) A prior buyout offer? Principle
Page 29 and 30: Voluntary delisting as the main foc
Page 31 and 32: Distinction and independence: Two
Page 33 and 34: 2) The new approach: squeeze-out wi
Page 35 and 36: The search for practical means to s
Page 37 and 38: PUBLIC TO PUBLIC TRANSACTIONS 16 Se
Page 39 and 40: Involvement of interlopers in 8 out
Page 41: B) ON NON NON-REGULATED REGU ATED M

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