going private transactions in going private transactions in france

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3) ) More often, merger g is used as a subsidiary y means of delisting, where recourse to the squeeze-out happens to be impossible. Examples: NYSE / Euronext; Allianz SE / AGF; Mittal / Arcelor. 28
Voluntary delisting as the main focus Issuer’s initiative: delistingg granted g by y the stock market operator at the request of an issuer, due to the illiquidity of the market for the issuer’s shares: Possible but rare situation. CControlling t lli shareholders’ h h ld ’ initiative: i iti ti use of f several l particular buyout/squeeze-out procedures, depending on the type of stock market. market Most common way of delisting. 29
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 and 18: Objectives of the companies delisti
Page 19 and 20: Regulatory g y constraints resultin
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: 2) A prior buyout offer? Principle
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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