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Title:Obramba ciljne družbe pred prevzemom : magistrsko delo
Authors:ID Plazovnik, Ana (Author)
ID Prostor, Jerneja (Mentor) More about this mentor... New window
ID Burkelc Juras, Lina (Comentor)
Files:.pdf MAG_Plazovnik_Ana_2024.pdf (837,64 KB)
MD5: 9EC95FBA9E29C42D14EE65C0345E7A00
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:PF - Faculty of Law
Abstract:Magistrska naloga obravnava mehanizme, s katerimi se ciljna delniška družba lahko zaščiti pred sovražnim prevzemom. Sovražni prevzemi so, za razliko od prijateljskih, tisti, kjer se vodstvo ciljne družbe ne strinja s prevzemom in v tem primeru pridejo v poštev obrambni ukrepi. Naloga je razdeljena na več ključnih poglavij, ki analizirajo različne vrste obrambnih strategij, njihov pravni okvir in učinkovitost v praksi. Naloga se osredotoča na preventivne in kurativne obrambne mehanizme, ki so v slovenski pravni ureditvi zajeti v Zakonu o prevzemih in Zakonu o gospodarskih družbah. Naloga odgovarja na vprašanja, kako se lahko ciljna družba vnaprej pripravi, da ne bi bila predmet prevzema, ter katere konkretne obrambne ukrepe lahko izvede pred ali med samim postopkom prevzema. Preventivne obrambne mehanizme morajo ciljne družbe pripraviti že pred neposredno grožnjo, predvsem z ustreznim strukturiranjem družbe in ustreznim oblikovanjem določb statuta, za razliko od kurativnih pa so usmerjeni zoper vse možne poskuse prevzema. Preventivne obrambne strategije razdelimo na tiste, s katerimi se spreminja organizacijska, kapitalska ali premoženjska struktura ciljne družbe. Preventivni mehanizmi se sprejmejo pred samim prevzemom, medtem ko se kurativni sprejmejo v samem postopku prevzema, po tem ko je dano obvestilo o prevzemni nameri. Ta razmejitev je določena tudi v 47. členu ZPre-1, ki prepoveduje upravi samostojno ukrepanje brez sklepa skupščine po prejemu obvestila o nameravani prevzemni ponudbi in do objave izida ponudbe. Kurativni obrambni mehanizmi so torej lahko le skupščinsko odobreni, saj se postavlja zahteva po nevtralnosti uprave. V nasprotju s kurativnimi mehanizmi, ki želijo preprečiti konkretno ponudbo za prevzem, so preventivni obrambni mehanizmi usmerjeni proti vsem potencialnim poskusom prevzema ciljne družbe. Pri tem je treba opozoriti na potrebo po ravnovesju med zaščito delničarjev in zagotavljanjem fleksibilnosti uprave pri sprejemanju ključnih odločitev v času prevzemov. Pri nevtralnosti uprave gre torej za pozitivno diskriminacijo ostalih interesov v družbi zaradi zaščite delničarjev in se upravi s tem v postopku prevzema onemogoča njena temeljna funkcija. Stroga nevtralnost uprave je v prvi vrsti namenjena zaščiti delničarjev, vpliv le te pa je lahko negativen na interese upnikov, delničarjev in konkurenčnosti družbe. Ob upoštevanju stroge nevtralnosti uprave najbolj učinkovito obrambo predstavljajo preventivni obrambni mehanizmi. Po naši zakonodaji je ciljna družba z uporabo kurativnih obrambnih ukrepov omejena do te mere, da prevzema skoraj gotovo ne bo mogla preprečiti, lahko pa bo izboljšala svojo pogajalsko pozicijo naproti prevzemniku.
Keywords:prevzem družbe, ciljna družba, sovražni prevzem, obramba pred prevzemom, preventivni obrambni mehanizmi, kurativni obrambni mehanizmi.
Place of publishing:Maribor
Place of performance:Maribor
Publisher:A. Plazovnik
Year of publishing:2024
Number of pages:1 spletni vir (1 datoteka PDF (51 str.))
PID:20.500.12556/DKUM-90735 New window
UDC:347.733(043.3)
COBISS.SI-ID:220110339 New window
Publication date in DKUM:20.12.2024
Views:0
Downloads:41
Metadata:XML DC-XML DC-RDF
Categories:PF
:
PLAZOVNIK, Ana, 2024, Obramba ciljne družbe pred prevzemom : magistrsko delo [online]. Master’s thesis. Maribor : A. Plazovnik. [Accessed 23 April 2025]. Retrieved from: https://dk.um.si/IzpisGradiva.php?lang=eng&id=90735
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Licences

License:CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:18.09.2024

Secondary language

Language:English
Title:Defense of the target company against takeover
Abstract:The master's thesis examines the mechanisms through which a target company can protect itself from a hostile takeover. Unlike friendly takeovers, hostile takeovers occur when the management of the target company opposes the takeover, in which case defensive measures come into play. The thesis is divided into several key chapters that analyze different types of defense strategies, their legal framework and their effectiveness in practice. It focuses on both pre-bid and post-bid defense mechanisms. The Slovenian legal system regulates them in the Takeovers Act (ZPre-1) and the Companies act (ZGD-1). The thesis addresses questions about how a target company can prepare in advance to avoid being subject to a takeover, and which specific defensive measures can be implemented before or during the takeover process. Pre-bid defense mechanisms must be prepared by the target companies prior to a direct threat, primarily through appropriate structuring of the company and drafting of relevant provisions in the articles of association. Unlike post-bid measures, pre-bid mechanisms are aimed at countering all possible takeover attempts. Pre-bid defense strategies are categorized into those that modify the organizational, capital, or asset structure of the target company. Pre-bid mechanisms are adopted before the takeover itself, while post-bid mechanisms are implemented during the takeover process, after the notification of a takeover bid has been issued. This distinction is also outlined in Article 47 ZPre-1, which prohibits the management from taking independent action without a shareholders' approval after receiving a notice of a takeover bid and until the result of the bid is announced. Post-bid defense mechanisms can therefore only be approved by the shareholders' at the general assembly, as there is a requirement for management neutrality. In contrast to post-bid mechanisms, which aim to block a specific takeover, pre-bid defense mechanisms are directed against all potential takeover attempts. It is important to note the need for balance between shareholder protection and ensuring management flexibility in making key decisions during takeovers. Management neutrality represents positive discrimination in favor of the shareholders' interests, and this neutral stance restricts management's core function during the takeover process. Strict management neutrality is primarily intended to protect shareholders, but its impact may be negative on the interests of creditors, shareholders, and the competitiveness of the company. Given the strict management neutrality requirement, the most effective defense is represented by pre-bid defense mechanisms. Under Slovenian law, the target company is restricted in its use of post-bid defense measures in a way that makes it almost certain that it will not be able to prevent the takeover. Yet, their use may still improve its negotiating position with the bidder.
Keywords:takeover of the company, target company, hostile takeover, takeover defense, pre-bid takeover defenses, post-bid takeover defenses.


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