TERMIUM Plus®

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CLAUSE JUSTE PRIX [1 record]

Record 1 2009-07-10

English

Subject field(s)
  • Commercial Law
  • Amalgamation and Partnerships (Finance)
CONT

Fair price provisions are included in a company's articles and are designed to deter coercive, front-end loaded offers, generally requiring that shareholders receive equivalent consideration at each step of a two-step acquisition unless special majority of the minority approval is obtained.

OBS

The fair price provision prevents the bidder from paying one price for shares to gain control and a lower price for remaining shares. This provision does not apply if the offer is approved by the board of directors, or if the bidder obtains a majority or super majority approval of the shareholders.

French

Domaine(s)
  • Droit commercial
  • Fusion, absorption et coparticipation (Finances)
DEF

Clause insérée dans les statuts de la société disposant qu'en cas d'offre publique d'achat, l'acquéreur devra verser une contrepartie équivalente à tous les actionnaires, à moins qu'il n'obtienne l'approbation d'une majorité spéciale des actionnaires minoritaires.

CONT

Les mesures anti-requins du type des barrières aux transactions subséquentes, de même que les clauses de juste prix et de rachat obligatoire, ont pour fonction de venir compliquer l'élimination d'actionnaires minoritaires dans le cadre de l'OPA.

Spanish

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