Kako zavezujoča je zavezujoča ponudba za nakup gospodarske družbe

Lugarič, Sebastijan (avtor), Simoneti, Marko (mentor)

Prevzem gospodarske družbe spada med najbolj kompleksne pravne posle, ki terja mnogo človeških in finančnih virov ter medsebojnega usklajevanja med akterji, da bi bil uspešno izveden. Zaradi posebne narave prodaje poslovnega deleža ali vrednostnih papirjev gospodarske družbe je potrebno tudi institut ponudbe razlagati z ozirom na interese in potrebe prodajalca in kupca. Pri preučevanju prevzemne ponudbe je tako mogoče opaziti kontrast med zakonsko določeno vezanostjo kupca na dano ponudbo in posledično njegovo obveznost skleniti prodajno pogodbo z vsebino, kot jo določa ponudba, ter ravnanji in mehanizmi, ki se jih kupci kot gospodarski subjekti poslužujejo tekom prevzemnega postopka, da bi svojo vezanost ostati pri ponudbi karseda omejili. Ob upoštevanju poglavitnih razlik med prevzemom javne ali zasebne gospodarske družbe je mogoče ugotoviti, da obstaja mnogo zakonsko predvidenih mehanizmov, ki institut zavezujočnosti ponudbe omehčajo, pri čemer je pogodbena svoboda subjektov pripeljala do vpeljave različnih klavzul kot sestavnih delov ponudbe, ki vezanost na slednjo popolnoma izvotlijo. Zavezujočnost prevzemne ponudbe za nakup vrednostnih papirjev javne gospodarske družbe je tako omehčana že z zakonskimi instituti, kot so prag uspešnosti, sprememba ponudbe, rok veljavnosti ponudbe, preklic ponudbe, odsotnost kontrahirne dolžnosti ter ravnanja drugih udeležencev prevzemnega postopka (sektorskih regulatorjev in akceptantov). Pri prevzemni ponudbi za nakup vrednostnih papirjev zasebne gospodarske družbe pa je vezanost prevzemnika nanjo odvisna predvsem od uresničevanja pogodbene svobode akterjev v skladu z načelom dispozitivnosti civilnega prava. Prevzemnik lahko poda povsem nezavezujočo ponudbo, vanjo vključi pogoje, ki bodisi odlagajo začetek njene veljavnosti bodisi njihova uresničitev pomeni prenehanje njegove zaveze, ponudbo umakne, uresniči vnaprej določeno odstopno upravičenje in/ali plača odstopnino, določi rok veljavnosti ponudbe do izteka katerega se čuti z izstavljeno ponudbo vezanega, in podobno. Ob tem je pomembna tudi specifična narava prevzemnega postopka, saj zaradi ločitve faz podpisa prevzemne pogodbe (signing) in zaključka transakcije (closing), kljub morebitnemu sprejemu sicer zavezujoče ponudbe s strani prodajalca, prevzemnik pod zakonsko določenimi ali pogodbeno dogovorjenimi pogoji, prevzema ni dolžan izvršiti.

• Jezik: Slovenski jezik
• Ključne besede: ponudba, zavezujoča ponudba, nezavezujoča ponudba, prevzemna ponudba, pogojna zavezujoča ponudba, prevzem, javna gospodarska družba, zasebna gospodarska družba, zavezujočnost, Share Purchase Agreement
• Vrsta gradiva: Magistrsko delo/naloga
• Organizacija: PF - Pravna fakulteta
• Leto izida: 2023
• PID: 20.500.12556/RUL-148198
• COBISS.SI-ID: 160972547
• Datum objave v RUL: 31.07.2023

Sekundarni jezik

• Jezik: Angleški jezik
• Naslov: Bindingness of a binding takeover bid in practice

Izvleček

Takeovers are among the most complex legal transactions, requiring a lot of human and financial resources and coordination between the parties to be successfully completed. Due to the specific nature of the sale of shares or securities of a company, the bidding offer must also be interpreted in the context of the interests and needs of both the seller and the buyer. In examining a takeover bid, it is thus possible to see a contrast between the statutory binding nature of the buyer’s commitment to the offer and, consequently, its obligation to conclude a sales contract with the content as set out in the offer, and the practices and mechanisms that buyers as commercial entities use in the course of the takeover procedure to limit as far as possible their commitment to remain bound by the offer. Taking into account the main differences between the takeover of a public or a private company, it can be noted that there are many statutory mechanisms which weaken the binding nature of the offer, and the contractual freedom of the parties has led to the introduction of various clauses as integral components of the offer which completely eliminate the binding nature of the offer. The binding effect of a takeover bid for the securities of a publicly listed company is thus already limited by legal institutions such as the takeover threshold, amendment of the takeover bid, the expiry date of the offer, withdrawal of the offer, the absence of an obligation to enter into a contract, and the conduct of the other participants in the takeover procedure (sectoral regulators and accepting parties). In the case of a takeover bid for the securities of a private company, the acquirer's commitment to it depends primarily on the exercise of the contractual freedom of the parties, in accordance with the principle of the dispositive nature of civil law. The acquirer may make a purely non-binding offer, include conditions in the offer which either postpone its entry into force or, if fulfilled, terminate its commitment, withdraw the offer, exercise a pre-determined right of withdrawal and/or pay a break fee, fix a period of validity for the offer until the expiry of which it feels bound by the offer, and so forth. In this context, the specific nature of the takeover procedure is also relevant, since, due to the separation of the signing and closing phases of the transaction, the acquirer is not obliged to execute the takeover under the statutory or contractually agreed conditions, notwithstanding the possible acceptance of an otherwise binding offer by the seller.

• Ključne besede: offer, binding offer, non-binding offer, takeover bid, conditional binding offer, takeover, public company, private company, binding, Share Purchase Agreement