No Abstract available / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

Magister Legum - LLM (Public Law and Jurisprudence) / Prior to 2010, as a result of a sluggish global economy, the amalgamation and merger procedure in South Africa was active although it was at an all-time low.1 However, in 2010, there was an increase in amalgamation and merger activity in South Africa which was more pronounced in cross-border deals in South Africa and general corporate restructurings.2 As a result of this, as well as the developed infrastructure that was placed in preparation for the FIFA 2010 World Cup, the country attracted more and more foreign markets to invest in South Africa which contributed to the increasing rate of amalgamations and mergers.3 Nevertheless, the global recession has also contributed to the increase in amalgamations and merger activity as many companies in South Africa have merged to buck the negative trend that most companies find themselves in, increase their revenue and work with each other to advance the position of the company on a par with those of its competitors. However, there are various other reasons as to why companies consolidate their assets and liabilities. Recently, Tiso Blackstar, a merged investment holding company, consolidated their assets, liabilities and skills between Blackstar Plc and Tiso Investment Holdings to expand its operations and to seek investment opportunities in Africa which is boasting with economic growth.4 The company was of the opinion that the merger would not only enhance its scale and profitability, but it would also put the group on a new growth path.5 There are many benefits in which companies may reap from amalgamations and mergers, but elucidating them is beyond the scope of this research.

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Šio darbo tikslas – ištirti verslo sprendimo vertinimo taisyklės galimybes Lietuvos teisinėje sistemoje. Šiam tikslui pasiekti pasitelkiami ryškiausi bendrosios ir kontinentinės teisės sistemų atskirų valstybių verslo sprendimo vertinimo taisyklės taikymo pavyzdžiai. Darbe analizuojama šios taisyklės samprata pasirinktose valstybėse bei Lietuvos teisinėje sistemoje. Taip pat darbe keliamas klausimas ar Lietuvos teisinėje sistemoje apskritai egzistuoja verslo sprendimo vertinimo taisyklė. Pažymima, jog šiuo metu Lietuvoje egzistuoja nuomonių dėl verslo sprendimo vertinimo taisyklės egzistavimo dualumas tarp Lietuvos mokslininkų. Analizuojant verslo sprendimo sampratą, pastebimas ir užsienio valstybių mokslininkų nuomonių dėl verslo sprendimo vertinimo taisyklės taikymo daugiareikšmiškumas. Ši taisyklė gali būti suprantama kaip atsakomybės standartas, numatanti kaip įmonės valdymo organų nariai turi vykdyti jiems nustatytas pareigas, kaip teisminio susilaikymo doktrina, užkertanti kelią teismams vertinti priimamų verslo sprendimų esmę bei ją keisti, bei netgi kaip neliečiamybės doktrina. Taip pat verslo sprendimo vertinimo taisyklė turi procesinę bei materialią dalis. Pažymima, jog pagal tai, kaip konkrečios valstybės teisinėje sistemoje ši taisyklė įtvirtinama, skiriami skirtingi jos taikymo modeliai. Toks verslo sprendimo vertinimo taisyklės daugiareikšmiškumas sąlygoja šios taisyklės taikymo galimybių ribas, kurios darbe vertinamos Lietuvos teisinės sistemos atžvilgiu. ... [toliau žr. visą tekstą] / The aim of this paper is to examine the possibilities of application of the business judgement rule in Lithuanian legal system. In order to achieve this aim, the most prominent cases of application of the business judgement rule in different common and continental law countries are analysed. The paper also compares the conception of this rule in selected countries and in Lithuanian legal system. The analysis of the descriptions, although short, of the business judgement rule found in the works of Lithuanian scholars, has shown a dual approach to the application of the business judgement rule. The paper also raises the question of the existence of this rule in Lithuanian legal system. The analysis of the conception of business judgement rule has also demonstrated various attitudes to the application of this rule among foreign scholars. This rule can be regarded as standard of liability, indicating the way in which the members of the company’s management bodies have to perform their duties; as judicial abstention doctrine, preventing courts from evaluating and changing the essence of business decisions; even as doctrine of immunity. In addition, the business judgement rule consists of two components, including procedural and material ones. It is noted that the rule has different models of application depending on the way it is established in the legal system of a country. Such variation of attitudes to the business judgement rule determines the boundaries of its application... [to full text]

A través del presente trabajo, el autor busca introducir al lector en la problemática actual sobre las transacciones entre partes relacionadas. Teniendo en cuenta dicha finalidad, el reconocido experto en Derecho societario realiza un análisis de la regulación de los distintos instrumentos existentes que apuntan a mitigar o resolver los problemas ocasionados en base a dichas transacciones. El autor inicia describiendo el panorama normativo que se encuentra en el Derecho Comparado para, luego, teniendo ello como base, realizar el escrutinio de la normativa peruana sobre el particular.   Through this work, the author seeks to introduce the reader to the current problems on transactions between related parties. With this purpose in mind, the renowned expert in Corporate Law performs an analysis of the regulation of the various existing instruments that aim to mitigate or resolve the problems caused on the basis of such transactions. The author starts describing the regulatory landscape that is in Comparative Law. Then, having this as a basis; he carries out a scrutiny of the Peruvian legislation on the particular.

The main goal by writing of this thesis was to provide a contribution to the discussion regarding the interpretation of selected legal terms contained in the Czech concept of the due managerial care, with the help of comparison with the development of this legal element in the law of neighbouring Austrian republic, which is (to my knowledge) still not significantly professionally accounted for in our academic environment. The Austrian concept of the duty of due managerial care is in Czech academic literature not often considered, therefore I offer in order to allow for mentioned comparison in this thesis an overview analysis of the present legal regulation of the duty of due managerial care in Austrian law, whereas emphasised are the aspects, which are further used in the breakdown of constituent issues, alternatively aspects, which distinguish Austrian law from Czech law. I am trying to provide deeper insight into selected number of topics and to formulate my own conclusions regarding partial issues with the help of comparative findings from the Austrian law in the relation to the most common form of business corporation, the limited liability company. The thesis is divided into two parts, whereas in the first part I deal with the element of due managerial care from the analytical viewpoint of the...

My thesis focuses on one of the fundamental issues of representation of stock corporations by their elected bodies or members of these bodies. This issue concerns the responsibility of these parties to act in the performance of their duties with due managerial care which is a key aspect in determining the standard required from the parties representing a limited liability company and a joint stock company. This topic is extremely relevant to the current situation due to recent re- codification of private law, whose linchpins are Act No. 89/2012 Coll., the Civil Code, and Act No. 90/2012 Coll. on business companies and cooperatives (the Act on Business Corporations). The authors of these regulations during their drafting had to cope with the development of both the doctrine and the case law and their task was not only to adapt the legislation to the commercial law practice of stock corporations of the 21st century, but also to resolve some of its contentious issues. The thesis consists of an introduction, three main chapters further subdivided into subsections and the conclusion. The first chapter deals with the legal regulation and the description of the concept of due managerial care and related aspects at the time of effectiveness of Act No. 513/1991 Coll., the Commercial Code. Particular...

Depuis les dernières années, les marchés financiers ont été marqués par une volonté des investisseurs, dont les fonds d’investissement privés, de privatiser des sociétés publiques. Plusieurs fermetures de capital se sont matérialisées par des acquisitions par voie d’emprunt (aussi connues sous le nom « leverage buy-out »), en raison notamment des taux d’intérêt peu élevés, d’un crédit plus accessible et d’un certain resserrement de la réglementation applicable aux sociétés publiques. S’inscrivant dans ce contexte, le présent mémoire de maîtrise s’intéresse particulièrement à l’impact des jugements rendus dans le cadre du litige relatif à l’offre d’acquisition par voie d’emprunt de BCE inc. sur les conceptions traditionnelles des devoirs des administrateurs. Dans cette affaire, les détenteurs de débentures de la filiale à part entière de BCE inc., Bell Canada, se sont vigoureusement opposés à cette acquisition. Cette transaction, d’une envergure sans précédent dans l’histoire du Canada, a été scrutée jusqu’à la plus haute instance décisionnelle au pays quant à son caractère raisonnable et équitable et à son effet potentiellement oppressif envers les détenteurs de débentures. Cette étude abordera d’abord l’évolution de la jurisprudence du Delaware sur les devoirs des administrateurs, dans le contexte d’un changement de contrôle, juridiction phare en droit des sociétés aux États-Unis et source d’inspiration marquée en droit canadien. Ensuite, nous nous attarderons sur la position du droit canadien et sur un arrêt marquant rendu par la Cour suprême du Canada, dans l’affaire Peoples. Sur cette toile de fond, cette analyse sera complétée par un examen des motifs des décisions rendues par les trois instances judiciaires dans l’affaire BCE et une réflexion sur l’impact de ces décisions sur le droit des sociétés au Canada. / In recent years, financial markets have been marked by investors’ willingness, including private investment funds, to privatize public corporations. Several privatizations have been realized through acquisitions by way of a leveraged buy-out, partly because of low interest rates, a more available credit and a certain tightening of regulations applicable to public corporations. In this context, this master thesis focuses on the impact on traditional legal concepts of the directors’ duties, further to the series of judgments rendered in the litigation regarding the leveraged buy-out offer by a consortium led by Teachers on BCE Inc. In this case, the debentureholders of the wholly owned subsidiary of BCE Inc., Bell Canada, have strongly opposed the acquisition. On an unprecedented scale in Canadian history, this transaction has been scrutinized by the highest Court of the country for its fair and reasonable character and its potentially oppressive character on debentureholders. This study will initially address the evolving jurisprudence of Delaware on directors' duties in the context of a change of control. Delaware is the leading jurisdiction in corporate law in the United States and has therefore inspired the Canadian law. Then, this thesis will more particularly focus on the position of Canadian law and a landmark decision rendered by the Supreme Court of Canada in the case Peoples. This analysis will be complemented by a study of the underlying reasons rendered by the three levels of courts in the case of BCE and a discussion on the impact of these decisions on corporate law in Canada.

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Le présent mémoire dresse un portrait des règles entourant la mise en vigueur et l'entrée en application de régimes de droits de souscription d'actions. À cet effet, l'auteur résume les règles entourant les offres publiques d'achat, examine les principes touchés par la mise en place d'un régime de droits de souscription d'actions, ainsi que les effets d'un tel régime sur la valeur des actions. Dans un deuxième temps, l'auteur se penche sur la légalité des régimes de droits de souscription d'actions en effectuant une revue du principe de l'égalité des actionnaires et des droits et obligations des administrateurs en matière de défense à une offre publique d'achat. L'auteur termine en effectuant une revue des divers recours qui s'ouvrent aux divers intervenants. / The present thesis tries to review the main rules regarding the creation and the application of a shareholders rights plan. The author reviews also the sections of the Securities Act pertaining to the Take-Over bid. The author also explains the main principles of the corporation law domain and how a shareholders rights plan may be implemented. Second, the author reviews the legality of the implementation of the shareholders rights plan with regards to the shareholders rights given by the Law, and to the obligations and duties of the directors of the Corporation. At the end of the present thesis, the author presents a review of the main recourses opened to the Shareholders, the corporation and the bidder.