joue contre un initiateur non vertueux

English translation: up against an unscrupulous/non-virtuous offeror

08:15 Apr 14, 2010
French to English translations [PRO]
Bus/Financial - Investment / Securities / Share issue
French term or phrase: joue contre un initiateur non vertueux
This appears to be a fairly common phrase, the translation of which I have no idea.
It appears in a resolution to issue shares which I can reproduce here, but I feel that for the securities specialist it will be absolutely clear!
fourth
France
Local time: 21:50
English translation:up against an unscrupulous/non-virtuous offeror
Explanation:
L’offre doit avoir une durée minimum de 25 jours de bourse et être communiquée selon des modalités permettant d’informer les actionnaires quelle que soit la forme de détention de leurs titres. L'iNITIATEUR DE L'OFFRE et l'intermédiaire qui l'exécute tiennent directement à la disposition des autres actionnaires les derniers états financiers de l’Emetteur ainsi qu’une note succincte justifiant le prix proposé. Les présentes conditions de procédure s'entendent sans préjudice de l'application potentielle du règlement général de l'AMF aux offres publiques de retrait portant sur certaines sociétés en provenance du marché "Hors Cote" et qui avaient préalablement fait l'objet d'une radiation d'un marché réglementé

The offer must be open for at least 25 trading days and must be disclosed using procedures that make it possible to inform all shareholders, regardless of the form in which they hold their shares. THE OFFEROR and the executing intermediary must make directly available to the other shareholders the Issuer's latest financial statements as well as a short memo substantiating the offer price. These procedural rules are without prejudice to the possible enforcement of the AMF General Regulation governing mandatory buyout offers for certain companies on the "Hors Cote" market that had earlier been delisted from a regulated market;
http://www.euronext.com/fic/000/050/779/507794.pdf

Finally, an UNSCRUPULOUS OFFEROR could potentially sabotage an on-going solicitation by alleging, either overtly or covertly, that a competitor for contract ...
www.abanet.org/contract/federal/regscomm/emerging_009.pdf

to force an unnatural interpretation upon the statute to prevent an UNSCRUPULOUS OFFEROR from imposing unfairly upon the offeree. ...
https://litigation-essentials.lexisnexis.com/.../app?...1...

The estoppel and the option element of these proposals function as stopgap measures for preventing an UNSCRUPULOUS OFFEROR from taking advantage of a naive ...
books.google.com/books?isbn=0826488293...

Article 12 of the Directive allows the member states to decide not to implement such provisions; however they must still allow listed companies based in their jurisdictions to implement them on a voluntary basis. Article 12 also contains a reciprocity provision. If a “VIRTUOUS” COMPANY decides to implement any of the optional provisions, and then becomes the subject of an offer launched by a company that has not done so - or by a company controlled, directly or indirectly, by the latter - then the target company is no longer bound by such provisions, and may resort to defensive measures approved by the shareholders of the target company no more than 18 months before the takeover bid was announced.
...
The Senate bill has also given the AMF the power to decide whether or not offerors have substantially similar optional provisions to those of the target companies, in order to determine whether these provisions would fall away during the offering period if made by a NON-VIRTUOUS OFFEROR. The report prepared by Philippe Marini, the chairman of the Senate finance committee, focuses specifically on the situation where a non-EU bidder seeks to acquire a French company. Thus, the AMF may find itself considering the nature of a poison pill adopted by a US-based company incorporated in Delaware. The AMF’s decision may be appealed to the Paris Court of Appeal
http://www.bakernet.com/NR/rdonlyres/308D8606-DA56-41AD-8D41...


--------------------------------------------------
Note added at 35 mins (2010-04-14 08:50:23 GMT)
--------------------------------------------------

A little background :
http://www.efinancialnews.com/story/2005-10-17/france-ponder...

Alternatives:
righteous, upright, forthright - would the opposites be:
unrighteous, non-upright, non-forthright
wrongeous, upwrong, forthwrong
lefteous, downright, fifthright?
lefteous, upleft, forthleft (then straight on to the lights, hang a left and you're there)

For example, consider an auction in which a forthright bidder has a limited budget of $100 million and early in the auction holds high bids for three ...
books.google.com/books?isbn=0226033511...


Or maybe you could play with "not wholly scrupulous", "lacking somewhat in scruples" ...

Is it about companies making fake offers or spreading fake rumous about takeovers to make another company's shares rocket/plummet?

Selected response from:

Bourth (X)
Local time: 21:50
Grading comment
Thank you very much, A
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2up against an unscrupulous/non-virtuous offeror
Bourth (X)
Summary of reference entries provided
reference
Julie Barber

  

Answers


22 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
up against an unscrupulous/non-virtuous offeror


Explanation:
L’offre doit avoir une durée minimum de 25 jours de bourse et être communiquée selon des modalités permettant d’informer les actionnaires quelle que soit la forme de détention de leurs titres. L'iNITIATEUR DE L'OFFRE et l'intermédiaire qui l'exécute tiennent directement à la disposition des autres actionnaires les derniers états financiers de l’Emetteur ainsi qu’une note succincte justifiant le prix proposé. Les présentes conditions de procédure s'entendent sans préjudice de l'application potentielle du règlement général de l'AMF aux offres publiques de retrait portant sur certaines sociétés en provenance du marché "Hors Cote" et qui avaient préalablement fait l'objet d'une radiation d'un marché réglementé

The offer must be open for at least 25 trading days and must be disclosed using procedures that make it possible to inform all shareholders, regardless of the form in which they hold their shares. THE OFFEROR and the executing intermediary must make directly available to the other shareholders the Issuer's latest financial statements as well as a short memo substantiating the offer price. These procedural rules are without prejudice to the possible enforcement of the AMF General Regulation governing mandatory buyout offers for certain companies on the "Hors Cote" market that had earlier been delisted from a regulated market;
http://www.euronext.com/fic/000/050/779/507794.pdf

Finally, an UNSCRUPULOUS OFFEROR could potentially sabotage an on-going solicitation by alleging, either overtly or covertly, that a competitor for contract ...
www.abanet.org/contract/federal/regscomm/emerging_009.pdf

to force an unnatural interpretation upon the statute to prevent an UNSCRUPULOUS OFFEROR from imposing unfairly upon the offeree. ...
https://litigation-essentials.lexisnexis.com/.../app?...1...

The estoppel and the option element of these proposals function as stopgap measures for preventing an UNSCRUPULOUS OFFEROR from taking advantage of a naive ...
books.google.com/books?isbn=0826488293...

Article 12 of the Directive allows the member states to decide not to implement such provisions; however they must still allow listed companies based in their jurisdictions to implement them on a voluntary basis. Article 12 also contains a reciprocity provision. If a “VIRTUOUS” COMPANY decides to implement any of the optional provisions, and then becomes the subject of an offer launched by a company that has not done so - or by a company controlled, directly or indirectly, by the latter - then the target company is no longer bound by such provisions, and may resort to defensive measures approved by the shareholders of the target company no more than 18 months before the takeover bid was announced.
...
The Senate bill has also given the AMF the power to decide whether or not offerors have substantially similar optional provisions to those of the target companies, in order to determine whether these provisions would fall away during the offering period if made by a NON-VIRTUOUS OFFEROR. The report prepared by Philippe Marini, the chairman of the Senate finance committee, focuses specifically on the situation where a non-EU bidder seeks to acquire a French company. Thus, the AMF may find itself considering the nature of a poison pill adopted by a US-based company incorporated in Delaware. The AMF’s decision may be appealed to the Paris Court of Appeal
http://www.bakernet.com/NR/rdonlyres/308D8606-DA56-41AD-8D41...


--------------------------------------------------
Note added at 35 mins (2010-04-14 08:50:23 GMT)
--------------------------------------------------

A little background :
http://www.efinancialnews.com/story/2005-10-17/france-ponder...

Alternatives:
righteous, upright, forthright - would the opposites be:
unrighteous, non-upright, non-forthright
wrongeous, upwrong, forthwrong
lefteous, downright, fifthright?
lefteous, upleft, forthleft (then straight on to the lights, hang a left and you're there)

For example, consider an auction in which a forthright bidder has a limited budget of $100 million and early in the auction holds high bids for three ...
books.google.com/books?isbn=0226033511...


Or maybe you could play with "not wholly scrupulous", "lacking somewhat in scruples" ...

Is it about companies making fake offers or spreading fake rumous about takeovers to make another company's shares rocket/plummet?



Bourth (X)
Local time: 21:50
Does not meet criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Grading comment
Thank you very much, A
Notes to answerer
Asker: Thank you very much, A, your "Article 12" seems to do it

Asker: "wrongeous" also very handy but "lefteous" also worthy of this CAC 40 AGM.


Peer comments on this answer (and responses from the answerer)
agree  Julie Barber: Looks good - there are examples too of "unscrupulous bidders"
28 mins

agree  rkillings: Downright righteous of you to set fourth right. Upstanding!
19 hrs
Login to enter a peer comment (or grade)




Reference comments


32 mins
Reference: reference

Reference information:
Par exception, si l'initiateur n'est pas « vertueux » _ c'est-à-dire n'était pas tenu de consulter ses actionnaires en cours d'offre pour prendre des mesures anti-OPA _,
http://archives.lesechos.fr/archives/2006/LesEchos/19785-62-...

The word "hostile" springs to mind!

--------------------------------------------------
Note added at 1 hr (2010-04-14 09:22:59 GMT)
--------------------------------------------------

If you read the para from the link, I think that "jouer" here would be to "evoke" / "take action based on..":

Par exception, si l'initiateur n'est pas « vertueux » _ c'est-à-dire n'était pas tenu de consulter ses actionnaires en cours d'offre pour prendre des mesures anti-OPA _, la cible peut **faire jouer la réciprocité** et opposer des mesures de défenses approuvées « avant l'offre ».

Aye, you've posted a tricky question this morning Mr Fourth!

--------------------------------------------------
Note added at 1 hr (2010-04-14 09:40:59 GMT)
--------------------------------------------------

Sorry, I should have been clearer, I wasn't actually proposing hostile as the answer, just trying to provide an explanation in the French....

Julie Barber
United Kingdom
Does not meet criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 18
Note to reference poster
Asker: The problem is Judy, that securities are NOT my area and I fully expect a well used phrase in English (could be wrong). Yes "Predators" "Hostile"...but this actually refers to the ISSUER. Art 12 above from Young Bourth seems to sort out the wording but there are only 17 potential "specialty" answerers. Thanks indeed for yr time and expertise, J, much appreciated!

Asker: Yes, I understand J. It's the general context.... Tx

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