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 | |||||||
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|  Selected response from: Bourth (X) Local time: 21:31 | ||||||
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| 3 +2 | up against an unscrupulous/non-virtuous offeror |
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Answers
22 mins confidence: 
peer agreement (net): +2
peer agreement (net): +2up 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? |
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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.... |
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