Kas yra teisinga privalomo akcijų pardavimo (pirkimo) kaina Lietuvoje?

LTDėl privalomo akcijų pardavimo/pirkimo „teisingos“ kainos kyla nemažai teisminių ginčų. Neabejotina, kad dalis šių ginčų kyla dėl to, jog teisės aktai nenumato išsamių ir aiškių taisyklių, kuriomis vadovaujantis tokia kaina galėtų būti nustatoma. Šio darbo autorius, taikydamas tradicines formaliosios logikos technikas (sisteminę analizę, redukciją ir dedukciją), sieks atsakyti į klausimą‚ kas yra teisinga privalomo akcijų pardavimo (supirkimo) kaina Lietuvoje, t. y. nustatyti, kokia privalomo akcijų pardavimo/pirkimo kaina yra ir turėtų būti laikoma teisinga, kokiais kriterijais ir metodais ji yra nustatoma, bei įvertinti tokios kainos priimtinumą akcininkų teisių ir teisėtų interesų apsaugos užtikrinimo požiūriu. [Iš leidinio]Reikšminiai žodžiai: Privalomas akcijų pardavimas; Privalomas akcijų pirkimas; Oficialus siūlymas; Teisinga kaina; Squeeze-out; Sell-out; Takeover-bid; Fair price.

ENThe object of this work is legal regulation of fair squeeze-out and sell-out price in Lithuania. The author of this paper tries to answer the question that at first glance seems simple—what is a “fair” squeeze-out and sell-out price in Lithuania. More specifically, the author of this work seeks to identify which price is considered and should be considered as fair in squeeze-outs and sell-outs, to identify which methods and standards are employed to determine it and to evaluate whether such price is sufficient to safeguard the rights and legal interests of shareholders. The issue of “fair” squeeze-out and sell-out price determination is most troublesome in cases when the squeeze-out/sell-out price is not the price of preceding mandatory or successful voluntary tender offer. At the same time the squeeze-out/sell-out price equal to the price of preceding successful voluntary tender offer or mandatory tender offer is unlikely to raise troubles and is presumed to be “fair.” The author of this paper presents a discussion on standards of “fair” squeeze-out and sell-out price used by the Securities Commission of the Republic of Lithuania and judiciary as well as methods used to come up to the “fair” squeeze-out and sell-out price. The investigation showed that neither Lithuanian courts, nor the Securities Commission share the same understanding in regard to standards and methods that they have to employ in order to determine a price of squeeze-out and sell-out, which could be considered as “fair.” However, it is more or less clear that both the judiciary and the Securities Commission agree that determination of a “fair” squeeze-out and sell-out price should not be limited to a particular standard or method.Generally, the author of this paper finds that it is likely that a fair squeeze-out/sell-out price can be defined as the value of shares at the moment of squeeze-out/buy-out, which is defined according to one of the widely accepted methods and which is higher that the market prices of the shares under squeeze-out/sell-out. The author of this paper also suggests that the fair squeeze-out/sell-out price could also be defined as the intrinsic value of shares at the moment of squeeze-out/buy-out, i.e. a proportionate value in a going concern (a value of a target company), which on its own term is defined under discounted cash flow method. [From the publication]