Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/4.4.8.1
4.4.8.1 Full market value
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS409616:1
- Vakgebied(en)
Ondernemingsrecht (V)
Voetnoten
Voetnoten
§ 30 I UmwG (merger); § 30 I UmwG in conjunction with §122i I UmwG (cross-border merger); § 30 I UmwG in conjunction with § 1251 UmwG (demerger); § 30 I UmwG in conjunction with § 208 UmwG (conversion).
Schindler (1999), p. 125. A similar view is taken by: BGHZ 71, 40, 51; Semmler/Stengel (2003), § 29, 24 and § 30, 7; Lutter/Grunewald (2000), § 30, 2: ' Als “angemessen” angesehen wird eine Abfindung nur, wenn sie auf dem wahren Wert des Unternehmens als lebende wirtschaftliche Einheit unter Auflösung der stillen Reserven und unter Berücksichtigung des inneren Geschäftswertes, des Goodwill, beruht. (…) Der Minderheitsgesellschafter, der eine Veränderung seiner Mitgliedschaftsrechte durch Mehrheitsbeschluß hinnehmen muß, soll durch sein Ausscheiden keine vermögensmäßigen Nachteile erleiden, sondern erhält eine volle Entschädigung für die Aufgabe seiner Mitgliedschaft.'
Schindler (1999), p. 131: ' Ein solcher Abschlag ist jedoch mit dem Grundsatz der Abfindung zum vollen inneren Wert der Beteiligung ebensowenig zu vereinbaren wie eine Berücksichtigung gezahlter Paketzuschläge.'
Semmler/Stengel (2003), § 30, 16.
Semmler/Stengel (2003), § 30, 19.
Semmler/Stengel (2003), § 30, 7.
Schindler (1999), p. 131.
The UmwG does not provide for detailed rules for the valuation of the shares. As a general rule, the consideration has to be a für compensation in cash (angemessene Barabfindung). The consideration must be calculated based on the amount of shares in proportion to the share capital of the transferring entity at the moment the resolution for approval of the Reorganization is adopted.1
According to the leading opinion, the shares have to be valued at their full market value. As summarized by Schindler, it is standing law that:
"Compensation will only be considered as "appropriate" if it is based on the actual value of the business, as a living economie unit, with activation of the hidden reserves and taking into consideration the intrinsic value of the business and of the goodwill. (...) The minority shareholder, who has to accept a majority resolution resulting in a change of his membership rights, should not suffer financial disadvantages further to his exit, but receives full compensation for the loss of his shares."2
In line with the concept of valuation of the shares at their full market value, a discount on the value of the shareholding due to its minority character will not be allowed:
"However, this type of discount fits in even worse with the principle of compensation at full intrinsic value as consideration that takes into account a control premium."3
Increases of the value of the company in the case of a merger, generated by synergy effects are lelt out of consideration. In German literature, this type of valuation is indicated as the stand-alone Prinzip.4 This seems für, because the shareholder deliberately chooses not to profit from the merger and of its synergy effects.
In the case of a merger or demerger, usually the valuation of the merging or demerging GmbH required for the determination of the exchange ratio of the shares, is used as a basis for the valuation needed for the appraisal right.5
In practice as well as in the case law, the discounted cash flow method (Ertragswertmethode) is the most commonly used valuation method.6 The discounted cash flow method is a valuation method based on future profits. Nevertheless, courts are very reluctant to generally prescribe a certain valuation method, as valuation methods largely depend on insights of business economics.7