Exit rights of minority shareholders in a private limited company
Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/4.2.5.2:4.2.5.2 Buy-out offer at full market value
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/4.2.5.2
4.2.5.2 Buy-out offer at full market value
Documentgegevens:
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS408466:1
- Vakgebied(en)
Ondernemingsrecht (V)
Toon alle voetnoten
Voetnoten
Voetnoten
BGH NJW 1985, 1901: 'Die Auflösungsklage kann danach keinen Erfolg haben, wenn den Belangen des Auflösungsklägers in einer für ihn zumutbaren Weise durch eine für die anderen Gesellschafter weniger einschneidende Maßnahme Rechnung getragen werden kann. Dies kann insbesondere dann der Fall sein, wenn der Auflösungskläger die Möglichkeit hat, seine Beteiligung zum vollen, nicht hinter dem voraussichtlichen Liquidationserlös zurückbleibenden Wert zu veräußern.'
Deze functie is alleen te gebruiken als je bent ingelogd.
In addition to the expulsion remedy and exit remedy, another less far-reaching measure that bars the application of the winding-up remedy may be a buy-out offer. The Supreme Court held that if one of the shareholders has offered to buy out the other shareholder, this could form a bar if such offer reflects the full value of the shares. This full value should not be lower than the credit balance that this shareholder would receive after liquidation of the company. The Supreme Court held that:
"A claim for winding-up cannot have consequences if the interests of the claimants can be accommodated in a, from their perspective, reasonable way by means of a, from the perspective of the co-shareholders, less far-reaching measure. This can particularly be the case if the claimant has the possibility to transfer his stake for consideration of its full value, which is not below the prospective balance after liquidation."1