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Regular version of the site

Article

Защита прав миноритарных акционеров при выкупе крупных пакетов акций

Володин С. Н., Скиба А. В.

When analyzing the issues of takeover procedure, accompanied by acquisition of large blocks of shares, voluntary and mandatory offer to acquire publicly trading shares as well as squeeze out mechanisms, a lot of questions regarding minority shareholders’ roles in such procedures come up. In fact, the problem of their protection becomes the main issue for discussion. The authors of the article make an analysis of current legal practice and discuss possible mechanisms of protection of minority shareholder within the takeover procedure considering institutional risks that may occur. Research brings the following conclusion: there are no effective mechanisms presented by legislature that would secure balance of interests between major and minor shareholders. This situation leads to decrease in investing in real sector of Russian economy and capital outflow.  The effective analyses of balances between shareholders and public interest in general has to be the prior question to be solved.