A public takeover offer is a stock exchange procedure that allows you to take control of a public company or strengthen a stake in a listed company that is already controlled.
The initiator of a public offer is a person who makes an offer in a public company. The target company (or target company) is a listed company whose securities are the subject of an offer. AMF controls the information provided to shareholders and the compliance of the proposal with current regulations. In particular, the AMF guarantees that the rights of minority shareholders are respected and that the proposal goes smoothly.
What are the various public offers?
Voluntary or mandatory offer A public offer may be voluntary or mandatory. In a regulated market, a compulsory offer must be made by any person who: crosses the threshold of ownership of 30% of capital or voting rights; already holds from 30% to half of the capital and increases its participation by more than 1% in less than a year. At Euronext Growth, the threshold for triggering a binding offer is 50% of the capital or voting rights. In this case, the price offered by the provider must be at least equal to the highest price paid by him for the last twelve months. AMF may request or authorize price changes in certain cases. A public offer to buy or exchange.
The two main types of public offer are: takeover offer: the purchase of securities by an auction participant is offered for a sum of money; OPE (public offer): the purchase of securities is offered in exchange for other listed securities issued or to be issued. But there are other types: a mixed offer: it combines OPE and OPA. Payment is made partly by securities and partly by cash; alternative offer: the provider offers the shareholder of the target company a choice in exchange for its securities in cash, in securities or in both cases.
Determination of the object of acquisition The subject of this introduction is the acquisition of enterprises and the participation of companies, as well as processes of change of ownership. The enterprise concept seems systematically vaguely defined due to the diversity of economic, legal and social points of view. Thus, only a definition of companies can be proposed that is adequate for the purpose of acquisition, which, however, represents a significant reduction, in particular, for the phase after the actual transaction (which is introduced as the “network phase”) of tangible and intangible properties and values, which are generalized in one organization and become useful for one economic purpose.” 2). A similar definition is given in the “An enterprise as an economic entity is a combination of things, rights and persons oriented towards an economic goal embedded in the environment (market / economy). and led by a person or group of people.
Legal entity as an individual, legal entity or as the owner of all positive and negative assets. The distinction between business entities is necessary for the transfer. If it is possible to acquire the assets of an individual by transferring assets, then in the case of legal entities and associations of persons with quasi-legal capacity, in accordance with commercial law, additional shares may be transferred. In the event of a complete change of the carrier company, I. the transfer of all shares is then indicated by the purchase of the company. If we consider the impact of entrepreneurial activity as a fundamental feature, the purchase of shares, which usually comprises more than 75 percent of the shares, should be considered an alienation. Accordingly, an acquisition can be differentiated through different levels of influence: “If the majority of the shares of a legally independent company belongs to another company or if the other company has the majority of voting rights (majority property), then the company is a majority company and the other company is a majority company.”