BULGARIA
Romania
Serbia
Sofia
Bulgaria
Kosovo
Law and Practice Contributed by: Yordan Naydenov, Mihail Vishanin and Hristian Gueorguiev Boyanov & Co.
North Macedonia
Turkey
Greece
Contents 1. Trends p.216
7. Disclosure p.225 7.1 Making a Bid Public p.225
1.1 M&A Market p.216 1.2 Key Trends p.216 1.3 Key Industries p.217 2. Overview of Regulatory Field p.217 2.1 Acquiring a Company p.217 2.2 Primary Regulators p.217 2.3 Restrictions on Foreign Investments p.217 2.4 Antitrust Regulations p.218 2.5 Labour Law Regulations p.218 2.6 National Security Review p.218 3. Recent Legal Developments p.218 3.1 Significant Court Decisions or Legal Developments p.218 3.2 Significant Changes to Takeover Law p.219 4. Stakebuilding p.220 4.1 Principal Stakebuilding Strategies p.220 4.2 Material Shareholding Disclosure Threshold p.220
7.2 Type of Disclosure Required p.225 7.3 Producing Financial Statements p.225 7.4 Transaction Documents p.225 8. Duties of Directors p.226 8.1 Principal Directors’ Duties p.226 8.2 Special or Ad Hoc Committees p.226 8.3 Business Judgement Rule p.226 8.4 Independent Outside Advice p.226 8.5 Conflicts of Interest p.226 9. Defensive Measures p.227 9.1 Hostile Tender Offers p.227 9.2 Directors’ Use of Defensive Measures p.227 9.3 Common Defensive Measures p.227 9.4 Directors’ Duties p.227 9.5 Directors’ Ability to “Just Say No” p.227 10. Litigation p.227 10.1 Frequency of Litigation p.227 10.2 Stage of Deal p.227 10.3 “Broken-Deal” Disputes p.228 11. Activism p.228 11.1 Shareholder Activism p.228 11.2 Aims of Activists p.228 11.3 Interference With Completion p.228
4.3 Hurdles to Stakebuilding p.220 4.4 Dealings in Derivatives p.220 4.5 Filing/Reporting Obligations p.220 4.6 Transparency p.220 5. Negotiation Phase p.221 5.1 Requirement to Disclose a Deal p.221
5.2 Market Practice on Timing p.221 5.3 Scope of Due Diligence p.221 5.4 Standstills or Exclusivity p.221 5.5 Definitive Agreements p.222 6. Structuring p.222 6.1 Length of Process for Acquisition/Sale p.222 6.2 Mandatory Offer Threshold p.222 6.3 Consideration p.222 6.4 Common Conditions for a Takeover Offer p.223 6.5 Minimum Acceptance Conditions p.223 6.6 Requirement to Obtain Financing p.223 6.7 Types of Deal Security Measures p.223 6.8 Additional Governance Rights p.224 6.9 Voting by Proxy p.224
6.10 Squeeze-Out Mechanisms p.224 6.11 Irrevocable Commitments p.224
214 CHAMBERS.COM
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