BULGARIA Law and Practice Contributed by: Yordan Naydenov, Mihail Vishanin and Hristian Gueorguiev, Boyanov & Co.
11. Activism 11.1 Shareholder Activism
(ii) may enjoy exclusivity rights under a contract or (iii) may have their contractual non-disclosure right breached, yet given the complexity of the litigation process these cases would be difficult to conduct. 10.3 “Broken-Deal” Disputes Only a few transactions failed due to the pandemic and the lockdowns in Bulgaria in early 2020. Since such deal failures never became common, there are no notable lessons to be learned with regard to “bro - ken deal” disputes in this period.
In Bulgaria, shareholder activism is not common. When it exists, it is focused on the selection of sub - contractors of the company, related parties’ agree - ments, conflicts of interest of the managing bodies, protection of consumer rights and social responsibil - ity. 11.2 Aims of Activists Activists may encourage a company to enter M&A transactions, if that will make the company more socially responsible. 11.3 Interference With Completion Shareholder activists may seek to interfere with the completion of announced transactions in Bulgaria, if this will help them to achieve their goals.
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