Tender offers and squeeze-out/sell-out rights under Turkish capital markets legislation
March 2015 - Kinstellar Istanbul partner Halide Çetinkaya Yılmaz and associate Candemir Baltali have co-authored a practice note entitled “Tender Offers, Squeeze-out and Sell-out Options: A Practical Guide”, published in Volume 1 Issue 1 2015 of the Turkish Commercial Law Review, an independent journal of legal scholarship aimed at those in the international business and legal communities with an interest in Turkey, as well as Turkish businesspersons, lawyers and academics whose work is international in scope.
The practice note provides an overview of key legal issues affecting the acquisition of shares in Turkish public companies under applicable capital markets laws and regulations in Turkey. It outlines the new regime for tender offers introduced by the Capital Markets Board of Turkey, which, in contrast to the previous law, includes detailed provisions about tender offers, tender offer exemptions and the tender offer price. The practice note highlights the main features of tender offers under applicable Turkish laws, with a focus on mandatory tender offers. It also describes squeeze-out and sell-out rights under the Communiqué on Squeeze-out and Sell-out Rights, which introduces squeeze-out and sell-out rights under Turkish law that affect Turkish public companies.
The full text of the practice note is available here.