The Opt-Out Fund in Joint Stock Company Mergers

Hayri Bozgeyik; Şule Işın

Article Details

The Opt-Out Fund in Joint Stock Company Mergers

Authors:

Hayri Bozgeyik | Şule Işın

Publisher:

Kirikkale University

Main Topics:

Şirketler ve Dernekler Hukuku

Journal:

Kırıkkale Hukuk Mecmuası Vol.4 Issue 1, pp.343-359

Document Type:

Article

Publication Date:

4/2024

Document Language:

Turkish

Document ID (Org No.):

2001303388

pISSN:

2757-9964

Keywords:

Abstract:

 Although the continuation of shareholding is the rule in mergers, the Turkish Commercial Code regulates an opt out right and fund for shareholders as an exception to this rule. In a merger, as a rule, the acquiring company has the right to claim the shares and rights with the value that will acquire the shares in the transferred company, thus, the value of the shares of each shareholder in the transferred company in the old company is met and these shareholders have rights equal to the rights granted by the old shares they hold. The shareholders right to exit and the right to demand a separation fund is an formative right. The fact that the right to exit in a merger is recognised only for the shareholders of the transferred company shows that the merger aims to achieve a synergy within the transferee company. The right to demand an opt out fund is a right granted to the shareholders of the transferred company. This right is exercised through a unilateral notification and becomes effective when the notification reaches the transferee company. The value to be determined for the opt out fund must be the real value of the company shares to be acquired. The calculation of the real value shall be based on the value of the surviving company, not the value of the company terminated as a result of the merger. The real value of the shares is the value of the shares calculated by taking into consideration certain factors related to the financial data of the company, such as the companys assets and profitability status. Although various methods are mentioned in the finance doctrine on the determination of the real value of the share, in our opinion, it would be more appropriate to make a determination based on the characteristics of the concrete case rather than a single method to be applied to all cases.

 Although the continuation of shareholding is the rule in mergers, the Turkish Commercial Code regulates an opt out right and fund for shareholders as an exception to this rule. In a merger, as a rule, the acquiring company has the right to claim the shares and rights with the value that will acquire the shares in the transferred company, thus, the value of the shares of each shareholder in the transferred company in the old company is met and these shareholders have rights equal to the rights granted by the old shares they hold. The shareholders right to exit and the right to demand a separation fund is an formative right. The fact that the right to exit in a merger is recognised only for the shareholders of the transferred company shows that the merger aims to achieve a synergy within the transferee company. The right to demand an opt out fund is a right granted to the shareholders of the transferred company. This right is exercised through a unilateral notification and becomes effective when the notification reaches the transferee company. The value to be determined for the opt out fund must be the real value of the company shares to be acquired. The calculation of the real value shall be based on the value of the surviving company, not the value of the company terminated as a result of the merger. The real value of the shares is the value of the shares calculated by taking into consideration certain factors related to the financial data of the company, such as the companys assets and profitability status. Although various methods are mentioned in the finance doctrine on the determination of the real value of the share, in our opinion, it would be more appropriate to make a determination based on the characteristics of the concrete case rather than a single method to be applied to all cases.

 Although the continuation of shareholding is the rule in mergers, the Turkish Commercial Code regulates an opt out right and fund for shareholders as an exception to this rule. In a merger, as a rule, the acquiring company has the right to claim the shares and rights with the value that will acquire the shares in the transferred company, thus, the value of the shares of each shareholder in the transferred company in the old company is met and these shareholders have rights equal to the rights granted by the old shares they hold. The shareholders right to exit and the right to demand a separation fund is an formative right. The fact that the right to exit in a merger is recognised only for the shareholders of the transferred company shows that the merger aims to achieve a synergy within the transferee company. The right to demand an opt out fund is a right granted to the shareholders of the transferred company. This right is exercised through a unilateral notification and becomes effective when the notification reaches the transferee company. The value to be determined for the opt out fund must be the real value of the company shares to be acquired. The calculation of the real value shall be based on the value of the surviving company, not the value of the company terminated as a result of the merger. The real value of the shares is the value of the shares calculated by taking into consideration certain factors related to the financial data of the company, such as the companys assets and profitability status. Although various methods are mentioned in the finance doctrine on the determination of the real value of the share, in our opinion, it would be more appropriate to make a determination based on the characteristics of the concrete case rather than a single method to be applied to all cases.

 Şirket birleşmelerinde pay sahipliğinin devamı kural olmakla birlikte Türk Ticaret Kanununda buna bir istisna olarak pay sahipleri için ayrılma akçesi alarak ayrılma hakkı düzenlenmiştir. Birleşmede kural olarak devralan şirket, devredilen şirketteki payları elde edecek değerde pay ve haklar üzerinde talep imkanına sahip olmakta, böylece, devrolunan şirketteki her bir ortağın eski şirketteki payının değeri karşılanmakta ve bu pay sahipleri sahip oldukları eski payların verdiğine eşit haklara sahip olmaktadır. Pay sahiplerinin ayrılma hakkı ve ayrılma akçesi talep imkânı yenilik doğurucu bir hak niteliğindedir. Birleşmede çıkarma hakkının sadece devredilen şirket ortakları için tanınmış olması, birleşme ile devralan şirket bünyesinde bir sinerji yakalamanın amaçlandığını göstermektedir. Ayrılma akçesi talep hakkı, devredilen şirket ortaklarına tanınmış bir haktır. Seçim hakkı tek taraflı bir bildirimle kullanılmakta ve bildirim devralan şirkete ulaşınca hüküm doğurmaktadır. Ayrılma akçesi için belirlenecek değerin, elde edilecek şirket paylarının gerçek değeri olması, gerçek değerin hesaplanmasında birleşme sonucu sona eren şirketin değerinin değil, yaşayan şirketin değerinin baz alınması gerekmektedir. Payın gerçek değeri, şirket varlıkları ve kârlılık durumu gibi şirketin finansal verilerine ilişkin birtakım unsurlar göz önünde bulundurularak hesaplanan pay değeridir. Payın gerçek değerin belirlenmesi konusunda finans öğretisinde çeşitli yöntemler dile getirilmekle birlikte kanaatimizce her duruma uygulanacak bir tek yöntem yerine somut olayın özelliklerine bakılarak bir belirleme yapılması daha uygun olacaktır.

Article Details

The Opt-Out Fund in Joint Stock Company Mergers

Authors:

Hayri Bozgeyik | Şule Işın

Publisher:

Kirikkale University

Main Topics:

Şirketler ve Dernekler Hukuku

Journal:

Kırıkkale Hukuk Mecmuası Vol.4 Issue 1, pp.343-359

Document Type:

Article

Publication Date:

4/2024

Document Language:

Turkish

Document ID (Org No.):

2001303388

pISSN:

2757-9964

Merger

squeeze out merger

opt-out right

opt-out fund

merger contractŞirket birleşmeleri

birleşmede çıkarma hakkı

pay sahiplerinin çıkma hakkı

ayrılma akçesi

birleşme sözleşmesi

Issues

Article Details

Authors: Hayri Bozgeyik | Şule Işın

Publisher: Kirikkale University

Main Topics: Şirketler ve Dernekler Hukuku

Journal: Kırıkkale Hukuk Mecmuası Vol.4 Issue 1, pp.343-359

Document Type: Article

Publication Date: 4/2024

Document Language: Turkish

Document ID (Org No.): 2001303388

pISSN: 2757-9964

Issues

Authors:

Hayri Bozgeyik | Şule Işın

Publisher:

Kirikkale University

Main Topics:

Şirketler ve Dernekler Hukuku

Journal:

Kırıkkale Hukuk Mecmuası Vol.4 Issue 1, pp.343-359

Document Type:

Article

Publication Date:

4/2024

Document Language:

Turkish

Document ID (Org No.):

2001303388

pISSN:

2757-9964