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Advisor(s)
Abstract(s)
A presente dissertação incidirá sobre a alteração de circunstâncias no âmbito de uma OPA em curso. A análise recairá sobre a potencial aplicação do art.128ºCVM, que legitima o exercício pelo oferente das faculdades de modificação ou revogação da oferta, perante uma alteração imprevisível e substancial das circunstâncias que fundaram a sua decisão de lançamento. Requerendo-se o preenchimento destes conceitos indeterminados, e perante a sua concretização pelos oferentes, nos anúncios preliminares de OPA, das situações que espoletam a aplicação do preceito, ao longo do trabalho proceder-se-á à compreensão se de facto a ocorrência das mesmas legitima o exercício de tais faculdades pelos referidos sujeitos.
The present study will focus on the change of circumstances in the context of an ongoing takeover bid. The analysis will be based on the potential application of the article 128º CVM, which legitimizes the exercise by the offeror of the faculties of modification or revocation of the offer, before an unpredictable and substantial change in the circumstances that founded its decision to launch. The fulfillment of these indeterminate concepts by the offerors is made in the preliminary announcements of the takeover. Therefore, throughout the work, we will proceed to the understanding if in fact the occurrence of those situations legitimizes the exercise of such powers by those subjects.
The present study will focus on the change of circumstances in the context of an ongoing takeover bid. The analysis will be based on the potential application of the article 128º CVM, which legitimizes the exercise by the offeror of the faculties of modification or revocation of the offer, before an unpredictable and substantial change in the circumstances that founded its decision to launch. The fulfillment of these indeterminate concepts by the offerors is made in the preliminary announcements of the takeover. Therefore, throughout the work, we will proceed to the understanding if in fact the occurrence of those situations legitimizes the exercise of such powers by those subjects.
Description
Keywords
Oferta pública de aquisição Alteração de circunstâncias Takeover Changing of circumstances