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Abstract(s)
Este trabalho pretende explorar a atuação do Órgão de Administração de uma sociedade visada por OPA, com particular foco na conduta defensiva relativamente à oferta, nas suas motivações e escopo, e nas diferentes formas em que pode surgir. Neste âmbito, iremos aprofundar a regra de não frustração da oferta, a sua consagração na lei portuguesa e na Diretiva 2004/25/CE relativa às OPA, bem como as razões que a tornam fundamental para a manutenção do mercado do controlo societário.
The aim of this paper is to explore the conduct of the Board of Directors facing a takeover bid, with a focus on the defensive response towards the takeover, and the different shapes this defence can assume. Thereunder, we will investigate the non-frustration rule, its provision under Portuguese law and Directive 2004/25/EC on takeover bids, as well as the rationale for the importance of this rule in the maintenance of the market for corporate control.
The aim of this paper is to explore the conduct of the Board of Directors facing a takeover bid, with a focus on the defensive response towards the takeover, and the different shapes this defence can assume. Thereunder, we will investigate the non-frustration rule, its provision under Portuguese law and Directive 2004/25/EC on takeover bids, as well as the rationale for the importance of this rule in the maintenance of the market for corporate control.
Description
Keywords
Oferta pública de aquisição Conduta defensiva Órgão de administração Regra de não frustração Takeover bid Defensive conduct Board of directors Non-frustration rule