Pravne posledice izključitve manjšinskih delničarjev in njihovo varstvo v poprevzemnem obdobju : magistrsko delo

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Title:	Pravne posledice izključitve manjšinskih delničarjev in njihovo varstvo v poprevzemnem obdobju : magistrsko delo
Authors:	ID Nerat, Urška (Author) ID Prelič, Saša (Mentor) More about this mentor...
Files:	MAG_Nerat_Urska_2025.pdf (1005,05 KB) MD5: CAD2BEB53479FBBD0B115228879E6962
Language:	Slovenian
Work type:	Master's thesis/paper
Typology:	2.09 - Master's Thesis
Organization:	PF - Faculty of Law
Abstract:	Magistrsko delo obravnava položaj manjšinskih delničarjev v delniški družbi in njihovo varstvo v postopkih prevzemov ter izključitev, s posebnim poudarkom na pravnih posledicah, s katerimi se srečujejo manjšinski delničarji v obdobju po prevzemu. Delniška družba kot kapitalska družba temelji na osnovnem kapitalu, razdeljenem na delnice, ki združujejo skupek premoženjskih in upravljavskih pravic delničarja. Čeprav imajo vsi delničarji enake korporacijske pravice, je v praksi razmerje moči izrazito odvisno od njihove kapitalske udeležbe v družbi. Ti zaradi omejenega vpliva na odločanje pogosto ostanejo brez dejanske možnosti sooblikovanja pomembnejših odločitev o poslovanju družbe, zato je vprašanje njihovega pravnega varstva ključno. Prevzemi predstavljajo enega osrednjih institutov koncentracije lastništva v delniških družbah. Namen ureditve prevzemne zakonodaje je zagotoviti enakopravno obravnavo vseh delničarjev, transparentnost prevzemnih postopkov in učinkovito delovanje kapitalskega trga. Obenem pa prevzemni postopki naslavljajo vprašanja upravljavskega položaja manjšinskih delničarjev, ki je po uspešni prevzemni ponudbi neznaten. Kot odziv na to situacijo pravni red predvideva posebne institute, s katerimi se razreši razmerje med večinskim in manjšinskimi delničarji. Na eni strani je to izključitev manjšinskih delničarjev iz družbe (»squeeze out«), pri kateri glavni delničar s kvalificiranim deležem v osnovnem kapitalu zahteva prenos delnic preostalih delničarjev nase, na drugi strani pa možnost izstopa (»sell out«), na podlagi katerega manjšinski delničar zahteva, da glavni delničar odkupi njegove delnice pod enakimi pogoji. Skupna značilnost obeh institutov je, da urejata prenehanje položaja manjšinskega delničarja v zameno za primerno denarno odpravnino. Posebna ureditev je predvidena za izključitev manjšinskih delničarjev v poprevzemnem obdobju, ki omogoča, da prevzemnik po uspešni prevzemni ponudbi doseže stoodstotno lastništvo družbe. Pogoj za uveljavitev je dosežen kvalificiran prevzemni prag, to pa se v praksi razlaga na dva načina – ozko in široko. Ključno varovalo manjšinskih delničarjev v tem postopku je pravica do primerne denarne odpravnine, ki mora ustrezati ceni iz prevzemne ponudbe. V teoriji in praksi se odpira vprašanje, ali je domneva pravičnosti take odpravnine absolutna ali izpodbojna. Ti instituti se v magistrskem delu primerjajo z nemško in angleško pravno ureditvijo, hkrati pa se postopek izključitve v primerjalnopravnem delu s slovensko ureditvijo analizira v smislu poteka samega procesa izključitve manjšinskih delničarjev v poprevzemnem obdobju ter tudi kako so v zvezi s tem varovane pravice manjšinskih delničarjev.
Keywords:	prevzem, institut izključitve, denarna odpravnina, prevzemna ponudba, varstvo interesov imetnikov deležev, sodni preizkus, glavni delničar
Place of publishing:	Maribor
Place of performance:	Maribor
Publisher:	U. Nerat
Year of publishing:	2025
Number of pages:	1 spletni vir (1 datoteka PDF (IV, 60 str.))
PID:	20.500.12556/DKUM-95516
UDC:	347.72.031(043.3)
COBISS.SI-ID:	251493379
Publication date in DKUM:	02.10.2025
Views:	250
Downloads:	144
Metadata:
Categories:	PF
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Licences

License:	CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International

Link:	http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:	The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:	23.09.2025

Secondary language

Language:	English
Title:	The legal implications of the squeeze-out procedure of minority shareholders and their protection following a takeover
Abstract:	The master's thesis deals with the position of minority shareholders in a joint-stock company and their protection in takeover and squeeze-out procedures, with a special emphasis on the legal consequences faced by minority shareholders in the period after the takeover. As a capital company, a joint-stock company is based on share capital divided into shares, which combine the shareholder's property and management rights. Although all shareholders have equal corporate rights, in practice the balance of power depends heavily on their capital participation in the company. Due to their limited influence on decision-making, they often have no real opportunity to participate in important decisions about the company's operations, which is why the issue of their legal protection is crucial. Takeovers are one of the central institutions of ownership concentration in joint-stock companies. The purpose of takeover legislation is to ensure equal treatment of all shareholders, transparency of takeover procedures, and the effective functioning of the capital market. At the same time, takeovers address the issue of the management position of minority shareholders, which is negligible after a successful takeover bid. In response to this situation, the legal system provides special institutions to resolve the relationship between majority and minority shareholders. On the one hand, there is the squeeze-out of minority shareholders from the company, whereby the majority shareholder with a qualifying holding in the share capital demands the transfer of the remaining shareholders' shares to himself, and on the other hand, there is the sell-out option, on the basis of which the minority shareholder requests that the majority shareholder buy back his shares under the same conditions. A common feature of both institutions is that they regulate the termination of the minority shareholder's position in exchange for appropriate monetary compensation. Special provisions are made for the squeeze-out of minority shareholders in the post-takeover period, which allows the acquirer to achieve 100 percent ownership of the company after a successful takeover bid. The condition for enforcement is that a qualifying takeover threshold has been reached, which in practice is interpreted in two ways – narrowly and broadly. The key safeguard for minority shareholders in this process is the right to appropriate cash compensation, which must correspond to the price in the takeover bid. In theory and practice, the question arises as to whether the presumption of fairness of such compensation is absolute or rebuttable. These institutions are compared in the master's thesis with German and English legislation and legal regulations, while the squeeze-out procedure is analyzed in the comparative law section with Slovenian regulations in terms of the course of the squeeze-out process of minority shareholders in the post-takeover period and how the rights of minority shareholders are protected in this regard.
Keywords:	takeover, squeeze out, appraisal remedy, takeover bid, protection of the interests of the shareholders, judicial review, main shareholder

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