A takeover bid is an offer that the prospective buyer makes to existing shareholders of a company, which are completely free to accept it or not. If they don’t accept it they continue with the actions in its power and continue to be shareholders of the company, regardless of the rest of shareholders to seek or not the OPA. Times that in practice it is not there is forced to accept the takeover bid, although it is not legally binding. Situations that may occur in a takeover bid for 100% of a company are: OPA completo bag exclusion: in this case no choice but to accept. Actions are no longer floated on stock exchange at the end of the OPA, which creates several problems for which decide to continue as a shareholder of the company: commissions of deposit and custody charged by the Bank on which the actions are deposited can spend 5-10 euros a year common to 200, 500 or 1,000, depending on the Bank and the amount of shares. All analysts and banks cease to follow the company, so it is almost impossible to get information. The only way to sell the shares is to contact someone that the want to buy (putting an advertisement on newspapers, cosultando to the company, etc.) and sell them through a private contract, maybe going to a notary. That is, it is almost impossible to sell them and in addition the costs are much higher than a stock market operation. To finish, the price should negotiate is your to you because there is no official listing (and wanting to sell as it does not give much strength in a negotiation) is very possible that the company ceases to edit the traditional annual report that reports on the progress of the company and the only available documentation is the mandatory legally, i.e.the balance sheet and the profit and loss account (a string of numbers that are incomprehensible to those who are not experts in accounting).



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