Yazarlar:
Cem Veziroğlu, M. Fatih Arıcı
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Sayfa 135CONCLUSIONS
1. As an acquisition and finance method, leveraged buyout permits the buyer…
2. With an increasing role in corporate finance, private equity is a kind…
3. Private equity - backed leveraged buyout activity has a considerable potential…
4. Provision of funds for the acquisition from the target is a characteristic feature…
5. As the ratio legis of the provision is far from clear, wide range of opinions…
6. There are three conditions for the application of the prohibition of financial…
Firstly, there must be an acquisition of share. These shares must be acquired…
The second condition is that there must be a financial assistance transaction in…
The third and the trickiest condition is that the assistance must be made for the acquisition of shares.…
7. There are two exceptions of the ban. According to the first exception,…
8. The legal effect of an unlawful financial assistance is the invalidity of the financial assistance transaction. This involves both the promissory and disposal transactions. The breach does not per se render…
9. The prohibition of financial assistance enters into force as of 1 July 2012 which…
10. The prohibition of financial assistance is applied in both original and derivative acquisitions.…
11. A dividend distribution or reduction of capital following the takeover…
12. In a derivative acquisition of the shares of a member of a group the prohibition…
13. The prohibition of financial assistance applies to only public companies,…
14. A merger following the acquisition of the target’s shares does not breach…
15. A lawful financial assistance cannot be subject to the sanctions of the TCC art.371/2…
16. The economic analysis of the prohibition of financial assistance suggests that the provision is not efficient at all. The ban i) hampers or limits the potential to generate economic wealth of leveraged buyouts, ii)
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