Regulatory Alerts2014-12-26
Added · Updated
Communiqué on Common Principles Regarding Significant Transactions and the Retirement Right
The Capital Markets Board of Turkey issued this Communiqué to establish procedures for significant transactions, including merger, delisting, and asset transfers, and to define the associated shareholder retirement right. It mandates that significant transactions require general assembly approval by a two-thirds majority and prohibits controlling shareholders from voting if personal interests are at stake. The document further specifies that dissenting shareholders may exercise a retirement right to sell their shares back to the company, with the exercise price determined by weighted average market prices for listed entities or independent assessments for non-listed ones.
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