Finance

Leveraged Finance Academy: Advanced Topics - 8 March 2023

Shearman & Sterling LLP

Issue link: https://digital.shearman.com/i/1494420

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Mechanics – Thresholds 55 Public to Private Transactions – What You Need To Know Takeover Offer 51% - 75% Bidco cannot pass required shareholders' resolution to re-register the target as a private company and debt service impacted by cash leakage to minority shareholders 75% - 90% Bidco will be able to ensure re-registration of the target as a private company but there remains a risk of minority shareholder action and debt service considerations remain 90% plus Bidco can compulsorily acquire minority Scheme Of Arrangement 50% Majority of shareholders in number required to approve scheme 75% 75% of shareholders by value required to approve scheme

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