The Communiqué on the Squeeze-out and Sell-out Rights was published

The Communiqué on the Squeeze-out and Sell-out Rights (II-27.3) (“Communiqué”) entered into force through publication in the Official Gazette dated December 31, 2020 and numbered 31351. The main innovations brought by the Communiqué are summarized as follows in a nutshell.

• The Communiqué preserves the ratio that the controlling shareholder has to reach as 98% in order to exercise the squeeze-out and sell-out rights. The definition of persons acting together was also redefined.
• An exception was brought for nonpaid capital increase and/or paid capital increases in which the rights to purchase new shares are not limited, whereby in such cases the squeeze-out right and sell-out right will not arise.
• A provision has been inserted stating that if the management control is acquired simultaneously with the squeeze-out and sell-out right, it will be accepted that no takeover bid obligation arises.
• Finally, changes have been made to the sell-out and squeeze-out rights processes and the share price for the use of squeeze-out and sell-out rights were determined separately for the corporations which are traded at the exchange and not traded at the exchange.

Please find the Turkish version of the Communiqué here.