EQUITABLE PRICE MAIN RULES ? The purchase price for a share shall be determined in such a manner that it corresponds to the price for the share which might be expected upon a sale under normal circumstances. ? For a share which is not traded on a regulated market, the purchase price shall correspond to the “real value” of the share or the estimated selling price. This means that the arbitral tribunal has to establish the share’s actual or estimated market value which may be very complicated for shares that are not traded. ? If the shares are traded on a regulated market the exchange price on the date when the squeezeout was requested is presumed to represent the share’s market value. It is, however, possible to deviate from the exchange price if there are special reasons, e.g that trading on the said date was so limited that it cannot be deemed to represent the market value of the shares or where the exchange price has been manipulated or affected by misleading information.
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