Sanofi-Synthelabo, 100
Aventis and, 100
Seagram, 72
Sears Holdings, 121
Securities Acquisition and Takeover Act.
See Wertpapiererwerbs-und Über-
nahmegesetz
Securities Data Corporation, 25
Security market line, of CAPM,
249, 254
Seita, 72
Selective buybacks, 261, 262, 263, 264,
265, 266, 267, 268, 270. See also
Buybacks
Sellout right, 7t, 11, 191, 192
anecdotal evidence for, 193
arguments for, 198–199
Belgium and, 210, 217t
consequences of, 203, 204t
M&A activity and, 204t
minority shareholder protection and,
204t
ownership structure and, 204t
contractual agreements and, 194
France and, 193, 211–212
Netherlands and, 214–215
rationale for, 193–204
economic, 203
squeeze-out right v.
company type in, 218–222
conditions and procedure in,
228–235
financial instruments in, 222–223
legal issues in, 215–239
legal perspective on, 207–239
selected European countries in,
209–215
timing of procedures in, 239
transaction type in, 215–217
triggering threshold in, 223–228
valuation in, 235–239
Takeover Directive and, 208. See also
Takeover Directive, EU
U.K. and, 212–213
SER Merger Code, 214
Services sector, 58, 59t
SeverStal, 260
Share buybacks. See Buybacks
Shareholder democracy, 164–165, 184. See
also One-share one-vote principle
in EU, 10, 163, 165–167, 184
hostile takeovers and, 165
Shareholder meetings
Aventis, 96, 97t–99t
Hoechst, 96, 97t–99t
Rhône-Poulenc, 96, 97t–99t
Shareholder protection, 54
alternative test, 62, 63t, 64
regression in, 59, 60t
summary statistics, 56t
test results, 57t, 58
Shareholder voting law, 122
Shocks, industry, 110–111
implications of, 111–113
ShopKo Stores/Goldner Hawn, 123t
SIC codes. See Standard Industrial
Classification codes
Singapore
acquisitions of domestic firms in, 29t
cross-border M&As in, 52t
MLs in, 20t, 22t, 23t–24t
South Africa
acquisitions of domestic firms in, 29t
cross-border M&As in, 52t
MLs in, 20t, 22t, 23t–24t
effect of, 33t
South Korea
acquisitions of domestic firms in, 29t
MLs in, 20t, 22t, 23t–24t
Sovereign Bancorp, 123t
Spain
acquisitions of domestic firms in, 29t
cross-border M&As in, 52t
MLs in, 20t, 22t, 23t–24t
redemption procedure in, 209, 228
Spartan Stores, 123t
Special purpose entities (SPEs), 176–177
SPEs. See Special purpose entities
Sporrong and Lönnroth Case, 205
Squeeze-out right, 5, 7t, 11, 179, 191, 192.
See also Belgium; France; Germany;
Netherlands; Takeover Directive,
EU; United Kingdom
arguments for, 198–199
Austria and, 209
consequences of, 203, 204t
M&A activity and, 204t
minority shareholder protection and,
204t
ownership structure and, 204t
Denmark and, 209
divisions v., 203
Finland and, 209
First Protocol of European Convention
of Human Rights in, 205–206,
205–207
application of, 206–207
HLGCLE report and, 207
Ireland and, 208
Italy and, 208
lawful interference and, 206
mergers v., 203
minority shareholder protection and,
204t
Portugal and, 209
proportionality test and, 206, 207
protection of private property and,
205–207
Index 285

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