- •Предисловие
- •Глава I. Защита прав и интересов акционеров в форме обязательного предложения
- •§ 1. Защита прав и интересов акционеров
- •При приобретении контроля над компанией
- •1.1. Последствия смены контроля над компанией
- •1.2. Общие и специальные средства защиты прав и интересов акционеров
- •1.3. Институт публичного предложения о приобретении акций в сша
- •1.4. Добровольное и обязательное предложения
- •1.5. Развитие института обязательного предложения в Великобритании
- •1.6. Распространение концепции обязательного предложения в мире
- •1.7. Институт обязательного предложения в России
- •§ 2. Необходимость института обязательного предложения в российской правовой системе
- •2.1. Основные аргументы против
- •Института обязательного предложения
- •2.2. Основные аргументы в пользу института обязательного предложения
- •2.3. Иные аргументы за и против института обязательного предложения
- •§ 3. Правовая природа обязательного предложения
- •3.1. Право акционеров на защиту при смене контроля над компанией
- •3.2. Объект защиты обязательного предложения
- •3.3. Способы защиты прав и способы защиты интересов
- •3.4. Признаки обязательного предложения
- •§ 4. Защита прав и интересов акционеров при приобретении косвенного контроля над компанией
- •4.1. История вопроса
- •4.2. Анализ действующего регулирования
- •4.3. Зарубежное законодательство в области защиты акционеров при смене косвенного контроля
- •4.4. Предоставление защиты акционерам второй компании как исключение из принципа самостоятельности юридического лица
- •§ 5. Права и интересы владельцев обыкновенных акций
- •5.1.2. Зарубежное законодательство
- •5.1.3. Предложения по совершенствованию российского законодательства
- •5.1.4. Оптимальный вариант реформирования российской модели регулирования
- •5.2.2. Анализ проблемы и пути ее решения
- •5.2.3. Исключительный случай предоставления защиты владельцам привилегированных акций
- •Глава II. Принцип равного отношения к акционерам
- •§ 1. Принцип равного отношения к акционерам
- •1.1.1. Критика зарубежных экспертов
- •1.1.2. Анализ проблемы
- •1.2. Принцип равенства акционеров в процессе поглощения
- •1.2.1. Цена приобретаемых на основании обязательного предложения акций
- •1.2.2. Равенство акционеров при косвенном поглощении
- •§ 2. Экстерриториальное действие американского законодательства в области поглощений
- •2.1. Исторический аспект
- •2.2. Законодательные реформы
- •2.3. Новые правила поглощения зарубежных публичных компаний
- •2.4. Оценка новой американской модели регулирования зарубежных поглощений
- •2) Если приобретатель намеренно не предпринял ряд специальных действий по исключению американских акционеров из адресатов оферты.
- •1) Количества американских акционеров в компании-цели и
- •2) Того, зарегистрированы ли акции компании-цели в сша.
- •§ 3. Равное отношение к акционерам при применении зарубежного законодательства к российским поглощениям
- •3.1. Российская практика
- •3.2. Неравенство акционеров при одновременном применении законодательств двух юрисдикций
- •3.3. Варианты решения проблем, связанных с двойным регулированием поглощений
- •Глава III. Основания и условия возникновения права
- •§ 1. Основание возникновения права на защиту
- •1.2. Анализ российской модели регулирования
- •1.3. Оптимальная для России модель регулирования
- •§ 2. Основания и условия возникновения права на защиту
- •2.2. История становления порогового значения, активизирующего правило обязательного предложения при косвенном поглощении, в Великобритании
- •2.3. Оптимальная для России модель регулирования
- •Библиография Литература на русском языке
- •Литература на иностранных языках
Литература на иностранных языках
40. A Practitioner's Guide to Takeovers and Mergers in the European Union. Fifth Edition. London: City & Financial Publishing, 2008.
41. Andrews W. The Stockholder's Right to Equal Opportunity in the Sale of Shares // Harvard Law Review. 1965. Vol. 78.
42. Armour J., et al. The Evolution of Hostile Takeover Regimes in Developed and Emerging Markets: An Analytical Framework // Harvard International Law Journal. 2011. Vol. 52.
43. Barclay M., Holderness C. Private Benefits from Control of Public Corporations // Journal of Financial Economics. 1989. Vol. 25.
44. Bartos J. New Deal for US Investors in Foreign Markets // International Financial Law Review. 1991. Issue 7.
45. Bartos J., Wingerson M. US Shareholders in Foreign Bids - A New Approach? // International Financial Law Review. 1990. N 10.
46. Basnage J., et al. Cross-Border Tender Offers and other Business Combination Transactions and the U.S. Federal Securities Laws: an Overview // Business Lawyer. 2006. Vol. 61.
47. Basnage J. SEC Amends Cross-Border Business Combination Rules // Business Law International. 2009. Vol. 10.
48. Basnage J. US Cross-Border Tender Offers: First rulemaking since '99 // International Financial Law Review. 2008. N 27.
49. Baums T. The German Perspective // The Proposal for a 13th Company Law Directive on Takeovers: a Multi-Jurisdiction Survey: Part 1 / European Financial Services Law. ed. by E. Wymeersch. Vol. 3. 1996.
50. Baums T. The New Draft Proposal for a Directive on Takeovers - the German Perspective. 1996 (цит. по: www.jura.uni-frankfurt.de/fb/fb01/ifawz1/baums/Bilder_und_Daten/Arbeitspapiere/a1096.pdf).
51. Berle A. "Control" in Corporate Law // Columbia Law Review. 1958. Vol. 58.
52. Berle A. The Price of Power: Sale of Corporate Control // Cornell Law Quarterly. 1965. Vol. 50.
53. Berle A., Means G. The Modern Corporation and Private Property. New York: Transaction Publishers, 1933.
54. Bebchuk L. Efficient and Inefficient Sales of Control // Quarterly Journal of Economics. 1994. Vol. 109.
55. Bebchuk L. The Pressure to Tender: An Analysis and a Proposed Remedy // Delaware Journal of Corporate Law. 1987.
56. Bergstrom C., et al. Regulation of Corporate Acquisitions: A Law and Economics Analysis of European Proposals for Reform // Columbia Business Law Review. 1995. N 2.
57. Bergstrom C., Hogfeldt P. The Equal Bid Principle: An Analysis of the Thirteenth Council Takeover Directive of the European Union // Journal of Business Finance & Accounting. 1997. Vol. 24.
58. Bohrer S. Lifting the Veil from the SEC's Cross-Border Rules // International Business Law Journal. 2006. N 5.
59. Bohrer S. The Application of U.S. Securities Laws to Overseas Business Transactions // Stanford Journal of Law, Business and Finance. 2005. Vol. 11.
60. Bolle C. A Comparative Overview of the Mandatory Bid Rule in Belgium, France, Germany and the United Kingdom. Baden-Baden: Nomos, 2008.
61. Bourtin J. United States Regulation of Foreign Takeovers // Tulane Law Review. 1996. Vol. 70.
62. Boyle A., Sykes R. Gore-Browne on Companies. 43 ed. 2 Vol. Bath: Jordan & Sons, 1984.
63. Boyle A., Sykes R. Gore-Browne on Companies. 44 ed. 2 Vol. Bath: Jordan & Sons, 1990.
64. Brown M. Takeovers: a Strategic Guide to Mergers and Acquisitions. 3 ed. New York: Aspen Publishers, 2010.
65. Brown M., et al. Protecting US Shareholders in UK Tender Offers // International Financial Law Review. 1998. Vol. 17.
66. Brown M., Bird P. SEC Rules on Cross-Border Offers and Rights Offerings // International Financial Law Review. 1999. N 12.
67. Burkart M., Panunzi F. Mandatory Bids, Squeeze-out, Sell-out and the Dynamics of the Tender Offer Process. ECGI - Law Working Paper N 10/2003. 2003 (цит. по: http://ssrn.com/abstract=420940).
68. Bushner D., et al. Amended SEC Cross-Border Exemptions: Will You Exclude US Shareholders from Your Next European M&A Transaction? 2009 (цит. по: http://www.ashurst.com/doc.aspx?id_Content=4162).
69. Carron B., Davidoff S. Getting U.S. Security Holders to the Party: the SEC's Cross-Border Release Five Years On // University of Pennsylvania Journal of International Economic Law. 2005. Vol. 26.
70. Chaikin D. Fraud, Securities Laws and Extraterritoriality in the United States // Regulation of British Securities Industry / Ed. by B. Rider. London: Oyez, 1979.
71. Chang K. Multinational Enforcement of U.S. Securities Laws: The Need for the Clear and Restrained Scope of Extraterritorial Subject Matter Jurisdiction // Fordham Journal of Corporate and Financial Law. 2003. Vol. 9.
72. Choi S., Guzman A. Dangerous Extraterritoriality of American Securities Law // Northwestern Journal of International Law and Business. 1996. Vol. 17.
73. Coffee J. Future As History: The Prospects for Global Convergence in Corporate Governance and Its Implications // Northwestern University Law Review. 1999. Vol. 93.
74. Coffee J. Racing towards the Top: The Impact of Cross-Listing and Stock Market Competition on International Corporate Governance // Columbia Law Review. 2002. Vol. 102.
75. Comment, Shareholders' Liability for Sale of Controlling Interest // The University of Chicago Law Review. 1955. Vol. 22.
76. Cooter R., Ulen T. Law & Economics. 5 ed. USA: Addison-Wesley, 2007.
77. Dannis J., Poling D. The New U.S. / Canadian Multijurisdictional Diclosure System // Insights. 1991. Vol. 5.
78. Dauner-Lieb B., Lamandini M. The New Proposal of a Directive on Company Law Concerning Takeover Bids and the Achievement of a Level Playing Field. European Parliament Directorate-General for Research' Working Paper. 2002 (цит. по: www.ecgi.org/takeovers/documents/european/study_complaw_en.pdf).
79. Davies P. Introduction to Company Law. New York: Oxford University Press, 2002.
80. Davies P. The Regulation of Takeovers and Mergers. London: Sweet & Maxwell, 1976.
81. Davies P. The Notion of Equality in European Takeover Regulation // Takeovers in English and German Law / Ed. by J. Payne. Portland: Hart Publishing, 2002.
82. Davies P., Hopt K. Control Transactions // The Anatomy of Corporate Law: A Comparative and Functional Approach / Ed. by R. Kraakman et al. 2 ed. New York: Oxford University Press, 2009.
83. DeMott D. Current Issues in Tender Offer Regulation: Lessons from the British // New York University Law Review. 1983. Vol. 58.
84. Dyck A., Zingales L. Private Benefits of Control: An International Comparison // The Journal of Finance. 2004. Vol. 59.
85. Elhauge E. The Triggering Function of Sale of Control Doctrine // The University of Chicago Law Review. 1992. Vol. 59.
86. Enriques L. The Mandatory Bid Rule in the Proposed EC Takeover Directive: Harmonization as Rent-Seeking? // Reforming Company and Takeover Law in Europe / Ed. by G. Ferrarini et al. New York: Oxford University Press, 2004.
87. Enriques L. The Mandatory Bid Rule in the Takeover Directive: Harmonization Without Foundation? // European Company and Financial Law Review. 2004.
88. Farrar's Company Law. 3 ed. London: Buttersworths, 1991.
89. Farrar's Company Law. 4 ed. London: Buttersworths, 1998.
90. Ferrarini G. Share Ownership, Takeover Law and the Contestability of Corporate Control. OECD, Conference Proceedings. 2001 (цит. по: http://ssrn.com/abstract=265429).
91. Fisch J. Imprudent Power: Reconsidering U.S. Regulation of Foreign Tender Offers // Northwestern University Law Review. 1993. Vol. 87.
92. Ganapol C., et al. Significant 2008 Regulatory Developments // Business Lawyer. 2009. Vol. 64.
93. Gorga E. Does Culture Matter for Corporate Governance? A Case Study of Brazil. 200 Stanford Law and Economics Working Paper N 257. 2003 (цит. по: http://ssrn.com/abstract=410701).
94. Gower and Davies' Principles of Modern Company Law. 8 ed. London: Sweet & Maxwell, 2008.
95. Grant J., et al. Financial Tunnelling and the Mandatory Bid Rule // European Business Organization Law Review. 2009. Vol. 10.
96. Grant J. Takeovers and the Market for Corporate Control // European Takeovers: The Art of Acquisition / Ed. by J. Grant. London: Euromoney Books, 2005.
97. Greene E. Regulation of Multinational Tender Offers // Insights. 1990. Vol. 4.
98. Greene E. Regulatory and Legislative Responses to Takeover Activity in the 1980s: the United States and Europe // Texas Law Review. 1991. Vol. 69.
99. Greene E., et al. Toward a Cohesive International Approach to Cross-Border Takeover Regulation // University of Miami Law Review. 1997. Vol. 51.
100. Greene E., Rinzler M. Lowering Barriers to Cross-Border Mergers and Acquisitions: The New US Regulations on Cross-Border Tender and Exchange Offers, Business Combinations and Rights Offerings // Cross-Border Mergers and Acquisitions and the Law / Ed. by N. Horn. The Hague: Aspen Publishers, 2001.
101. Hall R. Mittal Is not Enough // International Financial Law Review. 2006. Vol. 25.
102. Hamilton R. Private Sale of Control Transactions: Where We Stand Today // Canada-United States Law Journal. 1989. Vol. 13.
103. Hansen J. Mandatory Bid Rule - The Rise to Prominence of a Misconception // Scandinavian Studies in Law. 2003. Vol. 45.
104. Hansen J. When Less Would Be More: The EU Takeover Directive in Its Latest Apparition // Columbia Journal of European Law. Vol. 9.
105. Hertig G., McCahery J. Company and Takeover Law Reforms in Europe: Misguided Harmonization Efforts or Regulatory Competition? // European Business Organization Law Review. 2003. Vol. 4.
106. Heyl D. Federal Courts Apply 'Morrison' Expansively // New York Law Journal. 2010. Vol. 244.
107. Hirsch A., Hertig G. Comments on Defensive Measures, the Regulation of Multinational Offerings and Mandatory Bids // European Takeovers: Law and Practice / Ed. by K. Hopt, E. Wymeersch. London: Butterworths, 1992.
108. Hopt K. European Takeover Regulation: Barriers to and Problems of Harmonizing Takeover Law in the European Community // European Takeovers: Law and Practice / Ed. by K. Hopt, E. Wymeersch. London: Butterworths, 1992.
109. Hopt K. Modern Company and Capital Market Problems: Improving European Corporate Governance after Enron // Journal of Corporate Law Studies. 2003. Vol. Part 2.
110. Hurley M. International Debt and Equity Markets: U.S. Participation in the Globalization Trend // Emory International Law Review. 1994. N 2.
111. Javaras G. Equal Opportunity in the Sale of Controlling Shares: A Reply to Professor Andrews // University of Chicago Law Review. 1965. Vol. 32.
112. Jennings N. Mandatory Bids Revisited // Journal of Corporate Law Studies. 2005. Vol. 5.
113. Johannes A., et al. Public Company Takeovers in Germany. Munchen: Beck, 2002.
114. Johnston Al. The City Take-over Code. New York: Oxford University Press, 1980.
115. Johnston An. Takeover Regulation: Historical and Theoretical Perspectives on the City Code // Cambridge Law Journal. 2007. Vol. 66.
116. Kahan M. Sales of Corporate Control // The Journal of Law, Economics & Organization. 1993. Vol. 9.
117. Kaisanlahti T. The Finnish Perspective // The Proposal for a 13th Company Law Directive on Takeovers: a Multi-Jurisdiction Survey: Part 2 / European Financial Services Law. ed. by E. Wymeersch. 1997. Vol. 4.
118. Karmel R. Transnational Takeover Talk - Regulations Relating to Tender Offers and Insider Trading in the United States, the United Kingdom, Germany, and Australia // University of Cincinnati Law Review. 1998. Vol. 66.
119. Katz D. SEC Adopts Revisions to Cross-Border Transaction Exemptions: a Missed Opportunity (цит. по: http://www.westlaw.com).
120. Kenyon-Slade S. Mergers and Takeovers in the US and UK: Law and Practice. New York: Oxford University Press, 2004.
121. Lander G. SEC Rules for Cross-Border Tender Offers, Exchange Offers and Business Combinations // International Lawyer. 2002. Vol. 36.
122. Lee P. Takeover Regulation in the United Kingdom // European Takeovers: Law and Practice / Ed. by K. Hopt, E. Wymeersch. London: Butterworths, 1992.
123. Lee P. Takeovers - the United Kingdom Experience // Takeovers, Institutional Investors and the Modernization of Corporate Law / Ed. by J. Farrar. New York: Oxford University Press, 1993.
124. Levine I. Cross-border takeover bids in the United States // International Company and Commercial Law Review. 1994. Vol. 5.
125. Leyens P. A Framework for Adequate Shareholder Protection // European Business Law Review. 2001. Vol. 12.
126. Maguire J. Regulatory Conflicts: International Tender and Exchange Offers in the 1990s // Pepperdine Law Review. 1992. Vol. 19.
127. Mahoney P. Securities Regulation by Enforcement: an International Perspective // Yale Journal on Regulation. 1990. Vol. 7.
128. Mandelbaum A. Economic Aspects of Takeovers Regulation with Particular Reference to New Zealand // Takeovers, Institutional Investors and the Modernization of Corporate Law / Ed. by J. Farrar. Oxford: Oxford University Press, 1993.
129. Marchetti P. The Italian Perspective // The Proposal for a 13 th Company Law Directive on Takeovers: a Multi-Jurisdiction Survey: Part 1 / European Financial Services Law. ed. by E. Wymeersch. Vol. 3. 1996.
130. McCabe G. Extraterritorial Application of U.S. Securities Law in the Absence of Fraud Charges: Plessey v. GEC // Law and Policy in International Business. 1986. Vol. 18.
131. McCahery J., Vermeulen E. Does the Takeover Bids Directive Need Revision? TILEC Discussion Paper N 2010 - 006. 2010 (цит. по: http://ssrn.com/abstract=1547861).
132. McKinney S. Doing Deals Under the SEC's Revised Cross-Border Tender Offer, Exchange Offer and Business Combination Rules // Securities Regulation Law Journal. 2009. Vol. 37.
133. Michalski P. Proposals on Cross-Border Rights, Offers, Tender Offers; New Form 20-F; and Developments under Regulation S. Practising Law Institute. 1151 PLI/Corp 491999.
134. Mitnick S. Cross-Border Mergers and Acquisitions in Europe: Reforming Barriers to Takeovers // Columbia Business Law Review. 2001. Vol. 2001.
135. MucciarelliF. Equal treatment of shareholders and European Union Law - Case note on the Decision "Audiolux" of the European Court of Justice // European Company and Financial Law Review. 2010. N 1.
136. Mucciarelli F. Exclusion of US-Holders in Cross-Border Takeover Bids and the Principle of Equality in Tender Offers // Uniform Law Review. 2009. Vol. 14.
137. Nahr C. Regulatory Conflicts in German-US Tender Offers // International Financial Law Review. 2002. N 7.
138. Ogowewo T. The Inequality of Equality in Takeovers // Journal of International Banking Law and Regulation. 2008. Vol. 23.
139. Papadopoulos T. The Mandatory Provisions of the EU Takeover Bid Directive and their Deficiencies // Law and Financial Markets Review. 2007. Vol. 1.
140. Paul M. Corporate Governance in the Context of Takeovers of UK Public Companies // Contemporary Issues in Corporate Governance / Ed. by D. Prentice. New York: Holland, 1993.
141. Pearson C., Adams N. Mandatory and Voluntary Offers and their Terms // A Practitioner's Guide to the City Code on Takeovers and Mergers / Ed. by M. Button, S. Bolton. 2005/2006 ed. London: City & Financial Publishing, 2005.
142. Perlmutter J. The New Rules on Cross-Border Tender and Exchange Offer, Business Combinations and Rights Offerings: Competition or Harmonization? // Michigan Journal of International Law. 2000. Vol. 22.
143. Prentice D. Take-over Bids and the System of Self-Regulation // Oxford Journal of Legal Studies. 1981. Vol. 1.
144. Psaroudakis G. The Mandatory Bid and Company Law in Europe // European Company and Financial Law Review. N 4.
145. Reiter G. Recent SEC International Finance Initiatives // Journal of International Banking Law. 1991. Vol. 6.
146. Ryngaert C. Cross-Border Takeover Regulation: A Transatlantic Perspective // European Company and Financial Law Review. 2007. N 3.
147. Scott H. What is the United States Doing about the Competitiveness of its Capital Markets? // Journal of International Banking Law and Regulation. 2007. Vol. 22.
148. Sepe S. Private Sale of Corporate Control: Why the European Mandatory Bid Rule is Inefficient. Arizona Legal Studies Discussion Paper N 10 - 29. 2010 (цит. по: http://ssrn.com/abstract=1086321).
149. Siems M. The Rules on Conflict of Laws in the European Takeover Directive // European Company and Financial Law Review. 2004. N 4.
150. Simpson S., et al. The Future of Takeover Regulation in Europe. Practising Law Institute. 1575 PLI/CORP 722006.
151. The Golden Mean Or a Dead End? The Takeover Directive in a Shareholder versus Stakeholder Perspective // European Company Law in Accelerated Progress / Ed. by S. Bartman. Kluwer Law International. Alphen aan den Rijn, 2006 (цит. по: http://ssrn.com/abstract=866184).
152. Skog R. Does Sweden Need a Mandatory Bid Rule? A Critical Analysis. Amsterdam: SUERF, 1997.
153. Slaughter C. Rights Offerings, Takeovers and U.S. Shareholders: Part 2 // Company Lawyer. 2000. Vol. 23.
154. Stern Y. The Private Sale of Corporate Control: A Myth Dethroned // Journal of Corporation Law. 2000. Vol. 25.
155. Testa P. The Mandatory Bid Rule in the European Community and in Brazil: A Critical View. London School of Economics & Political Science Working Paper Series. 2006 (цит. по: http://ssrn.com/abstract=943089).
156. Uhrynuk M., Gordon J. A World Apart: a Comment on SEC Cross-Border Rights and Tender Offer Proposals // International Company and Commercial Law Review. 1992. Vol. 3.
157. Ventoruzzo M. Takeover Regulation as a Wolf in Sheep's Clothing: Taking U.K. Rules to Continental Europe // University of Pennsylvania Journal of Business Law. 2008. Vol. 11.
158. Ventoruzzo M. The Thirteenth Directive and the Contrasts Between European and U.S. Takeover Regulation: Different Regulatory Means, Not so Different (Political and Economic) Ends? Boconni Legal Studies Research Paper N 06 - 07. 2005 (цит. по: http://ssrn.com/abstract=819764).
159. Vranka L., Marolia D. The Evolution of R 14e-5 in Cross-Border Takeovers. Part 1: the US's Deferral to the Law of the Home Country // Journal of International Banking and Financial Law. 2010. N 1.
160. Vranka L., Marolia D. The Evolution of R 14e-5 in Cross-Border Takeovers. Part 2: A Survey of International 'Increase to Match' Provisions // Journal of International Banking and Financial Law. 2010. N 2.
161. Weinberg on Take-Overs and Amalgations. 2 ed. London: Sweet & Maxwell, 1963.
162. Weinberg on Take-overs and Amalgations. 2 ed. London: Sweet & Maxwell, 1967.
163. Weinberg on Take-overs and Mergers. 3 ed. London: Sweet & Maxwell, 1971.
164. Weinberg and Blank on Takeovers and Mergers. 4 ed. London: Sweet & Maxwell, 1979.
165. Weinberg and Blank on Takeovers and Mergers. 5 ed. London: Sweet & Maxwell, 2005.
166. Wymeersch E. Do We Need a Law on Groups of Companies? // Capital Markets and Company Law / Ed. by K. Hopt, E. Wymeersch. New York: Oxford University Press, 2003.
167. Wymeersch E. European Takeovers: The Mandatory Bid // Butter-worths Journal of International Banking & Financial Law. 1994.
168. Wymeersch E. The Affects of the Regulation of Securities Markets on Company Law within the EEC // European Company Laws: A Comparative Approach / Ed. by R. Drury, P. Xuereb. Aldershot: Dartmouth, 1991.
169. Wymeersch E. The Mandatory Bid: A Critical View // European Takeovers: Law and Practice / Ed. by K. Hopt, E. Wymeersch. London: Butterworths, 1992.
170. Wymeersch E. The Mandatory Take-Over Bid // International Business Law Journal. 1991.