Czech RepublicAntitrust/Competition Law
COMMERCIAL CODE, SECURITIES ACT AND INVESTMENT AND MUTUAL FUNDS ACT AMENDMENTS
During the last session of the Czech Parliament and prior to the June elections, important amendments to the Commercial Code, the Securities Act and the Act on Investment and Mutual Funds were passed. These amendments will come into force on 1 July 1996.
COMMERCIAL CODE AMENDMENT
The amendment defines circumstances under which the majority owner of a publicly traded company has to offer to purchase the shares of minority shareholders. In particular, a majority owner has to offer to purchase shares from minority holders of the company at the time which he gains shareholding levels of 50, 66 and 75%, for the price calculated as the weighted average of prices on public trades during the period of the preceding six months.
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