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ARTICLE · 09 APRIL 2020

Proposed Changes To Turkish Companies' Material Transactions And Minorities' Exit Rights

The Capital Markets Board presented the Draft Communiqué on Material Transactions and Exit Right No. II- 23.1 for public consultation on March 16, 2020.

TurkeyCorporate/Commercial Law

Recent Development

The Capital Markets Board ("CMB") presented the Draft Communiqué ("Draft Communiqué") on Material Transactions and Exit Right No. II- 23.1 ("Material Transactions Communiqué") for public consultation on March 16, 2020.

The Draft Communiqué plans to abolish the current Material Transactions Communiqué and introduce new rules and procedures regarding material transactions; determining shareholder(s) who have an exit right, their number of shares and the exit price of the shares; offering exiting shareholders' shares to other shareholders and/or investors; transactions that do not trigger the exit right; and exceptions to these determinations.

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