The efficacy of intra-corporate approvals in negotiated mergers between controlling shareholder and its corporation under delaware and Brazilian law
DOI:
https://doi.org/10.11606/issn.0102-8049.ip076-105Palavras-chave:
Intra-corporate approvals, Mergers, Controlling shareholder, Delaware law, Brazilian law, Fusões, Aprovações intracorporativas, Acionista controlador, Direito brasileiro, Direito de DelawareResumo
Introduction. I. Long-Form Mergers between Controlling Shareholder and its Corporation under Delaware Case Law: A) Weinberger "v." UOP, Inc.; B) Post-Weinberger Cases: I. In re Trans World Airlines, Inc. Shareholders Litigation and Business,. Judgment; 2. In Citron ''v." E. I. DuPont de Nemours & Co. and Entire Fairness; 3. Kahn "v." Lynch Communication Systems; 4. Relevant Delaware Case Law after Lynch Communications; C) Critical Observations on the Efficacy of In Ira-Corporate Approval Mechanisms for Controlling Shareholders' Transactions under Delaware Law. IL Long-Form Mergers between Controlling Shareholder and its Corporation under Brazilian Law: A) General Rule concerning Conflict of Interest under Brazilian Law - Section 115 of Brazilian Corporation Law; B) Special Rule for Mergers of Controlled Corporations - Section 264 of the Brazilian Corporation Law: 1. In Pursuit of an Equitable Share Exchange Ratio; 2. The Share Exchange Ratio to be Adopted in a Merger of Controlled Corporation; 3. The Two Functions of Section 264 of the Brazilian Corporation Law: a - Informative Function; b - Legitimizing the Merger Process; C) "Ex Post" Liability for Directors: Section 245 of the Brazilian Corporation Law. la Conclusion. Bibliography.
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Referências
I. Books and Articles
Alfredo Lamy Filho & José Bulhões Pedreira. "A relação de substituição de ações na incorporação de subsidiária", in A Lei das S/A. v. 2, Renovar.
Bradley R. Aronstam, R. Franklin Balotti & Timo Rehbock. "Delaware's Going-Private Dilemma: Fostering Protections for Minority Shareholders in the Wake of Siliconix and Unocal Exploration", 58 Bus. Law. 519.
______. "Revisiting Delaware's Going-Private Dilemma Post Pure Resources", 59 Bus. Law. 1.459.
Christopher A. Iacono. "Tender Offers and Short-Form Mergers by Controlling Shareholders under Delaware Law: the '800-Pound Gorilla' Continues Unimpeded - In Re Pure Resources, Inc., Shareholders Litigation", 28 Del. J. Corp. L. 645.
Erasmo Valladão Azevedo e Novaes França. Conflito de Interesses nas Assembléias das S/A. Malheiros Editores, 1993.
Gerard Hertig & Hideki Kanda. "Related Party Transactions", in Reiner R. Kraakman et all, The Anatomy of Corporate Law - A Comparative and Functional Approach. Oxford, University Press, 2004.
Guhan Subramanian. "Fixing Freeze Outs", 115 Yale L. J. 2, 11-13, 2005.
Jon E. Abramczyk, Jason A. Cincilla & James D. Honaker. "Going Private 'Dilemma'? Not in Delaware", 58 Bus. Law. 1.351.
Leo E. Strine. "The Inescapably Empirical Foundation of the Common Law of Corporations", 27 Del. J. Corp. L. 499, 509, 2002.
Luca Enriques. "The Law on Company Director's Self-Dealing: a Comparative Analysis", 2 Int'l & Comp. Corp. L. J. 297, 2000.
Melvin Aron Eisenberg. "The Divergence of Standards of Conduct and Standards of Review in Corporate Law", 62 Fordham L. Rev. 437, 456.
Michael P. Dooley. Fundamentals of Corporation Law. The Foundation Press, 1995.
Michael P. Dooley & Michael D. Goldman. "Some Comparisons between the Model Business Corporation Act and the Delaware General Corporation Law", 56 Bus. Law. 737.
Modesto Carvalhosa. Comentários a Lei de Sociedades Anônimas. Saraiva, 2002.
Peter V. Letsou & Steven M. Haas. "The Dilemma that Should Never Have Been: Minority Freeze Outs in Delaware", 61 Bus. Law. 25, 73, 2005.
Robert Charles Clark. Corporate Law. Aspen Law & Business ed., Aspen Publisher, 1986.
Stephen M. Bainbridge. Corporation Law and Economics. New York, Foundation Press, 2002.
Steven M. Haas. "Toward a Controlling Shareholder Safe Harbor", 90 Va. L. Rev. 2.245.
William T. Allen, Jack B. Jacobs & Leo E. Strine, Jr. "Function Over Form: a Reassessment of Standards of Review in Delaware Corporate Law", 56 Bus. Law. 1.287.
Zohar Goshen. "The Efficiency of Controlling Corporate Self Dealing: Theory Meets Reality", 91 Cal. L. Rev. 393.
2. Cases
Citron v. E. I. DuPont de Nemours & Co., 584 A.2d 490 (Del. Ch. 1990).
Haldeman v. Haldeman, 197 S.W. 376, 381 (Ky. 1917).
Hollinger International v. Black, 844 A.2d 1022 (Del. Ch. 2004).
In re Cox Communication, Inc. Shareholders Litigation, 879 A.2d 604 (Del. Ch. 2005).
In re Siliconix Inc. Shareholders Litigation, n. Civ. A. 18700, 2001 WL 716787 (Del. Ch. June 19, 2001).
In re Trans World Airlines, Inc. Shareholders Litigation, not reported in A.2d, 1988 WL 111271 (Del. Ch.), 14 Del. J. Corp. L. 870.
Kahn v. Lynch Communications Systems, Inc., 638 A.2d 1114 (Del. 1994).
Kahn v. Tremont Corporation, not reported in A.2d, 1996 WL 145452 (Del. Ch.), 21 Del. J. Corp. L. 1161.
Kahn v. Tremont Corp., 694 A.2d 422, 428-29.
Puma v. Marriot, 283 A.2d 693 (Del. Ch. 1971).
Rabkin v. Philip A. Hunt Chemical Corp., 498 A.2d 1099, 1107 (Del. 1985).
Roland International Corp. v. Najjar, 407 A.2d 1032 (1979).
Rosenblatt v. Getty Oil Co., 493 A.2d 929 (Del. 1985).
Sinclair Oil Corp. v. Levien, 280 A.2d 712, 720 (Del. 1971).
Singer v. Magnavox Co., 380 A.2d 969.
T. Rowe Price Recovery, L. P. v. Rubin, 770 A.2d 536, 552 (Del. Ch. 2000).
Tanzer v. International General Industries, Inc., 379 A.2d 1121 (1977).
Thorpe v. CERBCO, Inc., A.2d 436 (Del. 1996).
Weinberger v. UOP. Inc., 457 A.2d 701 (Del. 1983).
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Direitos autorais (c) 2006 Mauro Bardawil Penteado
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