해외 M&A의 ë²•ì  ìŸì  - Sullivan & Cromwell

1. Providing Equity Without Taking Control continued
Straight Equity
A French company by shares may reserve an issuance of new shares to
one or more identified investors or categories of investors:
- Requires a 2/3 majority vote at a shareholders meeting
- No pricing constraints – as long as issuance price is not lower than per value
Public companies: up to 20% of the share capital in any 12-month period
may be offered to a group of investors pursuant to a private placement:
- No need for a pre-closing EGM approval if the board has received a blank-check
delegation from a prior EGM
- Minimum price requirements will apply (discount to market price may not exceed 5% of
the weighted average price observed during the last three trading days).
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