Composition of Combined Consideration - Equity Derivatives Provision: Difference between revisions
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Latest revision as of 23:06, 5 August 2023
2002 ISDA Equity Derivatives Definitions A Jolly Contrarian owner’s manual™ 12.5 in all its glory
Resources and Navigation
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Overview
Section 12.3. Consequences of Tender Offers
- 12.3(a) Cancellation and Payment (Tender Offers)
- 12.3(b) Options Exchange Adjustment (Tender Offers)
- 12.3(c) Calculation Agent Adjustment (Tender Offers)
- 12.3(d) Modified Calculation Agent Adjustment (Tender Offers)
- 12.3(e) Partial Cancellation and Payment (Tender Offers)
- 12.3(f) Component Adjustment (Tender Offers)
Section 12.4. Settlement Following a Merger Event or Tender Offer
Section 12.5. Composition of Combined Consideration
Section 12.6. Nationalization, Insolvency and Delisting
Summary
The pedantrous may ask to remove references to the Calculation Agent’s sole discretion. Get your kicks — it’s doubtful that makes any difference: making a determination without specifically saying how you should do it implies you’ll make it up on the fly. What is your counter argument, when the calculation makes a determination you don’t like, meant to be.
“Oh! you used your discretion! you were supposed to ask me!”
“No I wasn’t.”
“Oh, yes you were!”
“Where does it say that?”
Here follows a large pause, wherein negotiator realises that removing the words “, in its sole discretion,” doesn’t achieve anything.
“... Well it doesn't say you weren’t meant to ask me ...”
You know where this is heading, don’t you. Come on: let's go there, for old time’s sake.
“Where?” did I hear you say? I can scarce believe it.
Oh come on, “where?” indeed. You know where.
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- The JC’s famous Nutshell™ summary of this clause