Template:Nutshell Equity Derivatives 12.1(b): Difference between revisions
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:{{eqderivprov|12.1(b)}} “'''{{eqderivprov|Merger Event}}'''” relating to {{eqderivprov|Shares}} means: | :{{eqderivprov|12.1(b)}} A “'''{{eqderivprov|Merger Event}}'''” relating to any {{eqderivprov|Shares}} means: | ||
::(i) a mandatory requirement to transfer all of those {{eqderivprov|Shares}} to another entity; | ::(i) a mandatory requirement to transfer all of those {{eqderivprov|Shares}} to another entity; | ||
::(ii) the {{eqderivprov|Issuer}} [[Merger|merges]] with another entity (except | ::(ii) the {{eqderivprov|Issuer}} [[Merger|merges]] with another entity (except where the {{eqderivprov|Issuer}} is the continuing entity and the {{eqderivprov|Shares}} are not changed) | ||
::(iii) | ::(iii) any entity offers to acquire 100% of the outstanding {{eqderivprov|Shares}} and that offer results in an irrevocable commitment to transfer all the {{eqderivprov|Shares}} to the offeror, or | ||
::(iv) the Issuer or its subsidiaries [[Merger|merges]] where the {{eqderivprov|Issuer}} is the continuing entity and the {{eqderivprov|Shares}} are not changed, but the outstanding {{eqderivprov|Shares}} (not controlled by the other entity) immediately before the merger represented less than 50% of the outstanding {{eqderivprov|Shares}} left after the merger (a “'''{{eqderivprov|Reverse Merger}}'''”), | ::(iv) the {{eqderivprov|Issuer}} or its subsidiaries [[Merger|merges]] with another entity where the {{eqderivprov|Issuer}} is the continuing entity and the {{eqderivprov|Shares}} are not changed, but the outstanding {{eqderivprov|Shares}} (not controlled by the other entity) immediately before the [[merger]] represented less than 50% of the outstanding {{eqderivprov|Shares}} left after the [[merger]] (a “'''{{eqderivprov|Reverse Merger}}'''”), | ||
:in each case if the {{eqderivprov|Merger Date}} is on or before, | :in each case if the {{eqderivprov|Merger Date}} is on or before, | ||
::(A) for {{eqderivprov|Physically}}-settled {{eqderivprov|Option Transaction}}s the later of the {{eqderivprov|Expiration Date}} and the final {{eqderivprov|Settlement Date}}, | ::(A) for {{eqderivprov|Physically}}-settled {{eqderivprov|Option Transaction}}s the later of the {{eqderivprov|Expiration Date}} and the final {{eqderivprov|Settlement Date}}, | ||
::(B) for {{eqderivprov|Physically}}-settled {{eqderivprov|Forward Transaction}} or {{eqderivprov|Equity Swap Transaction}}s, the relevant {{eqderivprov|Settlement Date}} or, | ::(B) for {{eqderivprov|Physically}}-settled {{eqderivprov|Forward Transaction}} or {{eqderivprov|Equity Swap Transaction}}s, the relevant {{eqderivprov|Settlement Date}} or, | ||
::(C) in any other case, the final {{eqderivprov|Valuation Date}}. <br> | ::(C) in any other case, the final {{eqderivprov|Valuation Date}}. <br> | ||
Revision as of 10:34, 23 June 2020
- 12.1(b) A “Merger Event” relating to any Shares means:
- (i) a mandatory requirement to transfer all of those Shares to another entity;
- (ii) the Issuer merges with another entity (except where the Issuer is the continuing entity and the Shares are not changed)
- (iii) any entity offers to acquire 100% of the outstanding Shares and that offer results in an irrevocable commitment to transfer all the Shares to the offeror, or
- (iv) the Issuer or its subsidiaries merges with another entity where the Issuer is the continuing entity and the Shares are not changed, but the outstanding Shares (not controlled by the other entity) immediately before the merger represented less than 50% of the outstanding Shares left after the merger (a “Reverse Merger”),
- in each case if the Merger Date is on or before,
- (A) for Physically-settled Option Transactions the later of the Expiration Date and the final Settlement Date,
- (B) for Physically-settled Forward Transaction or Equity Swap Transactions, the relevant Settlement Date or,
- (C) in any other case, the final Valuation Date.