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(Created page with "Under {{isdaprov|Italian Law}} a shareholder on the Record Date who does not vote in favour of a proposed {{tag|merger}} acquires a "[[Withdrawal right - Italian corpo...")
 
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Under {{isdaprov|Italian Law}} a [[shareholder]] on the [[Record Date]] who does not vote in favour of a proposed {{tag|merger}} acquires a "[[Withdrawal right - Italian corporate law|withdrawal right]]" if the {{tag|merger}} is approved. The withdrawal right allows a shareholder who abstained or voted against the merger to be cashed out of the equity at a pre-defined price (the weighted average of the closing price of the stock over the last six months).
Under {{tag|Italian Law}} a [[shareholder]] on the [[Record Date]] who does not vote in favour of a proposed {{tag|merger}} acquires a "[[Withdrawal right - Italian corporate law|withdrawal right]]" if the {{tag|merger}} is approved. The withdrawal right allows a [[shareholder]] who abstained or voted against the [[merger]] to be cashed out of the equity at a pre-defined price equal to the average [[closing price]] published by {{tag|Borsa Italiana}} for the six months prior to the notification date for the merger.


It is therefore possible that the withdrawal right as a {{tag|call option}} over the stock. It is only exercisable if the shareholder does not vote.
It is therefore possible that the withdrawal right as a {{tag|call option}} over the stock. It is only exercisable if the shareholder does not vote. <small>[https://jollycontrarian.com/index.php?title=Template:Italianwithdrawalright&action=edit edit template]</small>
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