Template:Italianwithdrawalright

Under Italian Law a shareholder on the Record Date who does not vote in favour of a proposed merger acquires a "withdrawal right" if the 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).

It is therefore possible that the withdrawal right as a call option over the stock. It is only exercisable if the shareholder does not vote.