The eBearing News
January 31, 2002
New Law Will Force FAG Minority
Shareholders to Sell Out to INA
copyright © 2002 eBearing Inc.
With its successful takeover of FAG Kugelfischer, privately-held
INA Holding is likely to force FAG's remaining holdouts to
tender their shares.
INA launched its hostile takeover bid for FAG in mid-September
and by mid-October 2001 had acquired an overwhelming proportion
of FAG's outstanding shares.
• the ongoing takeover news coverage
Now, the holdouts will most likely be forced to sell -- the result of
a late 2001 change to German securities law.
Under the new law, when one entity owns more than 95% of a
publicly-traded stock, it can force those holdout minority
shareholders to sell their shares.
Although the exact numbers are not available, INA is
widely assumed to have accumulated more than 95% of
FAG's outstanding shares.
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