KŠB Advises on CETIN Squeeze-Out03/02/16 / News
KŠB has advised on the squeeze-out of minority shareholders from Česká telekomunikační infrastruktura (CETIN) which the company’s board decided on in December 2015 and which took place in January 2016.
The legal advice was unique for several reasons: primarily, it marked one of the first squeeze-outs under the new Corporations Act which took effect on 1 January 2014, with the squeeze-out provisions differing substantially from the ones under the previously applicable Commercial Code. As a result, there were various interpretation issues with no case-law support.
KŠB provided full-service advice which covered the entire squeeze-out procedure, including cooperation on many issues associated with compensation payments to more than thirty thousand shareholders. This figure is another reason which made the deal so unique.
Following the squeeze-out, CETIN became fully owned by a PPF Group company which owned over 90% of the shares in CETIN before the squeeze out. CETIN was established last year as the survivor of the O2 Czech Republic spin-off. Details are available here.