The article examines, also in a comparative and historical perspective, the preemptive rights of shareholders to subscribe newly issued shares. It considers the reasons why some legal systems (especially in the US) abandoned mandatory preemptive rights, and what other protections they provide for existing shareholders in case of issuing of new shares, and why other systems (especially in the EU) retain mandatory preemptive rights.
Issuing New Shares and Preemptive Rights: A Comparative Analysis
VENTORUZZO, MARCO
2013
Abstract
The article examines, also in a comparative and historical perspective, the preemptive rights of shareholders to subscribe newly issued shares. It considers the reasons why some legal systems (especially in the US) abandoned mandatory preemptive rights, and what other protections they provide for existing shareholders in case of issuing of new shares, and why other systems (especially in the EU) retain mandatory preemptive rights.
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