Available via license: CC BY-NC-ND 4.0
Content may be subject to copyright.
Procedia Economics and Finance 25 ( 2015 ) 106 – 115
2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting
doi: 10.1016/S2212-5671(15)00718-2
ScienceDirect
Available online at www.sciencedirect.com
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© 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer
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107
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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110 Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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cea
ses. A majority's oppressive conduct should not negate this basic shareholder right to participate in changes in
the company's overall worth. From this perspective, the value of a plaintiff minority's shares is properly affected by
changes in a company's value - even changes that occur after oppressive conduct has transpired- for as long as the
minority remains a shareholder." (Moll, 2004, p. 371-372)
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111
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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"(...) no one will ever know with certainty what would have happened because the majority oppressively denied
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nority an opportunity to participate. Because this uncertainty stems from the majority's conduct, it is
appropriate to resolve the uncertainty against the majority's interests." (Moll, 2004, p. 377)
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"The establishment of a valuation date, w
hether it be in a dissenters' rights case or an oppressed shareholder
case (or any valuation case), is significant. This is because only those facts known or knowable on the valuation
date should be considered. Simply stated, An investor's required return and the amount of available benefits
usually is estimated at a single point in time. Also, the estimate of value is based solely on the information that is
discernible and predictable at the valuation date." (Reilly - Schweihs; 2000, p.291)
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112 Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
"In the case of mandatory takeover bid, the valuation dat
e is the day which precedes the day on which a trade
was made. In the case of a public contract proposal valuation date is the day which precedes the day of the
meeting on which it was decided to proceed with the transaction project. (…) This concept is not applicable on
squeeze-out transactions due to the fact that in that case it is the exercising of the right of the majority
shareholder rather that fulfilling the obligation imposed by law. (...) Valuation Date in the case of squeeze-outs
(…) must not significantly precede the date of filing an application for prior approval of the Czech National
Bank. Ideally, the valuation should be done on the day the ownership is transferred to the majority shareholder
which, however, is not feasible because of the requirement of a prior approval of the Czech National Bank and at
the time of application for Czech National Bank’s approval the date of the ownership transfer is not known.
Therefore it is expected that there will be a certain delay between the valuation date and the date of the
ownership transfer – this delay needs to be minimized. In particular, this means to take into account the most
recent financial and operational data for the valuation. Should there be any regular or interim financial
statements published after the valuation day but before the date of submission of the request for approval at the
Czech National Bank, the valuation should be reviewed and the valuation date updated in order to reflect the
most accurate date.ýeská Národní Banka, 2010, p. 9)
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113
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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"Valuation difference on acquired assets
is positive (active) or negative (passive) difference between the
valuation of a business or business division acquired mainly by purchase, investor’s deposit or by merger and the
sum of its net assets (i.e. assets decreased by liabilities) valued at the historical prices coming from the accounting"
(Vyhláška 500/2002 Sb.)
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is positive (active) or negative (passive) difference between the valuation of a business or business
division acquired mainly by purchase, investor’s deposit or by merger and the sum of its net assets (i.e. assets
decreased by liabilities) valued at current prices coming from the up-to-date valuation report." (Vyhláška 500/2002
Sb.)
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ormation of companies
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transformation of a company according to the Act 125/2008 Coll. of the balance sheet date for valuation. For the
purposes of this Act the balance sheet date for valuation means a day on which the final accounts used for the
valuation of assets and liabilities by an expert were prepared." (Vyhláška 500/2002 Sb.)
"Differences of transformation of companies
includes differences arising from balance sheet operations such as
eliminating the reciprocal receivables and payables or any other modifications required by the law, for example,
excluding specific assets and liabilities, which cannot be recognized in the financial statements of the successor
company under the current legislation." (Vyhláška 500/2002 Sb.)
"Differences in valuation for transformation
includes valuation differences related to the increase or decrease in
the assets or liabilities recognized in the financial statements prepared for the project of the transformation in the
period of the balance sheet date and the day when the transformation is registered in the Commercial Register."
(Vyhláška 500/2002 Sb.)
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