Fusioni e scissioni in presenza di piani di stock option

Translated title of the contribution: [Autom. eng. transl.] Mergers and spin-offs in the presence of stock option plans

Roberto Moro Visconti*

*Corresponding author

Research output: Contribution to journalArticle

Abstract

[Autom. eng. transl.] One of the most common types of stock option plans is that the company concerned decides on a reserved capital increase, to be carried out (also on a split basis) if and to the extent that the stock option recipients decide to exercise them. If the target company participates in a merger (as the acquiring or incorporating company) and this transaction is resolved and executed during the "vesting period", ie after the target company has approved the capital increase reserved for stock options, but before the time is ripe for which or, more frequently, from which the options begin to be exercisable, delicate problems arise above all of a legal nature. Also relevant are the problems that arise in the event that a spa (or a sapa) is the target company of a stock option plan that can be implemented not with a capital increase but with a deferred allocation of treasury shares to the beneficiaries, if and in the the extent to which they intend to exercise the option It is appropriate that the stock option plan envisages and regulates the not infrequent possibility of a merger. The stock option plans frequently provide for repurchase agreements of the shares (own or issued) by the issuing company: also in this case, the timing of the various maturities can intersect with a merger.
Translated title of the contribution[Autom. eng. transl.] Mergers and spin-offs in the presence of stock option plans
Original languageItalian
Pages (from-to)1-7
Number of pages7
JournalIMPRESA COMMERCIALE E INDUSTRIALE
Publication statusPublished - 2002

Keywords

  • fusioni
  • stock option

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