So we expect a legal regulation suited to the interests of the market that is is where the supply with the demand. 17 Takeover bids will now develop another course or case of business concentration that are takeover bids, which are little widespread in our environment, i.e., few lawyers know them and thus few people have access to this information, by which we can not but recommend his expertise in these subjects which are those who matter to the securities law, and consequently to the right business or business law or business law and corporate law. Takeover bids are acquisitions public offerings and it is a known in the securities law course of business concentration. The main rules rules that the They regulate are contained in the tuo of the securities market Act and on special rules of conasev, so it must resort to them to study this institution of business concentration. It happens when you want to acquire considerable part of shares listed on stock exchange of a society, so it is clear that only applies when the society has registered in the aforementioned actions. That must comply with a procedure previously established in the Act to take knowledge that it takes control of the sociedad anonima which belong to the actions. Putting on record that only corporations can have shares listed on stock exchange, so that these shares when sold at a considerable volume cannot be transferred freely but you have to follow a procedure previously established in the law.
Article 68 of the tuo of the securities market Act establishes that the natural person or legal who intends to acquire or increase, directly or indirectly, in a single act or in successive acts, meaningful participation in a society that has at least one class of shares with right to vote registered in stock exchange, dede made an offer public purchase addressed to the holders of shares entitled to vote and other securities susceptible of granting voting rights in that company. This text is according to article 12 of law 27649 substituting. In this sense only applies to shares with right to vote, so if it’s shares without voting rights the opa does not apply.