Corporate Finance/M&A, CMS Albiñana & Suárez de Lezo updates

Spain

Contributed by CMS Albiñana & Suárez de Lezo
Possible conflicts of interest in evaluation reports compiled by directors and evaluation methods used in takeovers
  • Spain
  • 17 February 2021

The Supreme Court recently reached a decision concerning an appeal case against the National Court's annulment of a National Securities Market Commission agreement authorising a buy-out takeover. In particular, the Supreme Court took a stand on the potential conflicts of interest between the proposed evaluation report and the price offered in the takeover framework when the evaluation report is carried out by an independent expert.


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