• ARG CNV issued General Resolution 1007/2024, announcing consultation on adopting regulations on the determination of the fair price in public acquisition offers (OPA) (Takeover).

Summary

• Consult on adoption of regulations on analysis of regulatory modification for OPA.
• Guidelines for determining fair price until effective payment or liquidation, so minority shareholders receive fair compensation that reflects the real value of their shares.
• For assumptions of takeover bids and extended to unilateral acquisition declarations.
• Fair price must be expressed, settled and paid in same currency used in the takeover.
• If fair price is set in foreign currency and is impossible to make the payment in that same currency, payment must be made equivalent in pesos, using BYMA dollar index.
• Volatility of exchange rate may affect determination of the value in pesos of a price set in foreign currency, so adjustment ensures value received is value agreed upon.

Consultation

• Comments on the public consultation on OPA are due on or before 24 July 2024.