Argentina – CNV Equitable Price in Takeovers

Argentina – CNV Equitable Price in Takeovers

On 5 July 2024, ARG CNV issued consult on equitable price in takeover bids

  • 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).


  • 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.


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