Quoted - Expedited proceedings in takeover processes
This edition of Quoted discusses the relevant differences between inquiry proceedings and summary proceedings as a means of initiating expedited proceedings in takeover processes. Such expedited proceedings can intervene in the obligations of parties or the governance of the company. In this way, unnecessary value destruction can be avoided.
Complex acquisitions can lead to complex disputes. These disputes often arise after the takeover process has been completed, for example, when it appears that certain warranties have been breached, an indemnity claim is not being honoured or a disagreement arises about (the amount of) leakage or an earn-out. In such cases, the parties can usually fall back on contractual agreements laying down dispute resolution mechanics.
However, disputes can also arise before the takeover process is completed. It is precisely in such cases that rapid action is often required to prevent irreversible consequences. Where appropriate, the parties may choose to obtain injunctive relief in (urgent) inquiry proceedings or in summary proceedings, which may intervene in the obligations of the parties or the governance of the company.
This edition of Quoted addresses, partly on the basis of notable precedents, the relevant differences between inquiry proceedings and summary proceedings as a means of initiating expedited proceedings in takeover processes.
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Bastiaan KempSenior associate Attorney at law
Bastiaan Kemp, attorney at law, is a member of the Litigation & Risk Management practice group in our Amsterdam office. He focuses on corporate law, including corporate governance and corporate litigation.T: +31 20 578 50 46 M: +31 613 85 43 31 E: firstname.lastname@example.org
Philippe HezerAssociate Attorney at law
Philippe Hezer, attorney at law, is a member of the Litigation & Risk Management practice group. He specialises in corporate law, including corporate litigation, corporate governance and securities law.T: +31 20 578 59 26 M: +31 623 40 48 03 E: email@example.com