New rules on right of first refusal
December 2005At the end of October 2005, the parliament of Estonia adopted legislation aiming to make the post factum right of first refusal as regulated by the commercial code effective and trustworthy. Read more
Financial assistance laws clarified
December 2005Amendments to the Commercial Code coming into effect on January 1 2006 will clarify the consequences of breaching financial assistance provisions and may affect acquisition financing. At present, the law does not specify the legal consequences of breaching certain loan prohibitions. Read more
Due diligence in M&A
September 2005It is customary in Estonia to carry out due diligence investigations in relation to corporate acquisitions. However, no duty of due diligence is placed on the purchaser by the law. Only at the point when the purchaser knows or should know about the shortcomings of the object of sale is the seller released from the liability for the object's non-conformity with its contract. Therefore, it is in the seller's interest for the purchaser to familiarize itself with the object of sale. Read more
Hansabank takeover
August 2005Earlier this year Swedbank acquired Hansapank, the largest public company in the Baltic states. With its EUR 1.7 billion size, it was the largest ever single M&A transaction carried out in the Baltics. Read more
Estonian Legislation Guide in IFLR 1000 (2006)
July 2005IFLR 1000, the international legal market’s leading guide to the top law firms advising on international corporate finance has requested Tark & Co to write the opening article for the guide's Estonian chapter. Read more
Developments in the squeeze-out procedure
May 2005The regulation of the takeover of shares held by minority shareholders by a majority shareholder (known as squeeze-out) was introduced in Estonia by the Commercial Code on January 1 2002, when Chapter 29(1) of the Commercial Code came into force. At the end of 2004 the Supreme Court gave two important judgments on the regulation of squeeze-outs. Read more
February 2005
Damages of storm or flood?
January 2005In conjunction with the storm in Pärnu and Läänemaa on January 8th-9th, 2005, Äripäev covered in detail subjects related to compensation of damages resulting from the storm in its 14.01.2005 issue. Attorney at law from Tark & Co also gave a commentary. Read more
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