Aktienrückkauf, Kapitalverwässerung und die Bedeutung von Transferable Put Rights
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Aktienrückkauf, Kapitalverwässerung und die Bedeutung von Transferable Put Rights
Meincke, Sven | Nekat, Kai | Nippel, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 39 (2006), Iss. 4 : pp. 551–572
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Sven Meincke, Kiel
Kai Nekat, Kiel
Peter Nippel, Kiel
References
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Abstract
Stock Repurchase, Capital Dilution and the Importance of Transferable Put Rights
We examine Transferable Put Rights (TPRs) which can be issued as part of a fixed price tender offer to repurchase shares. In general, TPRs are the mirror image of the rights issue in a seasoned equity offering. We start our analysis by showing how to value TPRs and what impact they have on shareholders' wealth in a very general framework, highlighting the analogy to a rights issue. Moreover we show that under the German tax code repurchasing shares by an issue of TPRs always leads to a Pareto improvement. At least some shareholders gain, compared to repurchasing shares by a fixed price tender offer without TPRs. Therefore, companies planning a share repurchase by means of a fixed price tender offer should seriously consider the usage of TPRs for the repurchase.