{"id":6236,"date":"2021-12-13T07:04:08","date_gmt":"2021-12-13T07:04:08","guid":{"rendered":"https:\/\/cukurpartners.com\/changes-on-mandatory-bid-in-takeover-transactions-in-public-companies-in-turkey\/"},"modified":"2021-12-13T07:05:03","modified_gmt":"2021-12-13T07:05:03","slug":"halka-acik-sirketlerde-devralma-islemlerinde-zorunlu-pay-alim-teklifleri-hakkinda-degisiklikler","status":"publish","type":"post","link":"https:\/\/old.cukurpartners.com\/tr\/halka-acik-sirketlerde-devralma-islemlerinde-zorunlu-pay-alim-teklifleri-hakkinda-degisiklikler\/","title":{"rendered":"HALKA A\u00c7IK \u015e\u0130RKETLERDE DEVRALMA \u0130\u015eLEMLER\u0130NDE ZORUNLU PAY ALIM TEKL\u0130FLER\u0130 HAKKINDA DE\u011e\u0130\u015e\u0130KL\u0130KLER"},"content":{"rendered":"<p><b>G\u0130R\u0130\u015e<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Halka a\u00e7\u0131k \u015firketlerde devralma i\u015flemleri s\u0131ras\u0131nda yap\u0131lan zorunlu pay al\u0131m teklifine ili\u015fkin olarak, zorunlu pay al\u0131m teklifinden yararlanabilecek pay sahiplerinin belirlenmesi, bilgi formundan do\u011fan sorumluluk, zorunlu pay al\u0131m fiyat\u0131n\u0131n belirlenmesi ve pay al\u0131m teklifinde bulunma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn do\u011fmad\u0131\u011f\u0131 haller ile muafiyet hallerinde \u00e7e\u015fitli de\u011fi\u015fiklikler yap\u0131lm\u0131\u015ft\u0131r. Bu kapsamda baz\u0131 hususlar netle\u015ftirilmi\u015f baz\u0131 hususlarda ise sorumlulu\u011fun kapsam\u0131 geni\u015fletilmi\u015ftir.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Halka a\u00e7\u0131k \u015firketlerin devralma i\u015flemleri yani \u015firket kontrol\u00fcn\u00fcn yeni bir orta\u011fa ge\u00e7mesi s\u0131ras\u0131nda yap\u0131lan pay sat\u0131m\u0131na ili\u015fkin teklifler g\u00f6n\u00fcll\u00fc ve zorunlu olmak \u00fczere ikiye ayr\u0131lmaktad\u0131r. Zorunlu pay al\u0131m teklifi kapsam\u0131nda halka a\u00e7\u0131k \u015firketlerin devralma i\u015flemlerinde y\u00f6netimi kontrol\u00fcnde bulunduracak kadar paya h\u00e2kim olan pay sahibi, oy haklar\u0131n\u0131n iktisab\u0131n\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 tarihte veya ortakl\u0131\u011f\u0131n y\u00f6netim kontrol\u00fcn\u00fc ele ge\u00e7irmek i\u00e7in ortaklar\u0131n kendi aralar\u0131nda yapt\u0131klar\u0131 \u00f6zel yaz\u0131l\u0131 anla\u015fman\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 tarihte di\u011fer pay sahiplerine pay al\u0131m teklifi yapmak zorundad\u0131r.\u00a0 Sermaye Piyasalar\u0131 Kanunu bu durumu II-26.1 say\u0131l\u0131 Pay Al\u0131m Teklifi Tebli\u011fi\u2019nde (\u201c<\/span><b>Tebli\u011f<\/b><span style=\"font-weight: 400;\">\u201d) detayl\u0131ca d\u00fczenlemektedir. Bu yaz\u0131m\u0131zda ilgili Tebli\u011f kapsam\u0131nda yap\u0131lan de\u011fi\u015fiklikler incelenecektir.\u00a0\u00a0<\/span><\/p>\n<p><b>ZORUNLU PAY ALIM TEKL\u0130F\u0130NE KONU OLAN PAYLARIN BEL\u0130RLENMES\u0130<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Zorunlu pay al\u0131m teklifine konu olan paylar\u0131n miktar\u0131n\u0131n belirlenmesinde hangi tarihin esas al\u0131naca\u011f\u0131na ili\u015fkin olarak Tebli\u011f ile yap\u0131lan de\u011fi\u015fikliklerde, ortaklar\u0131n kendi aralar\u0131nda \u00f6zel yaz\u0131l\u0131 anla\u015fma yapmak suretiyle y\u00f6netimin kontrol\u00fcn\u00fc ele ge\u00e7irmeleri halinde \u00f6zel yaz\u0131l\u0131 anla\u015fman\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 an\u0131n esas al\u0131naca\u011f\u0131 \u00f6ng\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Ayn\u0131 \u015fekilde g\u00f6n\u00fcll\u00fc pay al\u0131m teklifi sonucu veya ba\u015fka bir y\u00f6ntem ile y\u00f6netim kontrol\u00fc iktisap edildi\u011finde kontrol\u00fc sa\u011flayan paylar\u0131n veya oy haklar\u0131n\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 an esas al\u0131nacakt\u0131r.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bunun yan\u0131 s\u0131ra, Merkezi Kay\u0131t Kurulu\u015fu, belirlenen pay tutarlar\u0131n\u0131 ve pay sahiplerini listeleyecek ve pay al\u0131m teklifi yap\u0131lmas\u0131ndan bir g\u00fcn \u00f6nce yat\u0131r\u0131m kurulu\u015funa verecektir.\u00a0<\/span><\/p>\n<p><b>B\u0130LG\u0130 FORMUNA DA\u0130R GET\u0130R\u0130LEN DE\u011e\u0130\u015e\u0130KL\u0130KLER<\/b><\/p>\n<p><span style=\"font-weight: 400;\">G\u00f6n\u00fcll\u00fc veya zorunlu pay al\u0131m teklifinde bulunulmas\u0131 halinde, Kamu Ayd\u0131nlatma Platformu (\u201c<\/span><b>KAP<\/b><span style=\"font-weight: 400;\">\u201d) \u00fczerinden kamuya a\u00e7\u0131klanacak hususlar\u0131n i\u00e7inde yer alan bilgi formuna dair baz\u0131 de\u011fi\u015fiklikler yap\u0131lm\u0131\u015ft\u0131r. Buna g\u00f6re bilgi formundan sorumlu olan ki\u015filerin kapsam\u0131 geni\u015fletilmi\u015f ve yat\u0131r\u0131m \u015firketleri de sorumlulu\u011fun kapsam\u0131na al\u0131nm\u0131\u015ft\u0131r. Demek oluyor ki, bilgi formunda eksik, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bir bilginin bulunmas\u0131 halinde hali haz\u0131rda sorumlulu\u011fun kapsam\u0131na d\u00e2hil olan teklifte bulunanlar\u0131n yan\u0131 s\u0131ra yat\u0131r\u0131m \u015firketlerinin de sorumlulu\u011fu do\u011fabilecektir.<\/span><\/p>\n<p><b>ZORUNLU PAY ALIM TEKL\u0130F\u0130 KAPSAMINA G\u0130RMEYEN HALLER<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bu kapsamda ilgili bentler a\u015fa\u011f\u0131daki gibi de\u011fi\u015ftirilmi\u015f olup, y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn kapsam\u0131na girmeyen haller geni\u015fletilmi\u015ftir:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cY\u00f6netim kontrol\u00fcn\u00fc sa\u011flayan oy haklar\u0131n\u0131n, 12 nci maddenin \u00fc\u00e7\u00fcnc\u00fc f\u0131kras\u0131 uyar\u0131nca birlikte hareket etti\u011fi kabul edilen veya birlikte hareket ettiklerini beyan etmeleri sebebiyle hedef ortakl\u0131kta pay al\u0131m teklifinde bulunmu\u015f olan ger\u00e7ek veya t\u00fczel ki\u015filerin kendi aralar\u0131nda yap\u0131lan devir i\u015flemleri sebebiyle elde edilmesi.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ortakl\u0131\u011f\u0131n y\u00f6netim kontrol\u00fcne tek ba\u015f\u0131na veya birlikte sahip mevcut ortaklar\u0131na ait paylar\u0131n bir k\u0131sm\u0131n\u0131 devralmak veya ortakl\u0131k taraf\u0131ndan yap\u0131lan sermaye art\u0131r\u0131m\u0131ndan pay edinmek suretiyle ortak olan ki\u015finin; ortakl\u0131\u011f\u0131n oy haklar\u0131n\u0131n % 50\u2019si veya daha az\u0131na sahip olmak ko\u015fuluyla, pay devri \u00f6ncesinde y\u00f6netim kontrol\u00fcne sahip ortak veya ortaklardan bir k\u0131sm\u0131 ile aralar\u0131ndaki yaz\u0131l\u0131 s\u00f6zle\u015fme \u00e7er\u00e7evesinde ortakl\u0131\u011f\u0131n y\u00f6netim kontrol\u00fcn\u00fc e\u015fit veya daha az bir oranla ilk kez payla\u015fmas\u0131.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Y\u00f6netim kontrol\u00fcn\u00fcn elde edilmesi ile ortakl\u0131ktan \u00e7\u0131karma ve satma hakk\u0131n\u0131n da do\u011fmas\u0131\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Hallerinde art\u0131k zorunlu pay al\u0131m teklifinde bulunulmas\u0131 g\u00fcndeme gelmeyecektir. Buna ek olarak yukar\u0131da say\u0131lan hallerden birinin ortaya \u00e7\u0131kmas\u0131 durumunda, bu durumu takip eden en ge\u00e7 2 i\u015f g\u00fcn\u00fc i\u00e7erisinde y\u00f6netim kontrol\u00fcn\u00fc elde edenlerin birinci f\u0131kran\u0131n hangi bendi kapsam\u0131nda y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn do\u011fmad\u0131\u011f\u0131 bilgisine de yer verilerek kamuya a\u00e7\u0131klama yapmas\u0131 gerekmektedir.<\/span><\/p>\n<p><b>SERMAYE P\u0130YASASI KURULU\u2019NUN MUAF\u0130YET SA\u011eLADI\u011eI DURUMLAR<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Sermaye Piyasas\u0131 Kurulu, zorunlu pay al\u0131m teklifine ili\u015fkin baz\u0131 muafiyet halleri \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr. \u0130lgili de\u011fi\u015fiklikler ile birlikte, bu kapsama y\u00f6netim kurulunun kontrol\u00fcn\u00fcn ele ge\u00e7irilmesine yol a\u00e7an pay iktisab\u0131n\u0131n;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Miras<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Miras payla\u015f\u0131m\u0131<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">E\u015fler aras\u0131ndaki mal rejimi h\u00fck\u00fcmlerinden kaynaklanmas\u0131\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">halleri ile sa\u011flanmas\u0131 durumunda pay al\u0131m teklifinde bulunma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnde muafiyet hakk\u0131 tan\u0131nabilecektir.\u00a0<\/span><\/p>\n<p><b>ZORUNLU PAY ALIM TEKL\u0130F\u0130NE \u0130L\u0130\u015eK\u0130N KUR VE FA\u0130Z ORANLARINA \u0130L\u0130\u015eK\u0130N DE\u011e\u0130\u015e\u0130KL\u0130KLER<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Fiili pay al\u0131m teklifinin \u00f6ng\u00f6r\u00fclen zamanda ger\u00e7ekle\u015fmemesi halinde, e\u011fer pay al\u0131m teklifinde bulunan taraf\u0131n herhangi bir kusuru s\u00f6z konusu de\u011filse faiz uygulanmayaca\u011f\u0131na h\u00fckmolunmu\u015ftur. T\u00fcrk Liras\u0131na hali haz\u0131rda uygulanan T\u00fcrk Liras\u0131 Bankalararas\u0131 Sat\u0131\u015f Oran\u0131 (TRLIBOR) yerine T\u00fcrk Liras\u0131 Gecelik Referans Faiz Oran\u0131 (TLREF) uygulanacak ve bu referans faizlerin uygulamadan kalkmas\u0131 halinde SPK taraf\u0131ndan uygun g\u00f6r\u00fclen oranlar kullan\u0131lacakt\u0131r.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: right;\"><strong>Fatmanur Ay\u0131\u015f\u0131k<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>G\u0130R\u0130\u015e Halka a\u00e7\u0131k \u015firketlerde devralma i\u015flemleri s\u0131ras\u0131nda yap\u0131lan zorunlu pay al\u0131m teklifine ili\u015fkin olarak, zorunlu pay al\u0131m teklifinden yararlanabilecek pay sahiplerinin belirlenmesi, bilgi formundan do\u011fan sorumluluk, zorunlu pay al\u0131m fiyat\u0131n\u0131n belirlenmesi ve pay al\u0131m teklifinde bulunma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn do\u011fmad\u0131\u011f\u0131 haller ile muafiyet hallerinde \u00e7e\u015fitli de\u011fi\u015fiklikler yap\u0131lm\u0131\u015ft\u0131r. Bu kapsamda baz\u0131 hususlar netle\u015ftirilmi\u015f baz\u0131 hususlarda ise sorumlulu\u011fun kapsam\u0131 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,42],"tags":[],"class_list":["post-6236","post","type-post","status-publish","format-standard","hentry","category-yasal-mevzuata-uyum","category-sirketler-ve-ticaret-hukuku"],"acf":[],"_links":{"self":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/6236"}],"collection":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/comments?post=6236"}],"version-history":[{"count":1,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/6236\/revisions"}],"predecessor-version":[{"id":6237,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/6236\/revisions\/6237"}],"wp:attachment":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/media?parent=6236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/categories?post=6236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/tags?post=6236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}