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I have a corporate law question

Resolved Question:

I have a corporate law question
Submitted: 4 years ago.
Category: Business Law
Expert:  cfortunato replied 4 years ago.

Hi jshield,

What is your legal question?

Customer: replied 4 years ago.
Corporation B is a public corporation. Corporation B has 8,500,000 shares outstanding. Corporation A is a public corporation. Corporation A owns 7,900,000 shares of Corporation B. At a board meeting last Thursday Corporation A wanted to pass a resolution aothorizing the purchase of additional shares of Corporation B in the opem market. The corporate attorney said you can't do this you must use a tender offer. I question this. I am a financial advisor.
Customer: replied 4 years ago.
Where is my answer?
Expert:  Law Pro replied 4 years ago.
I'm reading the "commas" correctly - that A almost owns B in it's entirety already - correct?
Customer: replied 4 years ago.
Correct
Expert:  Law Pro replied 4 years ago.
That's incorrect as to what the attorney stated. That's when they would initially buy more than 50% or a controlling interest in the corporation. Once they have that - then they can buy the shares on the open market and don't have to make a tender offer.

In fact, that happens all the time.
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24483
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
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