Istanbul, Turkey, 6 November 2015 – In one of
Turkey's first squeeze-outs following the Turkish Capital
Market Board's new regulations, Vaillant Saunier Duval Iberica
squeezed-out the remaining shareholders of Turk Demir Dokum
The Turkish Capital Markets Boards' (CMB) comprehensive set
of rules on squeeze-out of minority shareholders entered into force
on July 1, 2014. The regulations changed, however, when the CMB
revised the squeeze-out and sell-procedures only four months later
in November 2014. The Vaillant deal was ongoing throughout this
"We have been in touch with the CMB since the beginning of
this initiative which dates back to 2012 and had opined on the
CMB's draft squeeze-out regulation several times to make it a
fair arrangement from the perspective of both the majority
shareholder and the minorities. This has been a particularly
challenging process. Our client was the first to officially launch
its squeeze-out process. After the changes by the CMB only four
months after the application, we had to start from scratch. We
predict that squeeze out will soon become an ordinary part of
M&A transactions concerning public companies in Turkey, just as
mandatory tender offers have," commented partner Muhsin
The Firm advised Vaillant in relation to the sell-out process of
the minority shareholders in Turk Demir Dokum Fabrikalari A.S., and
subsequently, the squeeze-out of the remaining shareholders. The
deal was launched on July 2, 2014, one day after the new rules
entered into force and restarted in November 2014 after the
regulatory changes. The deal was completed in September 2015.
A team of lawyers from Esin Attorney Partnership, a member firm
Baker & McKenzie International, advised Vaillant. Capital
Markets partner Muhsin Keskin led the team with support from
associates Caner Elmas, Berk Cin and Deniz Erden.
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