Squeeze-out

Squeeze-out

Supreme Court decision 6 Ob 138/19s

For the first time since the entry into force of the Squeeze-out Act 2006 (GesAusG), the Supreme Court's decision in case 6 Ob 138/19s – CERHA HEMPEL was involved in the proceedings – concluded the proceedings on reviewing the appropriateness of the cash settlement following a squeeze-out involving a listed company. All other such proceedings are either still pending or have ended in a general settlement being reached.

The decision of the Supreme Court was preceded by a partial settlement and an expert opinion prepared by the committee (estalbished pursuant to Section 225g of the Stock Corporation Act) itself, i.e. without the involvement of an external expert. In light of the fact that the proceedings, which culimanted in the Supreme court decision at hand, could be completed in a very time and cost saving manner, the statutory modifications made to the review proceedings by the Stock Corporation Amendment Act 2019 (AktRÄG) should come in for criticism (for further details, see GesRZ 2020, Issue 1).