OYL 18:7:n mukainen käypä hinta – tilastollinen analyysi noteeraamattomien yhtiöiden vähemmistöosakkeiden lunastushinnan määräytymisestä
Avainsanat:
yhtiöoikeus, osakeyhtiö, käypä hinta, vähemmistöosake, tilastollinen analyysiAbstrakti
Fair price according to the Limited Liability Companies Act – An empirical analysis of the determination of the redemption price in private companies
The article focuses on the determination of the redemption price in private companies in Finnish arbitration proceedings between 1998 and 2014. The price, according to chapter 18, section 7, of the Limited Liability Companies Act, should be a ”fair price”. The authors have studied the extent to which the fair price has been based on the market-based, income-based or asset-based approach, or some other valuation approach. In addition, the authors have examined whether valuations reached in arbitration proceedings are distributed equally between the parties, and whether the arbitrator’s choice of valuation method affects the appraisal outcome. The results show that the market-based valuation approach was the most common method to determine the fair price, followed by the asset-based and other valuation methods. The income-based method was the least often applied valuation method. The findings suggest that the arbitrator’s valuation is more biased towards the redeemer’s proposed valuation than towards the minority shareholder’s proposed valuation.
