178:
articles so being contraband according to the existing laws of nations, shall for that reason be seized, the same shall not be confiscated, but the owners thereof shall be speedily and completely indemnified; and the captors, or in their default-the government under whose authority they act, shall pay to the masters or owners of such vessel the full value of all articles, with a reasonable mercantile profit thereon, together with the freight, and also the damages incident to such detention.
1013:
1003:
177:
whereas the difficulty of agreeing on precise cases in which alone provisions and other articles not generally contraband may be regarded as such, renders it expedient to provide against the inconveniences and misunderstandings which might thence arise. It is further agreed that whenever any such
103:
of the relevant company. In the United States, for example, it is rare for publicly-listed companies to grant pre-emptive rights to shareholders, but it is common for unlisted companies to grant pre-emptive rights to venture capital and private equity investors. The
European Union has brought an
148:
Those provisions' effect is that a company cannot allot shares to new shareholders until it has offered them to its existing shareholders. The company must give the shareholders at least 14 days to decide whether or not they wish to purchase the shares. Private companies and sometimes public
141:
to any person unless it has made an offer (on the same or on more favourable terms) to each person who already holds shares in the company in the proportion held by them, and the time limit given to the shareholder to accept the offer has expired.
91:. It is the right but not the obligation of existing shareholders to buy the new shares before they are offered to the public. In that way, existing shareholders can maintain their proportional ownership of the company and thus prevent
107:
Other situations in which pre-emption rights are seen to arise are in property developments. Parties close to the investors are often given a right of pre-emption in relation to new flats or condominiums within a development.
186:, the syndicate paid Massachusetts $ 1,000,000 for the pre-emptive rights, and then paid the Indians, who thought they owned the land, $ 5,000 cash, and an annual $ 500 annuity forever for their title to the land.
267:
Right of pre-emption. A potential buyer's contractual right to have the first opportunity to buy, at a specified price, if the seller chooses to sell within the contractual period. Also termed 'first option to
417:
149:
companies can choose to disapply or modify the statutory pre-emption rights either generally or in respect of a specific allotment (Sections 569 to 573 of the
Companies Act 2006).
182:
In the 18th-century United States, when an individual bought the preemption right to land, he did not buy the land but only the right to buy the land. In the case of the
161:
to detain merchandise passing through its territories or seas to afford to its subjects the preference of purchase. That form of right was sometimes regulated by
104:
infringement action against Spain based on the claim that the lack of statutory pre-emptive rights under
Spanish law violates the Second Company Law Directive.
410:
328:
403:
293:
331:, Discriminating Shareholders through the Exclusion of Pre-emption Rights? - The European Infringement Proceeding against Spain (C-338/06),
346:
260:
145:
By virtue of
Section 562(5), the period given to the shareholders to accept such an offer must not be less than 14 days.
884:
39:
newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb
797:
943:
47:, before. A right to acquire existing property in preference to any other person is usually referred to as a
737:
461:
854:
99:, such as in the United Kingdom, but in other jurisdictions, there arise only if provided for under the
817:
183:
1052:
988:
973:
963:
802:
617:
1006:
983:
921:
747:
672:
632:
612:
170:
100:
717:
707:
677:
647:
587:
379:
1037:
958:
859:
722:
560:
530:
350:
221:
215:
49:
286:
1047:
1042:
874:
896:
891:
395:
317:
306:
8:
846:
373:
1016:
928:
911:
869:
792:
784:
570:
555:
430:
274:
205:
130:
953:
948:
933:
864:
807:
752:
727:
687:
597:
580:
501:
496:
456:
451:
438:
426:
256:
157:
Under international law, the right of preemption formerly referred to the right of a
124:
62:
906:
901:
812:
767:
667:
565:
486:
471:
446:
195:
83:, usually a public offering. In this context, the pre-emptive right is also called
968:
879:
832:
822:
757:
682:
652:
602:
550:
522:
466:
231:
210:
200:
138:
67:
In practice, the most common form of pre-emption right is the right of existing
916:
827:
95:. In many jurisdictions, subscription rights are automatically provided for by
92:
1031:
535:
166:
774:
622:
607:
481:
226:
80:
137:. Under Section 561(1) of the Companies Act 2006 a company must not issue
732:
702:
545:
476:
112:
68:
978:
938:
742:
692:
662:
540:
712:
575:
134:
762:
657:
642:
332:
36:
592:
333:
European
Company and Financial Law Review (ECFR) 2007, p. 517-592
250:
96:
76:
162:
158:
491:
72:
32:
425:
375:
A History of
Ontario County, New York and Its People Vol. 1
133:
is the source of shareholder pre-emption rights in
British
111:
Overall, pre-emption right is similar to the concept of a
43:, to buy or purchase, plus the inseparable preposition
16:
Right to acquire property before any other acquirers
1029:
307:Preemptive right definition on InvestorWords.com
318:Subscription rights explained on thismatter.com
411:
255:. St. Paul, Minnesota, USA: Thomson Reuters.
378:. Lewis Historical Publishing Co. pp.
1012:
1002:
418:
404:
251:Garner, Bryan A., Editor-in-Chief (2009).
292:CS1 maint: multiple names: authors list (
371:
244:
365:
1030:
345:Henry, Marian S. (February 25, 2000).
399:
344:
338:
152:
118:
13:
14:
1064:
56:
1011:
1001:
798:Debtor-in-possession financing
322:
311:
300:
1:
372:Milliken, Charles F. (1911).
237:
738:Staggered board of directors
347:"The Phelps-Gorham Purchase"
165:. A 1794 treaty between the
7:
855:Accretion/dilution analysis
189:
10:
1069:
818:Leveraged recapitalization
184:Phelps and Gorham Purchase
122:
60:
997:
989:Valuation using multiples
974:Sum-of-the-parts analysis
944:Modigliani–Miller theorem
845:
803:Dividend recapitalization
783:
631:
618:Secondary market offering
521:
510:
437:
1007:List of investment banks
922:Free cash flow to equity
748:Super-majority amendment
673:Management due diligence
613:Seasoned equity offering
101:constitutional documents
718:Shareholder rights plan
708:Post-merger integration
678:Managerial entrenchment
648:Contingent value rights
588:Initial public offering
41:emo, emere, emi, emptum
860:Adjusted present value
723:Special-purpose entity
561:Direct public offering
531:At-the-market offering
253:Black's Law Dictionary
222:Right of first refusal
216:Preemption Act of 1841
180:
89:subscription privilege
50:right of first refusal
875:Conglomerate discount
218:(U.S. land transfers)
175:
897:Economic value added
892:Discounted cash flow
25:right of pre-emption
482:Senior secured debt
353:on 27 February 2014
35:to acquire certain
29:first option to buy
1017:Outline of finance
929:Market value added
912:Financial modeling
870:Business valuation
793:Debt restructuring
571:Follow-on offering
556:Corporate spin-off
514:(terms/conditions)
431:investment banking
285:has generic name (
206:Follow-on offering
131:Companies Act 2006
85:subscription right
1025:
1024:
949:Net present value
934:Minority interest
865:Associate company
841:
840:
808:Financial sponsor
728:Special situation
698:Pre-emption right
688:Minority discount
598:Private placement
497:Subordinated debt
452:Exchangeable debt
439:Capital structure
427:Corporate finance
262:978-0-314-19949-2
153:Historic meanings
125:Corporate finance
119:British companies
63:Corporate finance
31:is a contractual
21:pre-emption right
1060:
1053:Aboriginal title
1015:
1014:
1005:
1004:
907:Fairness opinion
902:Enterprise value
885:Weighted average
813:Leveraged buyout
668:Drag-along right
566:Equity carve-out
523:Equity offerings
519:
518:
515:
487:Shareholder loan
472:Second lien debt
467:Preferred equity
447:Convertible debt
420:
413:
406:
397:
396:
390:
389:
387:
386:
369:
363:
362:
360:
358:
349:. Archived from
342:
336:
326:
320:
315:
309:
304:
298:
297:
290:
284:
280:
278:
270:
248:
196:Drag-along right
1068:
1067:
1063:
1062:
1061:
1059:
1058:
1057:
1028:
1027:
1026:
1021:
993:
969:Stock valuation
964:Residual income
880:Cost of capital
837:
833:Project finance
823:High-yield debt
779:
758:Tag-along right
683:Mandatory offer
653:Control premium
634:
627:
603:Public offering
551:Bought out deal
513:
512:
506:
433:
424:
394:
393:
384:
382:
370:
366:
356:
354:
343:
339:
327:
323:
316:
312:
305:
301:
291:
282:
281:
272:
271:
263:
249:
245:
240:
232:Tag-along right
211:Option contract
201:First-look deal
192:
155:
127:
121:
71:to acquire new
65:
59:
17:
12:
11:
5:
1066:
1056:
1055:
1050:
1045:
1040:
1023:
1022:
1020:
1019:
1009:
998:
995:
994:
992:
991:
986:
984:Terminal value
981:
976:
971:
966:
961:
956:
951:
946:
941:
936:
931:
926:
925:
924:
917:Free cash flow
914:
909:
904:
899:
894:
889:
888:
887:
877:
872:
867:
862:
857:
851:
849:
843:
842:
839:
838:
836:
835:
830:
828:Private equity
825:
820:
815:
810:
805:
800:
795:
789:
787:
781:
780:
778:
777:
772:
771:
770:
760:
755:
750:
745:
740:
735:
730:
725:
720:
715:
710:
705:
700:
695:
690:
685:
680:
675:
670:
665:
660:
655:
650:
645:
639:
637:
629:
628:
626:
625:
620:
615:
610:
605:
600:
595:
590:
585:
584:
583:
573:
568:
563:
558:
553:
548:
543:
538:
533:
527:
525:
516:
508:
507:
505:
504:
499:
494:
489:
484:
479:
474:
469:
464:
459:
457:Mezzanine debt
454:
449:
443:
441:
435:
434:
423:
422:
415:
408:
400:
392:
391:
364:
337:
321:
310:
299:
261:
242:
241:
239:
236:
235:
234:
229:
224:
219:
213:
208:
203:
198:
191:
188:
154:
151:
120:
117:
93:stock dilution
58:
57:Company shares
55:
15:
9:
6:
4:
3:
2:
1065:
1054:
1051:
1049:
1046:
1044:
1041:
1039:
1038:Corporate law
1036:
1035:
1033:
1018:
1010:
1008:
1000:
999:
996:
990:
987:
985:
982:
980:
977:
975:
972:
970:
967:
965:
962:
960:
957:
955:
952:
950:
947:
945:
942:
940:
937:
935:
932:
930:
927:
923:
920:
919:
918:
915:
913:
910:
908:
905:
903:
900:
898:
895:
893:
890:
886:
883:
882:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
856:
853:
852:
850:
848:
844:
834:
831:
829:
826:
824:
821:
819:
816:
814:
811:
809:
806:
804:
801:
799:
796:
794:
791:
790:
788:
786:
782:
776:
773:
769:
766:
765:
764:
761:
759:
756:
754:
751:
749:
746:
744:
741:
739:
736:
734:
731:
729:
726:
724:
721:
719:
716:
714:
711:
709:
706:
704:
701:
699:
696:
694:
691:
689:
686:
684:
681:
679:
676:
674:
671:
669:
666:
664:
661:
659:
656:
654:
651:
649:
646:
644:
641:
640:
638:
636:
630:
624:
621:
619:
616:
614:
611:
609:
606:
604:
601:
599:
596:
594:
591:
589:
586:
582:
579:
578:
577:
574:
572:
569:
567:
564:
562:
559:
557:
554:
552:
549:
547:
544:
542:
539:
537:
536:Book building
534:
532:
529:
528:
526:
524:
520:
517:
509:
503:
500:
498:
495:
493:
490:
488:
485:
483:
480:
478:
475:
473:
470:
468:
465:
463:
460:
458:
455:
453:
450:
448:
445:
444:
442:
440:
436:
432:
428:
421:
416:
414:
409:
407:
402:
401:
398:
381:
377:
376:
368:
352:
348:
341:
334:
330:
325:
319:
314:
308:
303:
295:
288:
283:|author=
276:
269:
264:
258:
254:
247:
243:
233:
230:
228:
225:
223:
220:
217:
214:
212:
209:
207:
204:
202:
199:
197:
194:
193:
187:
185:
179:
174:
172:
171:Great Britain
168:
167:United States
164:
160:
150:
146:
143:
140:
136:
132:
126:
116:
114:
109:
105:
102:
98:
94:
90:
86:
82:
78:
74:
70:
64:
54:
52:
51:
46:
42:
38:
34:
30:
26:
22:
1048:Property law
1043:Contract law
959:Real options
775:Tender offer
697:
635:acquisitions
623:Underwriting
608:Rights issue
511:Transactions
383:. Retrieved
374:
367:
355:. Retrieved
351:the original
340:
329:K. Grechenig
324:
313:
302:
266:
252:
246:
227:Rights issue
181:
176:
156:
147:
144:
128:
110:
106:
88:
84:
81:rights issue
75:issued by a
69:shareholders
66:
48:
44:
40:
28:
24:
20:
18:
733:Squeeze-out
703:Proxy fight
633:Mergers and
546:Bought deal
477:Senior debt
357:31 December
113:call option
1032:Categories
979:Tax shield
939:Mismarking
743:Stock swap
693:Pitch book
663:Divestment
541:Bookrunner
462:Pari passu
385:2008-01-25
238:References
123:See also:
61:See also:
954:Pure play
847:Valuation
713:Sell side
576:Greenshoe
275:cite book
173:agreed:
135:companies
785:Leverage
763:Takeover
658:Demerger
643:Buy side
190:See also
37:property
768:Reverse
753:Synergy
593:Pre-IPO
581:Reverse
502:Warrant
97:statute
77:company
259:
163:treaty
159:nation
139:shares
73:shares
492:Stock
268:buy'.
79:in a
33:right
27:, or
429:and
359:2012
294:link
287:help
257:ISBN
169:and
129:The
87:or
45:pre
1034::
380:15
279::
277:}}
273:{{
265:.
115:.
53:.
23:,
19:A
419:e
412:t
405:v
388:.
361:.
335:.
296:)
289:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.