New law protects minority shareholders
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Friday, 05 September 2008 |
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Parliament has passed a law giving greater protection to minority shareholders faced with a company takeover they don't support.
Commerce Minister Lianne Dalziel said the Companies (Minority Buy-out Rights) Amendment Bill, which passed its final stages under urgency today, would make sure they got a fair price for their shares.
"This is good news for minority shareholders who don't want to hold on to their shares when the goalposts are moved against their wishes," she said.
"This latest move shows we're continuing to improve the laws to protect minority shareholders, which will give investors greater confidence and contribute to deepening our capital markets."
NZPA
