“Peter’s Pills” è la rubrica online di Legal English curata da Federnotizie, in collaborazione con Confprofessioni e Beprof.
Nel diritto societario, le clausole di Squeeze-out (Esclusione forzata), Freeze-out (Congelamento societario), Drag-along (Clausola di trascinamento) e Tag-along (Clausola di co-vendita) sono meccanismi che regolano i rapporti tra soci durante i cambiamenti nella proprietà aziendale. Vediamoli nel dettaglio insieme a Peter!
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Transcript:
Hello!
In company law, Squeeze-out, Freeze-out, Drag-along, and Tag-along rights are mechanisms that govern[1] shareholder relationships during changes in ownership.
Squeeze-out and Freeze-out
A “squeeze-out” occurs when majority shareholders compel[2] minority shareholders to sell their shares, often in the context of a takeover or restructuring. It is a legal tool used to consolidate control, typically at a fair value[3]. This differs from a “freeze-out,” which involves majority owners pressuring minority shareholders to exit, sometimes by creating unfavourable conditions.
Drag-along and Tag-along
By contrast, a “drag-along” right allows majority shareholders to require minority shareholders to join in the sale of the company. Should the majority decide to sell, the minority must also sell on the same terms, ensuring smooth transactions and preventing[4] any shareholders from blocking or delaying the sale.
“Tag-along” rights, however, protect minority shareholders by allowing them to sell their shares on the same terms if the majority shareholders sell theirs. This prevents minority shareholders from being left behind[5] in less favourable situations.
To summarise:
| Concept | Purpose | Party Favored | Legal Basis |
| Squeeze-out | Majority forces sale of minority shares | Majority shareholders | Statute (law) |
| Freeze-out | Majority pressures minority to exit | Majority shareholders | Often illegal tactics or statutory rules |
| Drag-along | Majority forces minority to join sale | Majority shareholders | Contract (shareholders’ agreement) |
| Tag-along | Minority can join sale on same terms | Minority shareholders | Contract (shareholders’ agreement) |
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Note
[1] govern – disciplinano
[2] compel – costringono
[3] fair value – valore equo
[4] ensuring smooth transactions and preventing – garantendo così la fluidità dell’operazione e impedendo
[5] left behind – restino esclusi
