219 Mergers

Mergers generally fall into two reasonably simple categories. The first is where one or more of the participating companies transfer their respective undertaking and assets to one of their number in consideration of the allotment of the transferee company’s shares or debentures to the members and debenture holders of the transferor companies in agreed proportions (known in the Companies Act 2006 as a ‘merger by absorption’). The second is where the undertaking and assets are transferred to a new company formed for the purpose (known in the Companies Act 2006 as a ‘merger by formation of a

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