{"id":19624,"date":"2017-06-05T11:57:05","date_gmt":"2017-06-05T11:57:05","guid":{"rendered":"https:\/\/triniti.eu\/?post_type=insights&#038;p=19624"},"modified":"2026-04-15T13:39:41","modified_gmt":"2026-04-15T13:39:41","slug":"juhatuse-neutraalsus-ulevotmispakkumiste-korral-kas-kahe-teraga-mook","status":"publish","type":"insights","link":"https:\/\/triniti.1kdigital.com\/et\/insights\/juhatuse-neutraalsus-ulevotmispakkumiste-korral-kas-kahe-teraga-mook\/","title":{"rendered":"Juhatuse neutraalsus \u00fclev\u00f5tmispakkumiste korral \u2013 kas kahe teraga m\u00f5\u00f5k?"},"content":{"rendered":"\nEestis tegutseb \u00fcks reguleeritud v\u00e4\u00e4rtpaberiturg. Euroopas on reguleeritud turge rohkem kui liikmesriike kokku. Turgude j\u00e4tkuva integreerumisega on viimasel k\u00fcmnendil \u00fclev\u00f5tmispakkumiste arv h\u00fcppeliselt kasvanud.\u00a0<span id=\"more-8507\"><\/span>Investeerides nii koduse kui ka v\u00e4lismaa b\u00f6rsi ettev\u00f5ttesse, on aktsion\u00e4ril hea teada, kuidas on tema \u00f5igused \u00fclev\u00f5tmispakkumise korral kaitstud ning kuidas tema toimuvat m\u00f5jutada saab. Eestis tuleb vastuste saamiseks p\u00f6\u00f6rata pilk v\u00e4\u00e4rtpaberituru seadusesse.\r\n<h5>Kes pakkumise \u00fcle tegelikult otsustab?<\/h5>\r\n\u00dclev\u00f5tmispakkumise korral kehtib p\u00f5him\u00f5te, et ettev\u00f5tte juhatus (sh n\u00f5ukogu) peab l\u00e4htuma ettev\u00f5tte \u00fcldisest huvist ega v\u00f5i takistada aktsion\u00e4ridel pakkumise \u00fcle otsustada.\r\n\r\nSeadus n\u00e4eb ette juhatuse neutraalsuse p\u00f5him\u00f5tte. See keelab ilma aktsion\u00e4ride \u00fcldkoosoleku volituseta meetmed, mis v\u00f5iksid pakkumise nurjata. Pakkumise \u00fcle langetavad otsuse aktsion\u00e4rid, mitte juhatus. Kui aktsion\u00e4ride arvates on pakkumine sobiv, saavad nad oma aktsiaid pakkuda. Kui mitte, on neil v\u00f5imalus oma aktsiate pakkumisest keelduda. Sobimatu v\u00f5i kahjustava pakkumise korral saavad aktsion\u00e4rid volitada juhatust kaitsemeetmeteks. Seega on juhatus kohustunud l\u00e4htuma\r\naktsion\u00e4ride huvidest ning regulatsioon kaitseb just aktsion\u00e4re juhatuse pahatahtliku k\u00e4itumise eest.\r\n<h5><a href=\"http:\/\/triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-8508\" src=\"http:\/\/triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine-1024x652.jpg\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/ee.old.triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine-1024x652.jpg 1024w, https:\/\/ee.old.triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine-300x191.jpg 300w, https:\/\/ee.old.triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine-768x489.jpg 768w, https:\/\/ee.old.triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine-600x382.jpg 600w, https:\/\/ee.old.triniti.ee\/wp-content\/uploads\/sites\/2\/2017\/06\/Investeerimine.jpg 1920w\" alt=\"\" width=\"1024\" height=\"652\" \/><\/a>\r\nKas juhatus on siiski t\u00e4ielikult neutraliseeritud?<\/h5>\r\nV\u00e4\u00e4rtpaberituru seaduse j\u00e4rgi\u00a0 on samas pakkumise objektiks oleva ettev\u00f5tte juhatusel \u00f5igus ilma aktsion\u00e4ride n\u00f5usolekuta otsida v\u00f5istlevaid pakkumisi. Sellise loa eesm\u00e4rk on v\u00f5rdlemisi selge, soovitakse saavutada olukord, kus ettev\u00f5te m\u00fc\u00fcakse pakkujale, kes soovib maksta k\u00f5rgemat hinda. Praktikas aga v\u00f5ib tekkida probleeme sellise loa liiga \u00fcldisest s\u00f5nastusest. N\u00e4iteks on v\u00f5imalik olukord, kus otsitud v\u00f5istlev pakkumine on esmapilgul m\u00f5istlik ja kasulik, kuid hiljem osutub sunniliseks ning aktsion\u00e4ride huve kahjustavaks.\r\n\r\nV\u00e4\u00e4rtpaberituru seaduse kohustab juhatust koostama aktsion\u00e4ridele dokumendi, kus juhatus esitab pakkumisest oma p\u00f5hjendatud arvamuse. Arvamus peab sisaldama ka pakkumise m\u00f5ju ettev\u00f5ttele kui tervikule. Praktikas v\u00f5ib selline dokument olla kui kahe teraga m\u00f5\u00f5k. \u00dchest k\u00fcljest on tegemist aktsion\u00e4ride teadvuse t\u00f5stmisega, anda neile infot, et nemad saaksid informeeritumalt pakkumise \u00fcle otsustada. Teisest k\u00fcljest aga on tegemist n-\u00f6 ka m\u00f5jutusdokumendiga, kuna juhatus saab oma arvamusega aktsion\u00e4re neile soovitud suunas m\u00f5jutada.\r\n<h5>J\u00e4reldus<\/h5>\r\nPraeguse seadusandlusega on aktsion\u00e4ride \u00f5igused \u00fclev\u00f5tmispakkumise korral \u00fcldjoontes kaitstud, kuid probleemkohad v\u00f5ivad praktikas tekkida regulatsiooni \u00fclds\u00f5nalisusest. Euroopa Komisjon on alates 2011. aastast arutanud v\u00f5imalikke muudatusi juhatuse neutraalsuse regulatsiooni ning on v\u00f5imalik, et varsti seda regulatsiooni ka muudetakse.\n","protected":false},"featured_media":2836,"template":"","person_countries":[296],"people_industries":[],"experience_practice_area":[300,318,909],"insight_category":[430],"class_list":["post-19624","insights","type-insights","status-publish","has-post-thumbnail","hentry","person_countries-eesti","experience_practice_area-arioigus","experience_practice_area-pangandus-finantsoigus","experience_practice_area-uhinemised-omandamised","insight_category-blogi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Juhatuse neutraalsus \u00fclev\u00f5tmispakkumiste korral \u2013 kas kahe teraga m\u00f5\u00f5k? - TRINITI - Pan-Baltic Law Firm<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"et_EE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Juhatuse neutraalsus \u00fclev\u00f5tmispakkumiste korral \u2013 kas kahe teraga m\u00f5\u00f5k? - TRINITI - Pan-Baltic Law Firm\" \/>\n<meta property=\"og:description\" content=\"Eestis tegutseb \u00fcks reguleeritud v\u00e4\u00e4rtpaberiturg. Euroopas on reguleeritud turge rohkem kui liikmesriike kokku. Turgude j\u00e4tkuva integreerumisega on viimasel k\u00fcmnendil \u00fclev\u00f5tmispakkumiste arv h\u00fcppeliselt kasvanud.\u00a0Investeerides nii koduse kui ka v\u00e4lismaa b\u00f6rsi ettev\u00f5ttesse, on aktsion\u00e4ril hea teada, kuidas on tema \u00f5igused \u00fclev\u00f5tmispakkumise korral kaitstud ning kuidas tema toimuvat m\u00f5jutada saab. Eestis tuleb vastuste saamiseks p\u00f6\u00f6rata pilk v\u00e4\u00e4rtpaberituru seadusesse. 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