Darrois Villey Maillot Brochier advises the Financial Market Authority (AMF) and obtains payment of the earn-out owed to the formers shareholders of Systran SA
Paris, 5 March 2020
According to the terms of its takeover bid, followed by a squeeze-out, as of May 2014, on the company Systran SA, LLsolu (formerly Systran International then CLSI) undertook to pay an earn-out to shareholders based on the outcome of a pending dispute between the European Commission and Systran SA (now Systran SAS). The European Commission proceeded with the compensation payment without Llsollu paying the earn-out.
In order to ensure the protection of the savings invested in financial instruments, the AMF and its Chairman requested and obtained from the President of the Paris District Court (Tribunal de Grande Instance de Paris) the escrow of the shares of Systran held by Llsollu.
Furthermore, following a unique move, the AMF and its Chairman requested from the President of the Paris District Court an injunction against Systran SAS to pay the earn-out according to the terms of the offering memorandum.
Meanwhile, and as a result of these proceedings, LLsollu acknowledged owing the earn-out and took the necessary steps to ensure that the effective payment of the earn-out was available to the shareholders.
Darrois Villey Maillot Brochier assisted the Financial Market Authority and represented its Chairman, with Emmanuel Brochier (partner) and François de Bérard (counsel).
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