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Right of "tag along" et right of "drag along"

French translation: Sources intéressantes?

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07:27 Oct 28, 2001
English to French translations [PRO]
Bus/Financial
English term or phrase: Right of "tag along" et right of "drag along"
right of "tag along": in the event of a transfer by a sellong shareholder, the other shareholder shall have the right to transfer its shares to the third party purchaser on the same terms as those upon which the sellong shareholder shall have sold its shares.

right of "drag along": je crois que c'est une "obligation de suite" ?
Sylvie André
France
Local time: 09:19
French translation:Sources intéressantes?
Explanation:
Sylvie,

Je ne sais si ce qui suit te servira, mais voici ce que j'ai trouvé. Une des sources, luxembourgeoise, est bilingue. Les termes anglais sont employés. A toi de jouer.


http://www.proz.com/glossary/101943?bs=1&eid_c=9126

Litéralement, voici ce que je trouve
« drag along » donne à la majorité le droit de suivre la minorité.
« tag along » donne à la minorité le droit de suivre la majorité.

« drag along » = traîner derrière, plutôt négatif. Celui qui suit, risque de s’en sortir perdant.
« tag along » = traîner derrière, plutôt positive. Celui qui suit, peut en tirer profit.


http://www.nasdaqeurope.com/quotes/help/glossary.asp?txtSear...

Drag Along Rights : The right of controlling shareholders to force other shareholders to join in the sale of a company.
Tag Along Agreement : (also called Co-Sale or Take Along Right). A contractual agreement by management stockholders typically in connection with a venture capital investment, that they will not sell any of their stock in the company without giving the investors the right to participate in the sale pro-rata to their holdings


http://www.comlegal.com/Corporate/HOA_Agreement.htm
From the site of a firm of London solicitors.
Kemp Little LLP, Solicitors, Saddlers House, Gutter Lane, London, EC2V 6BR
Investor Rights and Protection
[Class of share and rights attaching to those shares (preference/ordinary shares and related dividend rights, conversion rights and voting rights)
Board representation
protection of interest:
- pre-emption rights (of existing shareholder to pre-empt sale of shares to a third party)
- right of drag along (of majority to 'drag along' with minority on disposal, etc)
- right to tag along (of minority to 'tag along' to majority on disposal etc)
- anti-dilution rights (right to maintain shareholding at current proportion of the whole if new shares are issued)
- matters requiring Investor consent
- information rights]


http://www.technz.co.nz/business/jventure/jvent9.htm

In some joint ventures, the minority shareholder may be granted the right to "put" his shares to the majority shareholder in the event that the majority shareholder wishes to sell his shares. Conversely, the majority shareholder may be granted a "call" on the minority shareholder’s shares in that same situation.
These put and call options are commonly referred to as "tag along" and "drag along" rights.
A tag along right protects a minority shareholder from being left out in the cold. If the majority shareholder sells out, the minority shareholder can tag along in the transaction, usually at the same price and terms.
A drag along right is the exact opposite. A majority shareholder may not be able to sell out without getting rid of the minority shareholder in the same transaction. In other words, the buyer wants all or nothing.
With a drag along right, the majority shareholder can compel a cantankerous minority shareholder to sell his shares in that transaction, usually at the same price and terms.
I have seen tag along and drag along rights in joint ventures where each partner is an equal shareholder, although they are less common in that circumstance.
The greater the disparity between the relative shareholdings of two partners in a joint venture, the more tag along and drag along rights make good sense for both of them.

www.victor-buck.lu/memorial/memorial/C/2001/c0227283.pdf

8.8. Provided that (i) the sale shares are shares held by a Contracting Shareholder (being FRIENDS.COM, Mr Nicholas
Woolnough and Mrs Huma Wilson) or (ii) the third party purchaser is an investment bank other than an affiliate of
CREDIT SUISSE FIRST BOSTON (and «affiliate» for these purposes shall mean any entity controlled, directly or indi-
rectly, by CREDIT SUISSE FIRST BOSTON, any entity that controls, directly or indirectly, CREDIT SUISSE FIRST BOS-
TON and any entity under common control with CREDIT SUISSE FIRST BOSTON), any B shareholder and/or C
shareholder who does not accept the offer indicated in article 8.3 may specify in writing (a «tag notice») that he wishes
to transfer that number of shares held by him as bear the same proportion to his total holding of shares as the sale
shares bear to the total holding by the relevant Contracting Shareholder of shares at the time of the giving of the transfer
notice or in the case of any tag notice given in accordance with the next following paragraph of this article 8.8, such
other number of shares as the relevant shareholder is entitled to specify under the provisions of that paragraph (the
«tagged shares»).

8.8. A condition que (i) les actions à céder soient des actions détenues par un Actionnaire Contractant (étant
FRIENDS.COM, M. Nicholas Woolnough et Mlle Huma Wilson) ou (ii) que le tiers-acquéreur soit une banque d'inves-
tissement autre qu'un affilié de CREDIT SUISSE FIRST BOSTON («affilié» signifiant ici toute entité contrôlée, directe-
ment ou indirectement, par CREDIT SUISSE FIRST BOSTON, toute entité qui contrôle, directement ou indirectement,
CREDIT SUISSE FIRST BOSTON et toute entité sous contrôle commun avec CREDIT SUISSE FIRST BOSTON), tout
actionnaire B et/ou tout actionnaire C qui n'accepte pas l'offre prévue à l'article 8.3. pourra indiquer par écrit (le «tag
notice») qu'il désire transférer un tel nombre de ses actions dont la proportion dans le nombre total de ses actions
correspond à la même proportion des actions à céder dans le nombre total de la détention d'actions par l'Actionnaire
Contractant concerné au moment de l'envoi de l'avis de cession ou, dans le cas de tout tag notice envoyé conformément
aux dispositions du paragraphe suivant de cet article 8.8., tout autre nombre d'actions auquel l'actionnaire concerné est
autorisé conformément aux dispositions de cet article (les «tagged shares»).

Art. 11. Drag-along rights. 11.1. If a transfer under article 8 results in members of the purchasing group increasing their shareholding to 80 per cent. or more of the shares in issue taken together, the members of the purchasing group may, with the consent of the B shareholder(s) by serving a compulsory purchase notice (the «compulsory purchase notice») on each other shareholder (the «minority shareholder»), require all the minority shareholders to sell all their shares to one or more persons identified by the member of the purchasing group at the consideration specified in or
calculated in accordance with article 10.4. provided that such consideration shall not be less than market value as determined under article 12.

Art. 11. Le droit de «drag-along». 11.1. Lorsqu'une cession en vertu de l'article 8 aurait pour résultat que les membres du groupe des acquéreurs augmentent leur participation à 80% ou plus du nombre total des actions émises, les membres du groupe des acquéreurs pourront, en accord avec les actionnaires B, forcer tous les autres actionnaires existants (les «actionnaires minoritaires») de céder toutes leurs actions à une ou plusieurs personnes déterminées par le membre du groupe des acquéreurs pour le prix indiqué ou calculé en vertu de l'article 10.4., moyennant une notification d'un avis d'acquisition obligatoire (l'«avis d'acquisition obligatoire»), sous condition que ce prix ne soit inférieur à la valeur du marché telle que déterminée à l'article 12.



Selected response from:

Nikki Scott-Despaigne
Local time: 09:19
Grading comment
4 KudoZ points were awarded for this answer

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Summary of answers provided
4bénéficier des mêmes conditions / dénouer l'opération au même prixJH Trads
3Sources intéressantes?
Nikki Scott-Despaigne


  

Answers


36 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
bénéficier des mêmes conditions / dénouer l'opération au même prix


Explanation:
ceci pour "tag along"

en revanche, pour "drag along", qui semble un peu plus general, je dirais:

effectuer les mêmes opérations que, répliquer les ops. de, ou encore droit d'agir de la même maniere que


JH Trads
United States
Local time: 02:19
Native speaker of: Native in SpanishSpanish, Native in FrenchFrench
PRO pts in pair: 1089
Login to enter a peer comment (or grade)

8 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Sources intéressantes?


Explanation:
Sylvie,

Je ne sais si ce qui suit te servira, mais voici ce que j'ai trouvé. Une des sources, luxembourgeoise, est bilingue. Les termes anglais sont employés. A toi de jouer.


http://www.proz.com/glossary/101943?bs=1&eid_c=9126

Litéralement, voici ce que je trouve
« drag along » donne à la majorité le droit de suivre la minorité.
« tag along » donne à la minorité le droit de suivre la majorité.

« drag along » = traîner derrière, plutôt négatif. Celui qui suit, risque de s’en sortir perdant.
« tag along » = traîner derrière, plutôt positive. Celui qui suit, peut en tirer profit.


http://www.nasdaqeurope.com/quotes/help/glossary.asp?txtSear...

Drag Along Rights : The right of controlling shareholders to force other shareholders to join in the sale of a company.
Tag Along Agreement : (also called Co-Sale or Take Along Right). A contractual agreement by management stockholders typically in connection with a venture capital investment, that they will not sell any of their stock in the company without giving the investors the right to participate in the sale pro-rata to their holdings


http://www.comlegal.com/Corporate/HOA_Agreement.htm
From the site of a firm of London solicitors.
Kemp Little LLP, Solicitors, Saddlers House, Gutter Lane, London, EC2V 6BR
Investor Rights and Protection
[Class of share and rights attaching to those shares (preference/ordinary shares and related dividend rights, conversion rights and voting rights)
Board representation
protection of interest:
- pre-emption rights (of existing shareholder to pre-empt sale of shares to a third party)
- right of drag along (of majority to 'drag along' with minority on disposal, etc)
- right to tag along (of minority to 'tag along' to majority on disposal etc)
- anti-dilution rights (right to maintain shareholding at current proportion of the whole if new shares are issued)
- matters requiring Investor consent
- information rights]


http://www.technz.co.nz/business/jventure/jvent9.htm

In some joint ventures, the minority shareholder may be granted the right to "put" his shares to the majority shareholder in the event that the majority shareholder wishes to sell his shares. Conversely, the majority shareholder may be granted a "call" on the minority shareholder’s shares in that same situation.
These put and call options are commonly referred to as "tag along" and "drag along" rights.
A tag along right protects a minority shareholder from being left out in the cold. If the majority shareholder sells out, the minority shareholder can tag along in the transaction, usually at the same price and terms.
A drag along right is the exact opposite. A majority shareholder may not be able to sell out without getting rid of the minority shareholder in the same transaction. In other words, the buyer wants all or nothing.
With a drag along right, the majority shareholder can compel a cantankerous minority shareholder to sell his shares in that transaction, usually at the same price and terms.
I have seen tag along and drag along rights in joint ventures where each partner is an equal shareholder, although they are less common in that circumstance.
The greater the disparity between the relative shareholdings of two partners in a joint venture, the more tag along and drag along rights make good sense for both of them.

www.victor-buck.lu/memorial/memorial/C/2001/c0227283.pdf

8.8. Provided that (i) the sale shares are shares held by a Contracting Shareholder (being FRIENDS.COM, Mr Nicholas
Woolnough and Mrs Huma Wilson) or (ii) the third party purchaser is an investment bank other than an affiliate of
CREDIT SUISSE FIRST BOSTON (and «affiliate» for these purposes shall mean any entity controlled, directly or indi-
rectly, by CREDIT SUISSE FIRST BOSTON, any entity that controls, directly or indirectly, CREDIT SUISSE FIRST BOS-
TON and any entity under common control with CREDIT SUISSE FIRST BOSTON), any B shareholder and/or C
shareholder who does not accept the offer indicated in article 8.3 may specify in writing (a «tag notice») that he wishes
to transfer that number of shares held by him as bear the same proportion to his total holding of shares as the sale
shares bear to the total holding by the relevant Contracting Shareholder of shares at the time of the giving of the transfer
notice or in the case of any tag notice given in accordance with the next following paragraph of this article 8.8, such
other number of shares as the relevant shareholder is entitled to specify under the provisions of that paragraph (the
«tagged shares»).

8.8. A condition que (i) les actions à céder soient des actions détenues par un Actionnaire Contractant (étant
FRIENDS.COM, M. Nicholas Woolnough et Mlle Huma Wilson) ou (ii) que le tiers-acquéreur soit une banque d'inves-
tissement autre qu'un affilié de CREDIT SUISSE FIRST BOSTON («affilié» signifiant ici toute entité contrôlée, directe-
ment ou indirectement, par CREDIT SUISSE FIRST BOSTON, toute entité qui contrôle, directement ou indirectement,
CREDIT SUISSE FIRST BOSTON et toute entité sous contrôle commun avec CREDIT SUISSE FIRST BOSTON), tout
actionnaire B et/ou tout actionnaire C qui n'accepte pas l'offre prévue à l'article 8.3. pourra indiquer par écrit (le «tag
notice») qu'il désire transférer un tel nombre de ses actions dont la proportion dans le nombre total de ses actions
correspond à la même proportion des actions à céder dans le nombre total de la détention d'actions par l'Actionnaire
Contractant concerné au moment de l'envoi de l'avis de cession ou, dans le cas de tout tag notice envoyé conformément
aux dispositions du paragraphe suivant de cet article 8.8., tout autre nombre d'actions auquel l'actionnaire concerné est
autorisé conformément aux dispositions de cet article (les «tagged shares»).

Art. 11. Drag-along rights. 11.1. If a transfer under article 8 results in members of the purchasing group increasing their shareholding to 80 per cent. or more of the shares in issue taken together, the members of the purchasing group may, with the consent of the B shareholder(s) by serving a compulsory purchase notice (the «compulsory purchase notice») on each other shareholder (the «minority shareholder»), require all the minority shareholders to sell all their shares to one or more persons identified by the member of the purchasing group at the consideration specified in or
calculated in accordance with article 10.4. provided that such consideration shall not be less than market value as determined under article 12.

Art. 11. Le droit de «drag-along». 11.1. Lorsqu'une cession en vertu de l'article 8 aurait pour résultat que les membres du groupe des acquéreurs augmentent leur participation à 80% ou plus du nombre total des actions émises, les membres du groupe des acquéreurs pourront, en accord avec les actionnaires B, forcer tous les autres actionnaires existants (les «actionnaires minoritaires») de céder toutes leurs actions à une ou plusieurs personnes déterminées par le membre du groupe des acquéreurs pour le prix indiqué ou calculé en vertu de l'article 10.4., moyennant une notification d'un avis d'acquisition obligatoire (l'«avis d'acquisition obligatoire»), sous condition que ce prix ne soit inférieur à la valeur du marché telle que déterminée à l'article 12.





Nikki Scott-Despaigne
Local time: 09:19
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 882
Login to enter a peer comment (or grade)




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