Minority Shareholders and Auditors: A Brief History of a Litigious French Merger

The case of a French merger can be used to better understand the nature of conflicts of interest and cognitive conflicts between accountants, shareholders, lawyers and judges. This is especially the case when exchange ratios are unfairly established. When caught in a situation of asymmetric informat...

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Bibliographic Details
Published in:Accounting, business & financial history business & financial history, 2007-07, Vol.17 (2), p.313-332
Main Author: Trebucq, Stephane
Format: Article
Language:English
Subjects:
Accounting
Acquisitions & mergers
Auditing
Auditor
Auditors
Conflicts of interest
Economic history
Exchange
exchange ratio
fairness opinion
Finance
France
Litigation
merger
Mergers
minority shareholder
State court decisions
Stockholders
Studies
trial
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Summary:The case of a French merger can be used to better understand the nature of conflicts of interest and cognitive conflicts between accountants, shareholders, lawyers and judges. This is especially the case when exchange ratios are unfairly established. When caught in a situation of asymmetric information, minority shareholders try to obtain more information about the auditors' report through judicial proceedings. The financial knowledge possessed by the judge then becomes a necessary condition for shareholders to be protected.
ISSN:0958-5206
2155-2851
1466-4275
2155-286X
DOI:10.1080/09585200701376667