עדכוני חקיקה ופסיקה

מנגנון במבי הוא המנגנון האידאלי להיפרדות בחברה בה שניים מחזיקים אחזקות זהות

07 אוקטובר 2018

הדפסה

פורסם ב אפיק משפטי 270 21.11.2018

בין בני זוג המחזיקים, כל אחד, מחצית ממניות חברה בת 80 עובדים, פרץ סכסוך אשר הוביל להתנהלות קלוקלת בחברה, לרבות מניעת משכורות לתקופה, גרירת עובדים לקונפליקט נאמנויות בין בעלי מניות, פגיעה בתזרים המזומנים של החברה והבאתה עד כפסע ממצב גרעוני למרות מחזור כספי גבוה. ההתנהלות הובילה למינוי מנהל מיוחד חיצוני אשר הגיש בקשה להיפרדות בעלי המניות בחברה בהקדם האפשרי.

בית המשפט הורה על הפעלת מנגנון במבי (Buy Me Buy You) להיפרדות שני בעלי המניות. כאשר קיים אובדן אמון בין בעלי מניות, הצעד המתאים הוא ביצוע "הפרדת כוחות", כאשר אחת הדרכים היא מנגנון במבי בו הצד שמבקש את הפרדת הכוחות נוקב בהצעת מחיר עבור החברה כולה, ולאחר מכן הצד השני יכול לבחור האם למכור את מניותיו לפי המחיר שהוצע או לחלופין לרכוש את מניות המציע לפי מחיר זה. כאשר כל אחד מהצדדים מחזיק במחצית מהחברה אין פערי כוחות שנותנים יתרון לצד אחד על השני ומשולם המחיר האמיתי של החברה. העובדה שמנגנון זה גורם לצד המוכר לשלם מס רווחי הון אינה שיקול שמונע היפרדות בדרך זו.

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