Company Delistings From the Zagreb Stock Exchange and the Need to Change Delisting Rules

Sa？etak The article analyses the regulatory framework for delisting in Croatian law, pointing out the open issues in its application. The authors conducted research into the delisting procedures on the Zagreb Stock Exchange in the period from 1 July 2013 to 31 December 2017. The article presents the results of the research, classified according to the corporate action that preceded the decision to withdraw shares from the regulated market. The authors conclude that delisting usually comes after the takeover process, whereby a squeeze-out of minority shareholders may occur. Other corporate actions that preceded the decision on delisting were the implementation of bankruptcy proceedings, mergers and acquisitions of companies, or transformation into a limited liability company. Furthermore, the article points to a new trend in the regulation of delisting in German law, which contains significant differences compared to the Croatian solutions