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Takeover of through insolvency proceedings (SAZKA, a.s.)
Nedvědová, Nikola ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
This thesis deals with takeovers in the Czech environment according to the Insolvency Act No. 182/2006 Coll., which passed an amendment to the 1. 1. 2008. There are methods of resolving insolvency of the debtor and principles of insolvency proceedings which should be followed during the insolvency process. Work distinguishes friendly and hostile takeover. The theoretical part provides an overview of possible ways of takeover, the reasons that motivate new owners to think about a possible takeover and globally applicable defense strategies. Another theoretical starting point is consideration of the reorganization of the company, which may be conducted by both the debtor and of the creditor(s). The practical part describes the hostile takeover of SAZKA from its history, through description of the key moments of crisis to insolvency proceedings which resulted in the bankruptcy of the debtor. Subsequent hostile takeover was directed by PPF and KKCG, which bought up commitment wagers and therefore became important creditors (controlling the betting and lottery activities) and later winner of the tender for the sale of the entire company. This case is a textbook example of takeover of the company, which had fallen into financial distress. The battle for the largest lottery company in the country was very hard, long and eventually resulted in a very profitable business, which fell into the arms of a single owner.
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