Fundamental corporate changes of publicly held corporations and their consequences

Fundamental corporate changes of publicly held corporations have been codified in capital market law. Article 23, 24 and 25 of Capital Market Law with the code number 6362 and Comminuque on Common Principles of Fundamental Corporate Changes and Appraisal Right (II-23.1) issued by Capital Market Board are applicable related to fundamental corporate changes. The transactions shall be concluded according to the process eleborated in legal rules; and appraisal right and mandatory tender offer should be applied as tools for preserving shareholders. Fundamental corporate changes provide majority with the power of deciding on transactions which could significantly effect publicly held corporation. In addition, the concept accommodates minority shareholders with sufficient protection. Conceptual characteristics of fundamental corporate changes are examined in the thesis.