Operation initiated by the majority shareholders, who have control of the company in the general meeting, to eliminate or reduce the presence of shares in the hands of minority holders. If it is a publicly traded company, the majority shareholders can initiate the procedure for delisting. In this case, and while leaving the stock market, the company must make a public tender offer for exclusion (OPA), which implies a forced sale for minorities. The selling or purchasing price of the shares of the minorities by the company must be approved, in the case of Spain, by the National Securities Market Commission (CNMV).
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