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During a merger, essentially other corporate entities become a part of an existing entity. This can be useful for smaller companies merging into larger companies that have greater brand recognition and market traction. Conversely, a consolidation is when multiple companies join to form a new entity.
The company whose assets are being acquired must obtain approval from its shareholders.
Section 1701.82 - Conditions following merger or consolidation (A) When a merger or consolidation becomes effective, all of the following apply: (1) The separate existence of each constituent entity other than the surviving entity in a merger shall cease, except that whenever a conveyance, assignment, transfer, deed, ...
Do I have to file an annual report? Business entities in Ohio are not required to file an annual report.
Mergers in Ohio Once the agreement and plan of merger is completed, the agreement must be approved by the target company's board of directors and then approved by the shareholders of the domestic company.
Mergers are transactions involving the combination of generally two or more companies into a single entity. The need for shareholder approval of a merger is governed by state law. Typically, a merger must be approved by the holders of a majority of the outstanding shares of the target company.
If the deal is settled in cash, or less than 20% of the acquirer's stock, then the shareholders of the acquirer will not need to approve the deal. On the other hand, a tender offer does not initially require a vote of shareholders via a special shareholder meeting.
Most statutes provide that a majority vote is needed to approve a merger, consolidation, or share exchange, unless otherwise provided in the articles of incorporation. After shareholder approval has been obtained, articles of merger, consolidation, or share exchange must be filed with the appropriate state official.