DIFFERENT LEGISLATIONS REGARDING OPAs

An analysis was made of then effect of the Tender Offer Law in Chile, and of the related situation of five countries with a more developed market than the Chilean one, reaching the conclusion that in order to successfully implement a Tender Offer Law it is necessary to bear in mind that the problem is not solved by establishing standards that regulate transactions,but by creating instances that contribute to a more dynamic and efficient market. In addition,there should exist a balance between protection of the minority stockholder and competition for corporate control. Finally, we can conclude that there is evidence that the Tender Offer Law has depressed the Stock Exchange.