DIFFERENT LEGISLATIONSREGARDING OPAs

An analysis was made of then effectof the Tender Offer Law in Chile, andof the related situation of five coun-tries with a more developed marketthan the Chilean one, reaching theconclusion that in order to success-fully implement a Tender Offer Lawit is necessary to bear in mind thatthe problem is not solved by estab-lishing standards that regulate trans-actions, but by creating instancesthat contribute to a more dynamicand efficient market. In addition,there should exist a balance betweenprotection of the minority stockhold-er and competition for corporate con-trol.Finally, we can conclude that thereis evidence that the Tender Offer Lawhas depressed the Stock Exchange.