Multiple voting rights in M&A transactions
Practical profiles and impact on SPAs, governance and drag-along clauses after the 2024 reform
— Alessandro Negri della Torre
9-slide carousel on how Italy's multiple-voting-rights regime (post-reform) reshapes SPA design, shareholders' agreements and drag-along clauses in M&A.
Key takeaways
- Multiple voting is not automatic: requires consistent bylaws
- Drag-along not immune: clauses must be rewritten
- Minority protections: statutory invariants remain
- VC funds: use multiple voting for founder retention without diluting control