Public M&A: Are Warrants attractive price protection instruments?

Public M&A: Are Warrants attractive price protection instruments?

Key Takeaways

  • Recent SEBI informal guidance to Paramount clarifies ambiguity on holding periods for warrants
  • Though warrants could be listed, listed warrants are almost non-existent
  • Unlisted warrants cannot be transferred (no matter how long they’ve been held for)
  • Shares received upon conversion of warrants are locked-in for 6 months, but unlike other convertibles, the holding period of warrants is excluded – hence exits cannot be planned with precision

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