Change of control
A change in the party that determines a company's decisions — through a block trade, an offer or a reorganisation.
How to read the number
The consequences reach beyond the ownership table: a mandatory offer to minority holders is usually triggered, and clauses in loan agreements come alive.
When the metric lies
A change-of-control covenant lets lenders demand early repayment, turning long-term debt into immediate debt on the day the owner changes.
Also known as: change of control