statutory merger
- A type of consolidation of two companies which must follow particular laws requiring precise steps to inform and get consent from shareholders
- Their business deal involved a statutory merger, making it necessary to follow specific procedures including getting approval from all shareholders.
- The statutory merger was halted because they did not properly notify the shareholders as required by law.
- The companies went through a statutory merger process, ensuring all prerequisite steps, including shareholders' approval, were met.
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