7. Minority shareholders' protection

The Act does not explicitly define the cash compensation that must be made available to minority shareholders in case of a cross-border merger. Such shareholder protection is provided for in the Commercial Register Act (,promulgated in State Gazette No. 34/25.04.2006, last SG No 94/31.10.2008) which contains the general rules of the Act applicable to mergers of Bulgarian companies. Under the Commercial Register Act, a claim lodged by a shareholder for cash compensation or participation termination notice (exit notice) does not prevent the issuance of the pre-merger certificate under Art. 10 of the Directive; however, the registry official must note the claim in the pre-merger certificate.