New guidance note on take over bids

Date 1 sep. 2008

The Danish Financial Supervisory Authority has issued a new guidance note for executive order on takeover bids (The Danish Financial Supervisory Authority’s guidance note no. 9134 of 16 April 2008 for executive order on takeover bids).


The guidance note contains a specified exposition of (i) the circumstances which prompt the duty for a purchaser of listed securities to make a buy order to the remaining shareholders, (ii) the kind of purchases which prompt a buy order, (iii) the time at which control of a company is considered obtained and (iv) the way in which announcement of the buy order must be promulgated.


The requirements for the contents of the tender document and the tender advert as well as the course of action and the fashion of the approval and announcement of these are, furthermore, elaborated on. Moreover, the guidance note includes a description of a number of other circumstances which may be relevant in connection with voluntary or compulsory takeover bids including (a) the obligations which rest with the board of directors of the issuer when a takeover bid is made, (b) requirements in connection with changes of the bid and (c) extension of the order period etc.


If you have questions or comments regarding the above, please contact attorney Dan Moalem ( and assistant attorney Christian RJ. Nielsen (



The above does not constitute legal counselling, and Moalem Weitemeyer Bendtsen does not warrant the accuracy of the information. With the above text, Moalem Weitemeyer Bendtsen has not assumed responsibility of any kind as a consequence of a reader’s use of the above as a basis of decisions or considerations.