Focus - ESMA Guidelines on acting in concert in Takeover Situations

Date 3 dec. 2013
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In this newsletter, we focus on ESMA’s ”White List” (click link), which provides guidance for the detailed understanding of 'acting in concert', which is used as a term which may constitute control, and if so, will trigger the obligation to submit a bid pursuant to the Directive on Takeover Bids. As indicated, this is a central concept, and it is therefore to be welcomed that ESMA helps to provide greater clarity about the framework within which shareholders may cooperate without thereby triggering a mandatory bid to the remaining shareholders under the takeover rules.


Read the entire article in the PDF file.