The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out right. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's management and on defence mechanisms. This book discusses the Takeover Directive and its implementing rules in each Member State of the European Union and the European Economic Area, providing companies and their advisors with useful insight into the legal framework and principles applicable to takeover bids in the region.
About the Author
Dirk Van Gerven is a partner in the Brussels office of NautaDutilh, a leading Benelux law firm, and a member of the Brussels and New York Bars. He has extensive experience in all areas of corporate and financial law, including securities regulation. Dirk is in charge of continuing legal education for the Dutch-speaking Bar Association of Brussels and has published widely in the fields of corporate and financial law. Since 2003, he has been a member of the supervisory board of Belgium's Banking, Finance and Insurance Commission.
Table of Contents
Part II. Application in each Member State: National reports for the EU Member States: 19. Bulgaria Yordan Naydenov, Damian Simeonov and Angel Angelov; 20. Cyprus Alexandros Tsadiras; 21. Denmark Vagn Thorup and David Moalem; 22. Finland Mikko Heinonen amd Klaus Ilmonen; 23. France Didier G. Martin, Antoine Tezenas Du Montcel and Max Baird-Smith; 24. Italy Francesco Gianni and Andrea Aiello; 25. Malta Louis De Gabriele and David Zahra; 26. Poland Rafał Dziedzic, Maciej Owczarewicz and Małgorzata Wojtkiewicz-Kabut; 27. Romania Diana E. Precup; 28. Slovenia Matija Knapič, Jurij Dolžan and Peter Premk; 29. Sweden Madeleine Rydberger and Nils Nostell; Part III. Application in the EEA Member States: 30. Iceland Ólafur Arinbjörn Sigurðsson; 31. Liechtenstein Andreas Schurti and Alexander Appel; 31. Norway Sverre Tyrhaug and Tore Mydske; Annexes: Annex I Council Directive (EC) No 2004/25 of 21 April 2004 on takeover bids (the Takeover Directive); Annex II List of national laws implementing the Takeover Directive.