In Focus no. 60 Margit Hess Thaysen and Tine Rau Schiøtt, Copenhagen Stock Exchange, outline the contents of the guidelines, which, among other things, describe when a mandatory takeover bid must be made and illustrate the chain of events of a takeover bid. The authors also specify the duty that an offeror has to publish an offer document irrespective of whether the takeover bid is voluntary or mandatory. An offer document must contain information about the financial terms, including the time limit for acceptance of the offer and any other information which must otherwise be considered necessary for the shareholders to decide whether to accept or refuse the offer. The article also outlines the aspects concerning improved and competing offers as well as the obligation that the supervisory board of the so-called target company has to submit an account of the advantages and disadvantages of a takeover bid to the company's shareholders.
Read the article "Guidelines on takeover bids for listed companies" in Focus no. 60 at the website of the Copenhagen Stock Exchange www.cse.dk and see the webcast presentation (in Danish) by Margit Hess Thaysen.
Click here to view the guidelines on takeover bids for listed companies.
