Borse Dubai’s press release announced on 9 August 2007 was a public takeover bid. As a consequence, Borse Dubai has breached the Act on Takeovers in the Stock Market. Borse Dubai has subsequently complied with the Act. Therefore, no further action will be taken by FI.
Finansinspektionen rules that the press release that Borse Dubai made public on 9 August 2007 was a public takeover bid as defined in the Act on Takeovers in the Stock Market.
When Borse Dubai made the press release public it had not undertaken to follow the rules that Nordic Exchange Stockholm has stipulated for such offers. As a result, FI notes that Borse Dubai has breached the law.
On 17 August 2007 Borse Dubai announced its public takeover bid by way of a press release. On 16 August 2007 Borse Dubai undertook to follow the rules of the Nordic Exchange Stockholm. The breach has thereby been rectified. As a result, FI will abstain from deciding upon a special charge to be paid by Borse Dubai and from deciding that Borse Dubai may not represent its shares in OMX AB.
Facts
The objective of the rules on public takeover bids is to ensure that a bidder gives the shareholders sufficient time and information to enable them to reach a properly informed decision on the bid. Also, false markets must not be created in such a way that the normal functioning of the markets is distorted.
Decision: FIs decision on Borse Dubais press release 9 August 2007
The regular framework for take over bids
Lag (2006:451) om offentliga uppköpserbjudanden på aktiemarknaden (in Swedish)
