Takeover bids in Europe

Verslo teisės darbas anglų kalba. Introduction. The takeovers directive. General principles that apply to the conduct of takeover bids. Regulatory framework for a body supervising takeover bids. The takeover panel. Options for implementing the regulatory framework. Direct statutory provision. Recognition of the takeover code. Delegated statutory powers. Rules about takeover bids. Basic rules. Mandatory rule in favour of minority shareholders. Equitable price provision. The anti-frustration rule. Impact on the anti-frustration rule. The breakthrough rule. Impact on the breakthrough rule. Reciprocity rule. Impact on the reciprocity rule. Document requirements. Time allowed for acceptance. Restricting barriers to takeovers. Disclosure requirements for companies whose shares are traded on a regulated market. "Squeeze-out" and "sell-out" provisions. Comparison of directive provisions on squeeze-out and sell-out and part 13a of the companies act 1985. Benefits and costs – sectors and groups affected. Benefits – economic. Conclusion. Definitions.