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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.


An effective, well run system of takeover regulation is crucial for the confidence and well being of financial markets. Takeover regulation in the UK has been overseen by the Takeover Panel, essentially on a non-statutory basis, for the past 36 years. The Panel model – designed to ensure flexibility, certainty and speed in decision-making – has served to harness the expertise of City and business interests and so inspire confidence amongst market participants. It has also enabled the UK to benefit from an open corporate marketplace, whilst maintaining the trust of investors.
The Takeovers Directive had a long and difficult history during the course of EU negotiations. The final agreement achieves less than might have been hoped in terms of overcoming barriers to takeovers in the EU but, nevertheless, represents a step forward through laying down minimum standards for takeover regulation and applying many of the core values of the UK system at the EU level. Implementation of the Directive raises some new challenges for the UK system of regulation but also affords an opportunity for us to look afresh at the way in which it operates and build on its strengths. The Government is committed to maintaining the benefits of the current system, and the competitive advantages that an open corporate market place brings
Implementing the Directive requires the introduction of a statutory framework but the intention is to preserve the independence and authority of the Takeover Panel and its capacity to make and enforce rules regulating takeover activity.
The Directive lays down minimum standards in relation to the regulation of takeovers of companies and provides for the protection of their shareholders. It will apply, with effect from 20 May 2006, to the regulation of takeover bids for companies incorporated in the EU (and EEA2) whose shares are admitted to trading on a regulated market in the EU.
The Takeovers Directive contains:
General principles that apply to the conduct of takeover bids;
A regulatory framework for bodies that supervise takeover bids;
Basic rules about takeover bids.
Provisions restricting barriers to takeovers
Disclosure requirements for companies whose shares are traded on a regulated market;
Provisions dealing with the problems of, and for, residual minority shareholders following a successful takeover bid (known as "squeeze-out" and "sell-out"). ...

Rašto darbo duomenys
Tinklalapyje paskelbta2007-11-27
DalykasKomercinės teisės referatas
KategorijaTeisė >  Komercinė teisė
Apimtis19 puslapių 
Literatūros šaltiniai0
KalbaAnglų kalba
Dydis30.19 KB
Viso autoriaus darbų5 darbai
Metai2007 m
Mokytojas/DėstytojasT. Hadzigagios
Švietimo institucijaUniversity of Macedonia
Failo pavadinimasMicrosoft Word Takeover bids in Europe [speros.lt].doc




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  • Referatai
  • 19 puslapių 
  • University of Macedonia / 3 Klasė/kursas
  • T. Hadzigagios
  • 2007 m
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