umraniye escort pendik escort
maderba.com
implant
olabahis
canli poker siteleri meritslot oleybet giris adresi betgaranti
escort antalya
istanbul escort
sirinevler escort
antalya eskort bayan
brazzers
sikis
bodrum escort
Articles

Update of Belgian takeover rules

Stibbe - Update of Belgian takeover rules

Update of Belgian takeover rules

08.10.2018 BE law

A Royal Decree was published in the Belgian Official Gazette on 5 October 2018 containing, among other things, amendments to the Takeover Decree (Royal Decree of 27 April 2007 on takeover bids) and the Squeeze-out Decree (Royal Decree of 27 April 2007 on squeeze-out bids), with a view to updating the said texts.

The Royal Decree only available in French of Dutch.

For the companies of which voting securities are admitted to trading on Euronext Growth or Euronext Access, the threshold for a mandatory bid has been increased from 30% to 50%.

For issuers of debt instruments that make a bid to buy back their (own) listed debt instruments, the obligation to publish a prospectus has been abolished and replaced by the obligation to publish a press release approved by the FSMA.

The definitions of the terms ‘credit institution’ and ‘stockbroking firm’ have been broadened, in part so that the guarantee of the availability of the resources necessary to carry out the offer may be issued by any credit institution or stockbroking firm established in a member state of the European Economic Area.

The rules governing the reporting to the FSMA, during the bid period, of certain securities transactions has also been relaxed. Thus, for example, persons who hold voting securities in the offeror no longer have to report their transactions.

The Squeeze-out Decree has been entirely updated and adjusted to take account of the case law since 2007 regarding squeeze-outs. The rules in the Takeover Decree that govern the takeover bids issued by an offeror that controls the target company have, moreover, been harmonised with the amendments made to the corresponding provisions of the Squeeze-out Decree.

The Law of 11 July 2018 had already amended Article 33 of the Takeover Law, which addresses advertising. 'Other documents and announcements that relate to a takeover bid' are no longer treated as equivalent to advertisements, as a result of which they do not have to be approved by the FSMA any more.

Source: Press release FSMA of 5 October 2018

Related news

07.04.2021 NL law
Digitale transitie in de financiële sector

Articles - De coronacrisis heeft het belang van digitale financiële dienstverlening extra onderstreept. Om de digitale transitie van de financiële sector meer ruimte te geven heeft de Europese Commissie afgelopen jaar de Digital Finance Package aangenomen. Roderik Vrolijk en Lisanne Baks schreven een artikel in het Tijdschrift financieel recht in de praktijk en geven daarin een overzicht van de voorstellen die de Commissie in dit pakket heeft geformuleerd.

Read more

24.03.2021 NL law
Eerste Kamer neemt wetsvoorstel inroepen bedenktijd door het bestuur van een beursvennootschap aan

Short Reads - Op 23 maart heeft de Eerste Kamer het wetsvoorstel aangenomen dat aan het bestuur van een beursvennootschap1 de mogelijkheid verschaft om, in het geval van aandeelhoudersactivisme of een vijandig openbaar bod, 250 dagen bedenktijd in te roepen. Deze bedenktijd biedt het bestuur tijd en gelegenheid voor een zorgvuldige afweging van de effecten van de genoemde situaties op de onderneming en de belangen van betrokkenen met het oog op een zorgvuldige beleidsbepaling.

Read more

18.02.2021 NL law
Recent developments: Dutch corporate law

Short Reads - This is our biannual newsletter covering the main developments in Dutch corporate law. In this Corporate Update we provide an overview of the implementation of the Dutch UBO Register, we mention the entry into force of the WHOA and we discuss current developments regarding (foreign) investment control and gender diversity at the top.

Read more