Takeover bids, market abuse, transparency, shareholder equality, Financial Markets Authority, AMF, takeover regulations, European Securities and Markets Authority, ESMA
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Abstract
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Abstract
This document outlines the legal framework governing pre-public takeover bids, focusing on principles of transparency, equality among shareholders, and prevention of market abuse.
Extract
[...] Conformityare defensive maneuvers against the principles of good governance and the risrules of the regulated market. [...]
[...] - LAMY, François, "Regulation of Takeovers and Investor Protection " Review of Banking and Financial Law n°5. - LEMAIRE, Jean-Baptiste, "Mergers and Acquisitions: Legal and Litigation Aspects Review of Commercial and Financial Jurisprudence, 2023. - MAISONBLANCHE, C. & LOY, M., "Reflections on the New Tender Period Review of Banking and Financial Law, March-April 2010, p. 119. - MARTIN, D., KANOVITCH, B., HASS, F. & EPELBAUM, M., "The Gameloft Affair Quarterly Review of Financial Law (QRF) n°1, chron. Public Offers, p. 112. [...]
[...] The progressive acquisition of titles and circumvention of declarative obligations Techniques of participation Framing of block share purchases before the announcement of a public offer. 2. The legal framework of the agreements concluded between the initiator and key shareholders Validityé and limits of unilateral promises to sell during the pre-announcement period-offer. Restrictions imposed on prior agreements likely to influence the public offer II. Sanctions and limits imposed on abusive practices during the pre-announcement period-offer A. Market abuse control and sanctions for infringements 1. [...]
[...] - Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids. - General Regulation of the Financial Markets Authority articles 231 and following relating to takeover bids/takeover offers. Institutional Documents - Financial Markets Authority Annual Report on Market Operations and Market Abuse, 2023. - Communiqué of the COB of December Bulletin n°231, December 1989, p. 36. Online Sources - Les Échos, « Period of pre-offering: the end of stock collection » Available at : https://www.lesechos.fr/2009/10/periode-de-preoffre-la-fin-du-ramassage-en-bourse-465527. - Option Finance, « The practice of pre-offering is developing », available at : https://www.optionfinance.fr/entreprise-finance/la-pratique-de-la-pre-offre-se-developpe.html. [...]
