Friday May 3 2013

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: Italy




CONSOB has published a consultation paper (only available in Italian) proposing reform to the provisions in the Issuer Regulations on Italy takeover bids.

The amendments proposed are as follows:

  1. an obligation on the bidder to give notice of suspension and the recommencement of the investigation to approve the offer document (Article 38) and the adoption of the resolutions for reduction and increase in the price of the mandatory public offer (Articles 47-bis and 47-sexies);
  2. an obligation to disclose to the market the decision to submit to Consob a decision to increase the price of a mandatory tender offer (Article 47-sexies); and
  3. an obligation to disclose to the market the issuer`s statement together with the attachments by the day before the first day of the subscription period (Article 39).

Comments must be received by 24th May.

Click on the above link for more details.