EUROPE: ESMA publishes update to statement on acting in concert for EU takeovers

Monday June 23 2014

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive on shareholder cooperation issues relating to acting in concert.

The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B.

The ESMA statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.

Click on the above link for the statement.