ITALY: Changes approved to Issuer Regulation on Italy takeover bids

Wednesday July 24 2013

Further to the update of 3 May 2013, CONSOB has published Resolution No. 18612/2013 on amendments to the Issuer Regulation on Italy takeover bids.

The Resolution amends Article 38 of the Issuer Regulation to introduce an obligation on the bidder to give notice of suspension and the recommencement of the investigation by CONSOB to approve the offer document. Article 39 is amended to introduce 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. Amendments to Article 47-bis and 47-sexies will also require the bidder to disclose the adoption of the resolutions for reduction and increase in the price of the mandatory public offer, and the decision to apply to CONSOB to increase the price of a mandatory bid.

Click on the above link for Resolution 18612 (currently only available in Italian).