Regulatory Alerts2007-04-27
Royal Decree on Takeover Bids
The Belgian government issued this Royal Decree to partially transpose Directive 2004/25/EC and regulate voluntary takeover bids for voting securities. It establishes strict requirements for offerors, including mandatory FSMA notification, proof of funding, and obligations to maintain bid prices and withdraw restrictions. The decree further mandates daily transaction disclosures, prohibits misleading statements, and requires independent expert reports for bids launched by controlling shareholders.
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