Regulatory Alerts2003-12-22
Regulation No. 13 of 22.12.2003 on the Public Offer for the Purchase and Exchange of Shares
The Financial Supervision Commission issued Regulation No. 13 to establish the detailed procedural framework for public offers to purchase or exchange voting shares in Bulgarian public companies. It mandates mandatory offer triggers upon crossing specific voting thresholds, dictates strict pricing formulas based on fair value and market averages, and regulates competing offers, withdrawal procedures, and comprehensive disclosure requirements for offerors. The regulation further outlines shareholder notification obligations, suspension powers for the Commission, and the precise content specifications required in all public offer documentation to ensure market transparency and investor protection.
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