Takeover bids in Europe

THE TAKEOVERS DIRECTIVE 4
GENERAL PRINCIPLES THAT APPLY TO THE CONDUCT OF TAKEOVER BIDS 4
REGULATORY FRAMEWORK FOR A BODY SUPERVISING TAKEOVER BIDS 5
The takeover panel 5
Options for Implementing the Regulatory Framework 6
Direct Statutory Provision 6
Recognition of the Takeover Code 7
Delegated Statutory Powers 7
RULES ABOUT TAKEOVER BIDS 8
Basic rules 8
Mandatory rule in favour of minority shareholders 8
Equitable price provision 9
The anti-frustration rule 9
Impact on the anti-frustration rule 10
The breakthrough rule 10
Impact on the breakthrough rule 12
Reciprocity rule 12
Impact on the reciprocity rule 13
Document requirements 13
Time allowed for acceptance 14
RESTRICTING BARRIERS TO TAKEOVERS 15
DISCLOSURE REQUIREMENTS FOR COMPANIES WHOSE SHARES ARE TRADED ON A REGULATED MARKET 15
“SQUEEZE-OUT” AND “SELL-OUT” PROVISIONS 16
Comparison of Directive Provisions on Squeeze-out and Sell-out and Part 13A of the Companies Act 1985 17
BENEFITS AND COSTS – SECTORS AND GROUPS AFFECTED 18
Benefits – Economic 18
CONCLUSION 19
Definitions 20
INTRODUCTION
An effective, well run system of takeover regulation is crucial for the confidence and well being of financial markets. Takeover regulation in the UK has been overseen by the Takeover Panel, essentially on a non-statutory basis, for the past 36 years. The Panel model – designed to ensure flexibility, certainty and speed in decision-making – has served to harness the expertise of City and business interests and so inspire confidence amongst market participants. It has also enabled the UK to benefit from an open corporate marketplace, whilst maintaining the trust of investors.
The Takeovers Directive had a long and difficult history during the course of EU negotiations. The final agreement achieves less than might have been hoped in terms of overcoming barriers to takeovers in the EU but, nevertheless, represents a step forward through laying down minimum standards for takeover regulation and applying many of the core values of the UK system at the EU level. Implementation of the Directive raises some new challenges for the...

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