The Minister of Finance has published revisions to the Exemption Decree Takeover Bids FMSA. The proposed changes are:

  • 90% - formerly 95% - or more of the independent votes at the general meeting of shareholders can exempt a bidder from making a mandatory offer
  • A new exemption is introduced where a controlling stake is acquired as a result of underwriting of a share issue
  • A new exemption is introduced for major shareholders entering into certain "irrevocable undertakings" in connection with an (imminent) public offer
  • A party entering a joint venture that already existed when the Bill on Public Offers entered into force on 28 October 2007, will be exempted from making a mandatory offer.

The Minister is aiming for the amended Decree to take effect as of 1 July 2012

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