Takeover Bids

ESMA has set up a network of competent authorities dealing with takeover bids to discuss views, experiences and future developments in the implementation of the Takeover Bids Directive (TOD). The TOD aims to ensure equality of treatment in Europe for all companies launching bids and to ensure a transparent and fair treatment of investors in companies that find themselves the targets of takeover bids. The legislation covers two separate areas relating to takeovers: company law aspects and securities or market related issues. However, as the national authorities composing the network do not, in general, have powers in relation to many company law issues, the mandate of the network is limited to securities or market related issues, with the goal of promoting an exchange of information and experience. The network aims to foster co-operation between all authorities supervision the takeover legislation, especially in the context of cross-border transactions. 



Any correspondence regarding the work of this group should be sent to ESMA Staff.

Relevant publications

  • Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive - 1st update (Ref. 2014/677)
  • Public statement
    containing information on shareholder cooperation and acting in concert
    under the Takeover Bids Directive (Ref. 2013/1642)
  • Cover Note - Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive  (Ref. 2013/1643)
  • Press release ESMA clarifies shareholder cooperation in takeover situations (Ref. 2013/1645)