Takeover Bids
ESMA’s work on Takeover Bids focuses on the securities or market related issues covered by the Takeover Bids Directive and involves exchanging supervisory experiences and providing transparency on how Member States assess shareholder cooperation and acting in concert.
The Takeover Bids Directive (TOD) promotes equal treatment in Europe for all companies launching takeover bids or that are subject to a change in control. It also aims to ensure protection and fair treatment of investors in companies that are subject to such situations as named above and have at least some of their securities admitted to trading on a regulated market in a Member State.
Within this area, ESMA provides a forum where NCAs discuss views, practical experiences and developments in the application of the TOD, especially with respect to cross-border transactions. This is done through a dedicated working group composed by the relevant competent authorities under the TOD.
ESMA's work in this area has, until now, concentrated on exchanging supervisory experiences and providing transparency on how Member States assess shareholder cooperation and acting in concert. ESMA has issued a public statement in that regard.