The Takeover Bids Directive (TOD) aims to ensure 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.
While this area covers both company law aspects and securities or market related issues, the focus of ESMA is on the latter.
Within this area, ESMA seeks to provide a forum where NCAs can discuss views, practical experiences and developments in the application of the TOD, especially with respect to cross-border transactions. This is done through a Takeover Bids Network comprising 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 asses shareholder cooperation and acting in concert. ESMA has issued a public statement in that regard.