TAKEOVER DIRECTIVE
September 1st, 2002
BY ALAN OSBORNTHE EUROPEAN Commission has proposed a new directive to cover takeover bids in the EU that will allow, among other things, a majority shareholder to require minority holders to sell him their securities while empowering minority shareholders to require the majority holder to buy them out.This tabled legislation follows the rejection of the Commission's previous proposal for a directive by the European Parliament in 2001 when concern was expressed over the obligation on the board of the target company to obtain the approval of shareholders before ...
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