Publication

Directive 2004/25/EC on takeover bids sets out minimum rules for the conduct of takeover bids involving shares admitted to trading on a regulated market established in the European Union. It also seeks to provide an adequate level of protection for shareholders throughout the Union by establishing a framework of common principles and general requirements. The European Commission decided to appoint an external adviser to produce a study assessing the functioning of the Directive from a legal and economic perspective. This publication is an abridged version with additional commentary to the original study prepared for the European Commission.