General Regulation

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Listed companies & corporate financing Takeovers: Takeover reporting

Reporting takeover bids

Published on April 28, 2014

Once the terms of a draft takeover bid have been announced (i.e. the start of the pre-offer period), strict rules apply to trading in the securities concerned. Transparency procedures are strengthened for bids involving the securities of the target company, and if applicable, those of the bidder (especially where all or part of the bid is to be settled in securities). This stricter regime remains in place throughout the offer period.

List of companies involved in a takeover bid

The AMF web-posts a file of all companies listed on Euronext Paris and Alternext for which:

  • a draft takeover bid has been announced but not yet filed with the AMF (companies in the pre-offer period);
  • a draft takeover bid has been filed with the AMF (companies in the offer period).

Rules for trading (Articles 231-38 to 231-43 of the AMF General Regulation) and reporting apply to the securities of target companies on this list, as well as to the securities of the offerors whenever all or part of the offer is to be settled in securities.

Situation-specific disclosure forms

The AMF provides two types of disclosure form for reporting dealings and interests in securities concerned by a takeover bid:

  1. The Type I form should be used by persons or entities described in Article 231-46, I and Article 231-47 of the General Regulation (general rules for reporting operations and positions – declaration of intent);
  2. The Type II form should be used by the investment services providers concerned by the offer (as defined in Article 231-2 4°) described in Article 231-51-I of the General Regulation and investment service providers conducting proprietary trading under the conditions set forth in Article 231-52 (simplified rules for position disclosure).

Time limits and methods of filing with the AMF

The forms must be emailed to the AMF by the reporting person or entity or their advisors no later than the trading day following the reported transaction, in compliance with Articles 231-46, 231-47 and 231-51 of the General Regulation. The address is: reportingOPA@amf-france.org

The forms should be accompanied by a headed letter signed by a duly authorised person. They should include contact information for a person whom the AMF can reach if it needs further information.

Publication of reports received by the AMF

The AMF publishes the reports filed with it in accordance with Articles 231-46 and 231-47 of the General Regulation.

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Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02