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  • 29-07-2016

The interpretation of the concept 'acting in concert' as used in the Takeover Directive (directive 2004/25) raises many unanswered questions. This often makes it difficult for cooperating shareholders (or other parties) to assess whether they are or will be required to make a mandatory public offer. Recently, ESMA published a 'white list' of activities in which shareholders may cooperate without being presumed to have acted in concert.

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