[Autom. eng. transl.] With resolution no. 12745/2000, CONSOB issued the new version of the issuers' regulation, above all for the purpose of clarifying the issues concerning the scanning of the initial phase of the takeover bid and the start of the liability rule. After recalling the procedure outlined in the financial statement and in the previous CONSOB regulation, the A. illustrates and comments in depth on the planned innovations, underlining how they are also inspired by some recent jurisprudential interventions. The objective of the new resolution is mainly to offer a safer reference framework for operators, minimizing opportunities for judicial challenge and trying to safeguard a certain balance between the position of the offerer and that of the issuer. Some specific aspects of the new regulation are therefore taken into consideration, concerning above all Opa communication and information to the market. THERE. concludes that the new regulatory framework marks a step backwards compared to what was expected in the previous version.
|Translated title of the contribution||[Autom. eng. transl.] Takeover bid: new rules awaiting legislative reform?|
|Number of pages||5|
|Publication status||Published - 2000|