On 5 October 2018, BFSMA issued amendments updating takeover rules.
- The royal decree issued in Belgian official gazette with amendments.
- To update the takeover decree and the squeeze-out decree, from 27 April 2007.
Mandatory Bid Levels
- Threshold for mandatory bid for listed company, is increased from 30% to 50%.
- If voting securities admitted to trading on Euronext Growth, or Euronext Access.
- Issuers of debt instruments, that seek to buy back their listed debt instruments,
now required to publish press release approved by FSMA, instead of prospectus. - Broadened definition of credit institution and stockbroking firm to any from EEA.
- Aims to allow availability of guarantee of resources needed to carry out an offer.
Reporting by Bidders
- Rules governing reporting to FSMA, during a bid period, have also been relaxed.
- Person holding voting securities in offeror, no longer need report on their trades.
- Squeeze-out decree is updated to take account of relevant law made since 2007.
- Takeover decree rules, on bids made by offeror controlling target company, are
now harmonized with amendments made to provisions from squeeze-out decree. - Law of Jul. 11 2018, already amended takeover law, article 33 about advertising.
- Other documents and announcements covering takeover bid no longer treated as
equivalent to advertisements so they no longer have to be approved by the FSMA.
