• DEN FSA submitted a draft executive order on takeover bids for consultation.
• Document dated 8 January 2024, received from on 6 February 2024 due to a fixed feed.

Amendments

• Order continues rules from executive order 636 on takeover offers, which are repealed.
• Changes in new executive order occur as a result of cases the DEN FSA has dealt with in recent years, where the FSA deems it appropriate to clarify and modernize the rules.
• Primarily clarifies the rules on price fixing and modernizing the publication of notices.
• The offer price in a takeover bid is determined on the basis of the market price when the offeror has not acquired shares directly in the target company.
• Currently, rule appears in a provision on target companies with many shares classes.
• The provision is separated out to make it clearer, but no substantive change is envisaged and linguistic changes and updating of references have also been made.

Effectiveness

• Comments on the executive order should be submitted no later than 20 February 2024.
• The executive order is expected to enter into force on 1 June 2024.