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Grandfather clause pertaining to the mandatory bid threshold
Home - Grandfather clause pertaining to the mandatory bid threshold

Grandfather clause pertaining to the mandatory bid threshold
 

• List of persons concerned by the provisions of article 234-11 of the AMF General Regulation

The list below provides the identity of all natural and legal persons who have reported their holdings of capital and voting rights to the AMF pursuant to article 234-11, namely:

  • persons to whom the one-third threshold continues to apply as a threshold triggering a mandatory bid obligation (article 234-11 paragraphs 1 and 2)

    Note that if, due to double voting rights, a person holds less than 30% of capital and between 30% and one-third of voting rights as of 1 January 2010, then the applicable thresholds triggering a mandatory bid obligation are 30% for said person’s holding in capital and one-third for its holding in voting rights
    .

  • persons who must lower their holding below 30% of capital and voting rights by 1 February 2012, or else file a mandatory bid on the securities of the concerned issuer (article 234-11 paragraph 3).

  • For each person, a more detailed information is available in the Décision & Information notice, the reference of which is featured in the list.

" list of persons concerned by the provisions of article 234-11 "

 

Note: The list above was established based on the sole reportings made to the AMF.

 

• Article 234-11 of the AMF General Regulation

For the application of the provisions of [Chapter 4 of Book II of the General Rules concerning takeover bids], the one-third threshold that applied before 1 February 2011 to holdings of capital and voting rights shall apply in place of the 30% threshold to any person, acting alone or in concert within the meaning of Article L. 233-10 of the Commercial Code, who on 1 January 2010 directly or indirectly held between 30% and one-third of the capital or voting rights, and shall continue to apply as long as the holding remains between these two thresholds.

The same applies to any person, acting alone or in concert within the meaning of Article L. 233-10 of the Commercial Code, who, after 1 January 2010, directly or indirectly held between 30% and one-third of the capital or voting rights as a result of a binding commitment entered into before 1 January 2010, and shall continue to apply as long as the holding remains between these two thresholds.

Persons acting alone or in concert within the meaning of Article L. 233-10 of the Commercial Code who on 1 February 2011 directly or indirectly held between 30% and one-third of the capital or voting rights and who are not covered by the foregoing paragraphs must reduce their holding below 30% of the capital and voting rights before 1 February 2012. If they fail to do so, they will be subject to the provisions of Articles 234-1 to 234-10.

All natural or legal persons concerned by these provisions shall report their holdings of capital and voting rights to the AMF without delay. The AMF publishes the list of persons who have made such declarations

 

Updated: 29 November 2011

 
 
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