Article 231-41 into force since 23 May 2021

If all or part of the offer is to be settled in securities, the persons concerned by the offer may not, during the offer period, trade in:

1. The equity securities or securities giving access to the equity of the target company or financial instruments linked to these securities;

2. The equity securities or securities giving access to the equity of the company issuing the securities offered in exchange or financial instruments linked to these securities.

However, a company issuing the equity securities to pay for a public offer may continue to trade in its own securities as part of a share buy-back programme implemented in accordance with the provisions of Article L. 22-10-62 of the Commercial Code and of Regulation (EC) 2273/2003 of the European Commission of 22 December 2003, or of an equivalent foreign regulation.

The provisions of this article shall also apply during the pre-offer period.