Article 233-1 into force since 23 May 2021

The simplified offer procedure may be used in the following cases:

1. an offer by a shareholder that already holds directly or indirectly, alone or in concert within the meaning of Article L. 233-10 of the Commercial Code, one-half or more of the target company's equity and voting rights;

2. an offer by a shareholder that, following an acquisition, holds directly or indirectly, alone or in concert within the meaning of Article L. 233-10 of the Commercial Code, one-half or more of the target company's equity and voting rights;

3. an offer for no more than 10% of the voting equity securities or voting rights of the target company, taking into account the voting equity securities and voting rights that the offeror already holds, directly or indirectly;

4. an offer by a person, acting alone or in concert within the meaning of Article L. 233-10 of the Commercial Code, for preference shares, investment certificates or voting rights certificates;

5. an offer by a company to buy back its own shares, pursuant to Article L. 225-207 of the Commercial Code;

6. an offer by a company to buy back its own shares, pursuant to Article L. 22-10-62 of the Commercial Code;

7. an offer by the issuing company for securities giving access to its equity;

8. an offer by the issuing company to exchange debt securities that do not give access to capital for equity securities or securities that do give access to its capital.