Professionals

4. Do the provisions regarding the obligation to disclose any inside information to the public apply in the context of the preparation of a takeover bid?

For offeree companies to which the Market Abuse Regulation (MAR) applies, the obligation to disclose any inside information to the public without delay also applies in the context of the preparation of a takeover bid.

If the offeree company is aware of a potential takeover bid for its securities, and if this information constitutes inside information on its part, in other words, if the information is not public, is specific and the publication thereof may have a significant effect on the price of its securities, then this inside information must in principle be made public without delay. However, the offeree company may, pursuant to Article 17, paragraph 4, first subparagraph of the MAR, delay the public disclosure of that inside information, provided the applicable conditions have been met.

If, however, the confidential nature can no longer be guaranteed (e.g. in the event of a leak to the press), then the company must make the information public without delay. The information to be provided in such a case must take into consideration the state of advancement of the dossier.