#2006-387Public Acquisition Offers Law
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law regulates public acquisition offers in France, ensuring transparency and fairness for shareholders. It sets rules on how companies must conduct these offers, whether they are based in France or other European countries, as well as the price that must be offered. Companies must inform authorities and possibly the public about their intentions, and the law specifies procedures for addressing offers made by entities acting in concert.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Regulates public acquisition offers in France
- Ensures shareholder equality and market transparency
- Requires declaration of intent to authorities
Obligations
What this law requires
Companies must conduct public acquisition offers according to rules set by the Autorité des marchés financiers (AMF) General Regulation for companies with registered offices in France whose financial instruments are admitted to trading on a regulated French market
Any person with reasonable grounds to prepare a public acquisition offer must declare their intentions to the AMF in conditions and forms fixed by the AMF General Regulation, particularly when financial instruments admitted to trading on a French regulated market experience significant movement
The offered price must be at least equivalent to the highest price paid by the offer's author, acting alone or in concert, within the twelve months preceding the offer filing
Public disclosure of intention declarations must be made in conditions fixed by the AMF General Regulation
When a public offer targets a company holding more than one-third of the capital or voting rights of a French or foreign company whose shares are admitted to trading on a regulated market and constitute an essential asset, the offer filing must be accompanied by proof that an irrevocable and fair public offer will be deposited on the entire capital of that company by the opening date of the first public offer