Hamilton Nyhetsbrev

Proposal for revised Takeover Rules

The Swedish Corporate Governance Board (Sw. Kollegiet för svensk bo­lags­styr­ning) has an­nounced a pro­po­sal re­gar­ding amend­ments to the Takeover Rules con­cer­ning Nasdaq Stockholm and Nordic Growth Market NGM as well as the mul­ti­la­te­ral tra­ding fa­ci­li­ti­es First North, Nordic MTF and AktieTorget. The re­vi­sed ru­les are pro­po­sed to come in­to ef­fect on 1 April 2018.

The pro­po­sal es­sen­ti­al­ly con­tains the following amend­ments.

If it is cer­tain that the bi­d­der will not be gran­ted ne­ces­sa­ry per­mits from the aut­ho­ri­ti­es wit­hin the max­i­mum ac­cep­tan­ce pe­ri­od of ni­ne mont­hs, the bi­d­der shall wit­hout un­re­a­so­nab­le de­lay withdraw the of­fer or se­ek an ex­emp­tion from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) in or­der to be ab­le to ex­tend the ac­cep­tan­ce pe­ri­od. The bi­d­der shall as soon as pos­sib­le an­nounce if the bi­d­der re­sol­ves to withdraw the of­fer or to se­ek an ex­emp­tion. Hence, the bi­d­der can­not pas­si­vely wait un­til the ac­cep­tan­ce pe­ri­od ends, but must withdraw the of­fer or se­ek an ex­emp­tion from the Swedish Securities Council. The ex­emp­tion re­gar­ding ex­ten­sion of the max­i­mum ac­cep­tan­ce pe­ri­od of ni­ne mont­hs will usu­al­ly on­ly be gran­ted if sup­por­ted by the tar­get com­pa­ny. In ca­se the bi­d­der se­eks an ex­emp­tion and the Swedish Securities Council de­ni­es such ex­emp­tion, the bi­d­der must as soon as pos­sib­le withdraw the of­fer.

According to the cur­rent Takeover Rules, if a sub­mitted of­fer is not com­ple­ted, the bi­d­der or a par­ty clo­se­ly-re­la­ted to the bi­d­der may not ma­ke an of­fer to ac­qui­re sha­res in the tar­get com­pa­ny, or ac­qui­re suf­fi­ci­ent sha­res in the tar­get com­pa­ny to trig­ger the requi­re­ment to ma­ke a man­da­to­ry of­fer, wit­hin the following 12 mont­hs. However, ac­cor­ding to the pro­po­sal, the following will ap­p­ly. If a bi­d­der, who has withdrawn an of­fer as a re­sult of not be­ing gran­ted ne­ces­sa­ry per­mits from the aut­ho­ri­ti­es wit­hin the max­i­mum 9-month ac­cep­tan­ce pe­ri­od, is be­ing gran­ted such ne­ces­sa­ry per­mits from the aut­ho­ri­ti­es, the bi­d­der may an­nounce a new of­fer wit­hin four weeks af­ter be­ing gran­ted the ne­ces­sa­ry per­mits wit­hout ha­ving to ob­ser­ve the 12-month pe­ri­od. Accordingly, the bi­d­der may an­nounce a new of­fer wit­hin four weeks from the gran­ted per­mit even though the 12-month pe­ri­od has not elap­sed.