• All Together Now? ESMA Issues Statement on Shareholder Cooperation under the EU Takeovers Directive
  • November 22, 2013 | Author: Richard May
  • Law Firm: Fried, Frank, Harris, Shriver & Jacobson (London) LLP - London Office
  • On 12 November 2013, the European Securities and Markets Authority (ESMA) issued a public statement on shareholder cooperation and acting in concert under the EU Takeovers Directive (2004/25/EC). The statement clarifies the circumstances in which shareholders may cooperate with each other without being regarded as “acting in concert”.