18-02-23 Pressrelease

Proposal for revised
Takeover Rules 2018

The Swedish Corporate Governance Board has announced proposed revisions to the Takeover rules.

The main changes in brief:

  • New procedural rules regarding regulatory approvals: The offeror is to withdraw the offer as soon as possible or apply for a dispensation from the Swedish Securities Council if it becomes evident that the required regulatory approvals will not have been received within the maximum nine-month acceptance period.

  • Right to return with a new offer – an offeror that has withdrawn its offer due to the Rules governing the maximum acceptance period and that subsequently receives the required regulatory approvals is permitted to return with a renewed offer, without prejudice to the general rule that a new offer may not be submitted within 12 months of the previous offer.

The revised rules are expected to come into effect on April 1, 2018.

The Board's press release as well as the full text of the proposed revised Takeover Rules are enclosed (clean version and compared with the 2017 version).

 Pressrelease (2018-02-23)

 Takeover rules 2018

 Takeover rules 2018 compared with the 2017 version

 Takeover rules for certain trading platforms 2018

 Takeover rules for certain trading platforms 2018 compared with the 2017 version

The responsibility for the Takeover rules, the Rules on Remuneration of the Board and Executive Management and on Incentive Programmes as well as the Recommendation on private placements was taken over by the Swedish Securities Market Self-Regulation Committee, (Sw. Aktiemarknadens Självregleringskommitté, ASK), on 1 July 2021. The rules are available at the Committee’s website, regelkommitten.se