Response to the European Commission's Report on the Application of the Takeover Bids Directive

Active Shareholders and European Takeover Regulation

“…In general, the European rules on mandatory bids have a twofold aim. 119 On the one hand, they guarantee equal treatment by allowing the minority shareholders to piggyback on the majority shareholder's exit at the same price. 120 On the other hand, they provide an exit opportunity for the minority shareholders if control changes and the minority want to avoid the danger of exploitation by the new controller.…”