+DIRECTIVE 2004/25/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004 on takeover bids (Text with EEA relevance)
---+Article 1 Scope
------+Article 1 1.
------+Article 1 2.
------+Article 1 3.
---+Article 2 Definitions
------+Article 2 1.
------+Article 2 2.
---+Article 3 General principles
------+Article 3 1.
------+Article 3 2.
---+Article 4 Supervisory authority and applicable law
------+Article 4 1.
------+Article 4 2.
------+Article 4 3.
------+Article 4 4.
------+Article 4 5.
------+Article 4 6.
---+Article 5 Protection of minority shareholders, the mandatory bid and the equitable price
------+Article 5 1.
------+Article 5 2.
------+Article 5 3.
------+Article 5 4.
------+Article 5 5.
------+Article 5 6.
---+Article 6 Information concerning bids
------+Article 6 1.
------+Article 6 2.
------+Article 6 3.
------+Article 6 4.
------+Article 6 5.
---+Article 7 Time allowed for acceptance
------+Article 7 1.
------+Article 7 2.
---+Article 8 Disclosure
------+Article 8 1.
------+Article 8 2.
---+Article 9 Obligations of the board of the offeree company
------+Article 9 1.
------+Article 9 2.
------+Article 9 3.
------+Article 9 4.
------+Article 9 5.
------+Article 9 6.
---+Article 10 Information on companies as referred to in Article 1(1)
------+Article 10 1.
------+Article 10 2.
------+Article 10 3.
---+Article 11 Breakthrough
------+Article 11 1.
------+Article 11 2.
------+Article 11 3.
------+Article 11 4.
------+Article 11 5.
------+Article 11 6.
------+Article 11 7.
---+Article 12 Optional arrangements
------+Article 12 1.
------+Article 12 2.
------+Article 12 3.
------+Article 12 4.
------+Article 12 5.
---+Article 13 Other rules applicable to the conduct of bids
---+Article 14 Information for and consultation of employees' representatives
---+Article 15 The right of squeeze-out
------+Article 15 1.
------+Article 15 2.
------+Article 15 3.
------+Article 15 4.
------+Article 15 5.
---+Article 16 The right of sell-out
------+Article 16 1.
------+Article 16 2.
------+Article 16 3.
---+Article 16a Accessibility of information on the European single access point
------+Article 16a 1.
------+Article 16a 2.
------+Article 16a 3.
------+Article 16a 4.
------+Article 16a 5.
------+Article 16a 6.
---+Article 17 Sanctions
---+Article 18 Committee procedure
------+Article 18 1.
------+Article 18 2.
---+Article 19 Contact committee
------+Article 19 1.
------+Article 19 2.
---+Article 20 Revision
---+Article 21 Transposition
------+Article 21 1.
------+Article 21 2.
---+Article 22 Entry into force
---+Article 23 Addressees
 English - European Union - Corporate Law -

DIRECTIVE 2004/25/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004 on takeover bids (Text with EEA relevance)

DIRECTIVE 2004/25/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 21 April 2004

on takeover bids

(Text with EEA relevance)

1. Forbhreathnú

,
Article 1 Scope
Article 2 Definitions
Article 3 General principles
Article 4 Supervisory authority and applicable law
Article 5 Protection of minority shareholders, the mandatory bid and the equitable price
Article 6 Information concerning bids
Article 7 Time allowed for acceptance
Article 8 Disclosure
Article 9 Obligations of the board of the offeree company
Article 10 Information on companies as referred to in Article 1(1)
Article 11 Breakthrough
Article 12 Optional arrangements
Article 13 Other rules applicable to the conduct of bids

Article 13

Other rules applicable to the conduct of bids

Member States shall also lay down rules which govern the conduct of bids, at least as regards the following:

(a) 

the lapsing of bids;

(b) 

the revision of bids;

(c) 

competing bids;

(d) 

the disclosure of the results of bids;

(e) 

the irrevocability of bids and the conditions permitted.
Article 14 Information for and consultation of employees' representatives

Article 14

Information for and consultation of employees' representatives

This Directive shall be without prejudice to the rules relating to information and to consultation of representatives of and, if Member States so provide, co-determination with the employees of the offeror and the offeree company governed by the relevant national provisions, and in particular those adopted pursuant to Directives 94/45/EC, 98/59/EC, 2001/86/EC and 2002/14/EC.
Article 15 The right of squeeze-out
Article 16 The right of sell-out
Article 16a Accessibility of information on the European single access point
Article 17 Sanctions

Article 17

Sanctions

Member States shall determine the sanctions to be imposed for infringement of the national measures adopted pursuant to this Directive and shall take all necessary steps to ensure that they are put into effect. The sanctions thus provided for shall be effective, proportionate and dissuasive. Member States shall notify the Commission of those measures no later than the date laid down in Article 21(1) and of any subsequent change thereto at the earliest opportunity.
Article 18 Committee procedure
Article 19 Contact committee
Article 20 Revision

Article 20

Revision

Five years after the date laid down in Article 21(1), the Commission shall examine this Directive in the light of the experience acquired in applying it and, if necessary, propose its revision. That examination shall include a survey of the control structures and barriers to takeover bids that are not covered by this Directive.

To that end, Member States shall provide the Commission annually with information on the takeover bids which have been launched against companies the securities of which are admitted to trading on their regulated markets. That information shall include the nationalities of the companies involved, the results of the offers and any other information relevant to the understanding of how takeover bids operate in practice.
Article 21 Transposition
Article 22 Entry into force

Article 22

Entry into force

This Directive shall enter into force on the 20th day after that of its publication in the Official Journal of the European Union.
Article 23 Addressees

Article 23

Addressees

This Directive is addressed to the Member States.

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

Ceanglais

3. Caighdeáin ghaolmhara

Caighdeáin
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