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ARTICLE · 05 JUNE 1995

Tender Offers - Simplified Procedure

Shearman & Sterling
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FranceAntitrust/Competition Law
The simplified procedure is not automatic: the CBV must authorise it (CBV General Regulations, Art. 5-3-1). It can be used for either cash or exchange offers. Its purpose is the acquisition of securities representing the equity or giving access to the voting rights of a company listed on the official stock market or second market or traded over the counter. The simplified procedure is governed by the regulations for normal take-over bids except for certain details which are discussed below. (see "Tender Offers - Normal Procedure").

Scope of simplified tender offers

The simplified tender offer procedure is applicable, with prior CBV approval, in a certain number of cases of varying importance. These include offers limited to 10% of shares, offers for non-voting equity and purchases of treasury stock within the strict limits accepted under French law (CBV General Regulations, Art. 5-3-2).

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