Amendments To Dutch Public Offer Rules

Important amendments to the public offer rules were recently published and are expected to enter into effect on 1 July 2012. This newsletter highlights the following main changes:

• introduction of a 'put up or shut up' rule;
• clarification of the disclosure requirement for offerors;
• amendment of the rules on the announcement of an 'unsolicited' public offer;
• the possibility of increasing the offer price more than once;
• expansion of the exemption from the obligation to make a mandatory offer (the exemption will also apply in the event of – in brief – certain irrevocable undertakings, and where a party joins an existing exempt group).

In addition, several further changes to the public offer rules are expected to enter into effect on 1 January 2013: