Proposal For Revised Takeover Rules

The Swedish Corporate Governance Board (Sw. Kollegiet för sven­sk bo­lagsstyrn­ing) has an­nounced a pro­pos­al re­gard­ing amend­ments to the Takeover Rules con­cern­ing Nasdaq Stockholm and Nordic Growth Market NGM as well as the mul­ti­lat­er­al trad­ing fa­cil­i­ties First North, Nordic MTF and AktieTorget. The re­vised rules are pro­posed to come in­to ef­fect on 1 April 2018.

The pro­pos­al es­sen­tial­ly con­tains the fol­low­ing amend­ments.

If it is cer­tain that the bid­der will not be grant­ed nec­es­sary per­mits from the au­thor­i­ties with­in the max­i­mum ac­cep­tance pe­ri­od of nine months, the bid­der shall with­out un­rea­son­able de­lay with­draw the of­fer or seek an ex­emp­tion from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) in or­der to be able to ex­tend the ac­cep­tance pe­ri­od. The bid­der shall as soon as pos­si­ble an­nounce if the bid­der re­solves to with­draw the of­fer or to seek an ex­emp­tion. Hence, the