The Ministry of Finance has proposed a consultation on the amendment to the Exemption Decree Takeover Bids FMSA (Vrijstellingsbesluit overnamebiedingen Wft) (in Dutch). A mandatory bid was introduced in the Netherlands on 28 October 2007 and also applies to persons who agree and act in concert. The Exemption Decree Takeover Bids FMSA contains various exemptions to the mandatory bid rules. These new exemptions concern new members joining an alliance where the mandatory bid rules did not apply to existing members when Article 5:70(1) FMSA entered into force. Because these exemptions concern the ‘acquisition’ of predominant control, they do not apply to persons who had predominant control when the legislation implementing the Takeover Directive was drawn up in 2007. The new exemption will be included in the Exemption Decree Takeover Bids FMSA and is intended to take force on 1 January 2010.
The proposed amendment to the Exemption Decree Takeover Bids FMSA with explanatory notes will be submitted to market parties, the supervisory body, branch organisations and other relevant parties for consultation. The consultation round will end on 11 May 2009.