The Swedish Corporate Governance Board today announces its proposed update of the takeover rules with new rules concerning mergers and merger-like processes. The rules mean that the shareholders' meeting of a listed company to be taken over through a merger or a merger-like process is to approve the takeover by no less than a two-thirds majority, exclusive of the purchasing company's votes. Further, most of the provisions in the takeover rules are to be applicable to merger processes in the same way as for takeover bids, e.g. provisions concerning equal treatment. This applies to both Swedish and foreign listed companies. The Board proposes that the rules come into effect on 1 July 2014.
The Board's press release is enclosed. The Takoever Rules, both in clean as well as track changed versions, are available under the Takeover Rules tab.