How differently does legislation/regulation treat hostile and voluntary takeover bids?
Where a bid is recommended by the target’s board, the offer document will generally be a joint document that includes the target board’s views on the offer. If hostile, the views of the target board will be contained in a separate document issued within 14 days of the offer document. In a hostile bid, the target cannot without the consent of the Takeover Panel announce trading results, profit or dividend forecast, an asset valuation, proposal for a dividend payment or other information after the 39th day after the offer document is posted. What penalties are imposed for parties who violate takeover regulations (or equivalent)? Irish Takeover Panel The Takeover Panel may conduct hearings to determine if a person has acted in accordance with the Takeover Rules. It is an offence to fail to attend the Panel when summonsed, attend without just cause, refuse to testify under oath, perjure oneself or obstruct the Panel in the conduct of its hearings. The Takeover Panel may impose a maximum fi
