APEI’s “Mandatory Withdrawal” working group’s response to the public consultation on the conditions for implementing a mandatory withdrawal and independent appraisal in the context of takeover bids published by the AMF on 16 September 2019.
In view of the lowering of the threshold from 95% to 90% of the capital and voting rights now enacted in Article 22 of the Pacte Act, and following the proposals made by the Haut Comité Juridique de la Place Financière de Paris (HCJP) concerning the reform of the mandatory delisting (the “RO”) in its report dated 26 March 2018, the Association Professionnelle des Experts Indépendants (APEI) set up a “Mandatory Delisting” working group (the “RO Group”) in November 2018 to re-examine the procedures for implementing independent expertise in this type of public offer and the related issues.
The RO Group is made up of representatives of several professional bodies that are members of APEI: