The report by the working group chaired by Jean-Michel Naulot, entitled ” Strengthening independent financial assessments in the context of takeover bids and mergers of listed companies ” (the “Naulot Report”), transposed into the AMF’s General Regulation and Recommendations, is now just over 10 years old. Its aim was to better define the role of the independent expert and to strengthen investor protection, particularly for minority shareholders.
APEI wished to take stock of the application of these provisions since then and to suggest areas for improvement with a view to developing independent appraisal in France. It set up a working group that prepared a report for the AMF, the summary and conclusions of which are presented below.