M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more

In Almer Beheer and Daedalus Holding (Advocate General’s Opinion) 2014 EUECJ C-441/12-0, the advocate-general concluded that the Prospectus Directive does not apply to an enforced sale of securities ‘that have been ordered by a court to be seized from their holder and sold in order to satisfy a debt’. The opinion noted that on the face of it the directive would appear to cover an enforced sale but ‘such sales do not belong to the sphere that the Prospectus Directive was intended to regulate’…

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