Übernahmeangebote und Pflichtangebote
Mandatory take-over bids are a standard feature of the market for corporate control in Europe. The 13th directive proposed to introduce the mandatory bid, under certain conditions. In the meantime, almost all European states, the latest being Germany, have introduced the mandatory bid. This paper gives a comparative overview of some of the features of take-over regulation in several European jurisdictions. It points to the relationship between the introduction of a mandatory take-over and the specific features of corporate control in continental Europe, where most companies are dominated by controlling shareholders. Finally, the usefulness and pro and cons of the instrument are discussed. Published in: ZGR 2002, p. 520-545.