Talking about the takeover bid | El Mundo

In the following article, Ana Martínez-Pina explains how takeover bids can be voluntary and seek to acquire control of a listed company. The Comisión Nacional del Mercado de Valores (CNMV) supervises and decides on the authorisation of the offer. This may be friendly, with prior agreement between the bidding company and the significant shareholders, or hostile, without such agreement. The process is regulated in detail and includes phases such as announcement, application for authorisation to the CNMV, decision after thorough examination, publication of the bid, commencement of the acceptance period, and preparation and publication of a report by the company’s board of directors.

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