Standing to challenge Spanish Securities Market Authority decisions when shares are acquired following a voluntary takeover bid

Supreme Court Judgment no. 1021/2026, of 17 September (app. 1825/2024), on the basis of the Judgment of 29 June 2026 (app. 1577/2024), sets a legal precedent regarding the principle of legitimate interest where a claimant acquires shares after the announcement of a voluntary takeover bid (Art. 19 of the Judicial Review Act) to challenge the Securities Market Authority’s decision authorising the delisting of the shares.  

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