Contributed By CHSH Cerha Hempel Spiegelfeld Hlawati
In addition to the new version of the Austrian Stock Exchange Act, a new section has been added to the Austrian Takeover Act, which entered into force on 3 January 2018. This newly introduced section regulates offers for delisting securities from the Official Market of the Vienna Stock Exchange.
Pursuant to the Takeover Act, delisting offers are subject to the provisions governing mandatory offers in accordance with the derogations set out in the new Section 27e of the Act. Offer documentation must expressly indicate that the offer is a delisting offer. The delisting offer can be combined with a voluntary takeover offer to acquire a controlling interest or with a mandatory takeover offer.
The consideration offered under the delisting offer will be subject to two additional price floors. The consideration has to reach at least: