Newsalert | The new “exemption document” in public exchange offers, mergers and divisions


Regulation (EU) No. 2017/1129 , applicable from 21 July 2019, exempts issuers from the obligation to publish a prospectus in case of securities offered in connection with a takeover by means of an exchange offer or in case of securities offered, allotted or to be allotted in connection with a merger or division, provided that a document “containing information describing the transaction and its impact on the issuer” (so called exemption document) is made available to the public.