Unfinished Business: Two Decades with the EU Takeover Directive

The adoption of the EU Takeover Directive in 2004 was marked by significant challenges, with negotiations spanning over a decade. This book provides comprehensive analysis, practical insights, and forward-looking policy recommendations. It discusses contentious issues such as the mandatory bid rule, acting in concert, and take-over defences. It also looks at developments such as sustainability in takeovers, multiple voting rights, or new ways to structure ownership changes. It offers a clear and engaging understanding of the TOD's historical evolution, its transposition, the current institutional design of takeover authorities, conflict of law issues, and the enforcement of takeover law across the EU. And it looks at its practical impact as well as its future developments. With contributions from leading experts, international comparisons, and case studies, it is an authoritative guide to the takeover law in Europe and beyond.

Susan Emmenegger is full professor of law and the director of the Institute of Banking Law at Bern University. She served as vice president of the Swiss Takeover Board and as member of the board of directors of the Swiss Financial Supervisory Authority (FINMA). She is a member of the European Company Law Experts (ECLE).

Martin Winner is full professor of law at WU Vienna University of Economics and Business and currently the WU's vice-rector for human resources and digital infrastructure. He served as chairman of the Austrian Takeover Commission and is a member of the European Company Law Experts (ECLE).

Andrés Recalde-Castells is full professor of business and corporate law at the Autonomous University of Madrid. He is co-editor of the 'Revista de Derecho de Sociedades' and member of the managing board of the European Corporate and Finance Law review. He is a member of the European Company Law Experts (ECLE).

Rolf Skog is the Director General of the Swedish Takeover panel. He is adjunct professor of company law at the University of Stockholm. He is senior adviser to the Swedish Ministry of Justice in the field of company law and a member of the European Company Law Experts (ECLE).