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Under the Prospectus Regulation, issuers may offer / admit securities in the context of takeovers, mergers or divisions without issuing a prospectus, provided that a document describing the transaction and its impact on the transaction is disclosed. Issuer be made available to investors.
The technical opinion establishes the minimum information content of this document with respect to:
- provision of securities to the public or admission to trading securities on a regulated market; and
- the description and impact that a takeover, merger or division may have on the issuer's operational and financial activities.
ESMA's opinion on the minimum content of information is addressed to competent national authorities (NCAs), issuers, their advisors and financial market participants in general. The notice is published in response to a mandate from the European Commission and was developed following a previous public consultation held between July and October 2018. This technical opinion will serve as a basis for delegated acts that the Commission European Union will adopt.
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