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ARTICLE
10 December 2003
Pricing Risks Connected to Exchange Offers in Finland
The acquisition of public limited liability companies in Finland usually follows the classic four-step structure. The first step is for the buyer to acquire the shares of major shareholders in the target company. Next, a voluntary public tender offer ("voluntary offer") is usually launched, followed by the launch of a mandatory public tender offer ("mandatory offer") governed by the Securities Market Act (the "SMA").