Approval of the bid and the offer document

Oslo Børs, in capacity of the Norwegian Supervisory Authority, is responsible for approving bids and offer documents prepared in connection with mandatory and voluntary bids, as well as ensuring that bidders and target companies comply with the provisions of the Securities Trading Act Chapter 6 through the takeover process.

Exercise of public authority
When acting in capacity as takeover supervisory authority, Oslo Børs exercises public authority. This means that several of the provisions of the Norwegian Public Administration Act apply to the procedures and decisions made by Oslo Børs in connection with the approval and supervision of the bid. Decisions made by Oslo Børs in this respect may be appealed to the Stock Exchange Appeals Committee.

Review and approval of offer documents
A standard check list with references to the content requirements stipulated in the Securities Trading Act must be filled out and submitted together with the first draft of the offer document to Oslo Børs. The bidders must also provide answers to certain standard questions with regard to offer price and equal treatment of shareholders.  The standard check list and questions regarding offer price and equal treatment are available on this web page.

The process of reviewing and approving the offer document and the offer takes approximately 12-14 business days. However the processing time may vary depending on the complexity of the case and the issues arising. The procedure of approving a cross-border takeover subject to shared jurisdiction may take longer time as the review has to be coordinated with the other competent authority.

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