-The committee adopted the
recommendation by Klaus-Heiner Lehne amending the council's common position (codecision procedure, 2nd reading).
The committee wanted provision to be made for various alternatives of how the board of a target (or 'offeree') company could proceed in the event of a takeover bid. The competent supervisory authority should be allowed to adopt guidelines as to defensive measures other than those laid down in the proposal. Member states should be able to opt for one of a number of models. Any defensive measures that had the prior authorisation of the general meeting of the shareholders given for this purpose should be permissible during the period of acceptance of the bid. The committee also wanted to strengthen workers' rights to information in the event of a takeover bid and introduced a clear definition of the meaning of an 'equitable price' of a bid, saying it should, under certain conditions, be payable in cash. It also proposed a uniform takeover threshold of 30%.
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