Tender offers in France may take several forms depending on the aims and techniques used. There are cash or exchange offers, where the intention is to take over a listed company, (see "Cash Or Exchange Offers") and there are buy-outs, which enable shareholders who already have a sizeable majority interest to take complete control of a listed company (see "Buy-outs").

Cash and exchange offers may be carried out using normal or simplified procedures (see "Tender Offers - Normal Procedures" and "Tender Offers - Simplified Procedure"). Most offers are voluntary, but some are mandatory if certain ownership thresholds are crossed (see "Mandatory Tender Offers").

For further information contact Herve Letreguilly on +33 1 4471 1717.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.