Dutch listed companies want ‘time-out’ after hostile takeover bid

Photo: DutchNews.nl

Executive and supervisory board members at big Amsterdam listed companies are proposing a ‘time-out’ period after a hostile takeover bid plus other measures to curtail shareholders’ influence, public broadcaster NOS is reporting.

The proposals, which include a legally sanctioned, year-long time-out period have been sent to economic affairs minister Henk Kamp. In addition, the proposals would also forbid the calling of an extraordinary shareholders’ meeting to dismiss executive and supervisory board members for a period of 12 months.

The measures were formulated by three prominent executives of Amsterdam listed companies: Jan Hommen, who headed financial services group ING and accountancy firm KPMG and is a supermarkets group Ahold Delhaize supervisory board member, Jeroen van der Veer, fomer Shell CEO and now supervisory board chairman of Phillips and ING, and leading lawyer Peter Wakkie.

Two weeks ago, minister Kamp said additional legal provisions should be made to protect Dutch companies from unwanted takeover bids. He cited BPost’s attempted takeover of PostNL, Kraft Heinz’s failed bid for Unilever and the current imbroglio involving AkzoNobel and PPG Industries.

Political parties involved in the formation of the government are planning a roundtable discussion of protection against hostile takeover bids on 1 June.

The discussion will centre on the proposals put forward by the by the economic affairs minister, the Financieele Dagblad said on Wednesday.

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