By Raphaël MORENON
6 June 2025
The announcement of a takeover bid triggers a period of high tension for the companies concerned, their directors and shareholders. At the heart of these strategic transactions lies a fundamental concept of stock market law: action in concert, which can exist even without a formal agreement. A misinterpretation of its mechanisms can have serious financial and legal consequences, including the obligation to launch a takeover bid of one's own. Acting in concert, i.e. coordinating with other shareholders to take joint action, transforms individual shareholdings into a collective force that the regulator monitors closely. To get the full picture of acting in concert, it is essential to understand its definition and how it interacts with the highly regulated framework of a public offer. This article sets out in detail the obligations and strategies that apply to concert parties when a company is the subject of an offer, a period when every share and every...
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