Overview

In the event of a public offer of securities, in order for the securities to be offered legally to investors, a prospectus must be prepared, approved by the competent authority and published.
However, Article 4 of the EU Prospectus Directive contains certain exemptions from the obligation to publish a prospectus.

Yet for several recent mergers in Austria, questions have arisen as to whether they constituted public offers of shares in the transferee companies and thus whether prospectuses should have been published.

This briefing from Austria-based Schoenherr clarifies which actions require a prospectus and which don’t.