The Takeover Board’s recommendations and application instructions and previous versions of the Helsinki Takeover Code can be found at the bottom of this page.
The goal of the Helsinki Takeover Code is to standardise the procedures followed in takeover bids and mergers in Finland and in this way promote the legal protection of the parties in the transaction.
A further aim of the Helsinki Takeover Code is also to promote the development of good securities market practice. In addition to the actual recommendations, the Takeover Code contains a comprehensive list of procedures and best practices that can generally be considered appropriate and fair for all parties to the transaction.
Compliance with the Takeover Code is partly based on the provisions of the Finnish Securities Markets Act and the comply or explain principle. This means that if a party to a takeover bid does not comply with the recommendations of the Helsinki Takeover Code, the reasons for this must be justified.
The latest version of the Helsinki Takeover Code entered into force on 1 October 2022. In the most recent version, the scope of the Takeover Code was extended to include takeover bids made on a multilateral trading facility (MTF) and mergers in which the merging company is a Finnish limited liability company, the shares of which have been admitted to trading in Finland on a regulated market or, at the request or with the consent of the target company, on an MTF.
The Takeover Board interprets and issues recommended decisions and opinions on the application of the Helsinki Takeover Code upon request or on its own initiative.
The Takeover Board interprets and issues recommended decisions on the application of the Helsinki Takeover Code upon request or on its own initiative.
Printed copies of the code can be ordered here.