2.

Without prejudice to Article 23(3), disclosure of inside information by a person intending to make a takeover bid for the securities of a company or a merger with a company to parties entitled to the securities, shall also constitute a market sounding, provided that: the information is necessary to enable the parties entitled to the securities to form an opinion on their willingness to offer their securities: and the willingness of parties entitled to the securities to offer their securities is reasonably required for the decision to make the takeover bid or merger.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.