FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

113 The press release disseminated by the target specifies the reasoned opinion of the board of directors or the supervisory board concerning the competing offer. This opinion will concern the interest or the risks that the competing bid presents, as well as the consequences of the competing bid for the company, shareholders and employees. The target company’s press release should be published, using procedures to ensure its effective and complete dissemination, as soon as the target has made a decision and after first sending the press release to the AMF. n Improved offer In the event of an improved offer, publication of a press release by the target is mandatory pursuant to applicable regulations. The content and procedures for this press release are set by regulation. The press release disseminated by the target specifies the reasoned opinion of the board of directors or the supervisory board concerning the improved offer. This opinion will concern the interest or the risks that the improved offer presents, as well as the consequences of the improved offer for the company, shareholders and employees. The target company’s press release should be published, using procedures to ensure its effective and complete dissemination, as soon as the target has made a decision and after first sending the press release to the AMF.