The Decreto Competitività (as converted into Law with amendments, the “Decree”) , published on August 20, 2014, in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana), has made some important changes to the Italian mandatory tender offer rules. The key changes introduced by the Decree in this area relate to the thresholds at which mandatory tender offers are triggered: Large Companies: a new 25% mandatory tender offer threshold for Large Companies (i.e., companies which are not small and medium-sized enterprises “ SMEs”) has been introduced, subject to the exemption in the event another shareholder owns a higher stake. The previous 30% threshold will continue to be applicable, subject to the exemption in the event another shareholder owns more than 50% of the
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