# Directive 2004/25/EC of the european parliament and of the council of 21 April 2004 on takeover bids (Text with EEA relevance), Article 16: The right of sell-out

Extent: E+W+S+N.I.

1. Member States shall ensure that, following a bid made to all the holders of the offeree company’s securities for all of their securities, paragraphs 2 and 3 apply.
2. Member States shall ensure that a holder of remaining securities is able to require the offeror to buy his/her securities from him/her at a fair price under the same circumstances as provided for in Article 15(2).
3. Article 15(3) to (5) shall apply mutatis mutandis.

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Source: https://www.legislation.gov.uk/eudr/2004/25/article/16 (the official version)
Page: https://openlegislation.uk/eu-directive-2004-25/article-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.