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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 20 May 2004 - onwards
Version 2 of 2

Article 16 The right of sell-out

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.