Survey on Stake-Building Disclosure and Mandatory Tender Offers 2025

The IBA Securities and Capital Markets Committee is pleased to present the results of its 2025 survey on stake-building disclosure and mandatory tender offers. The survey covers 33 jurisdictions and was prepared for the Committee's session held on 3 November 2025 at the IBA Annual Conference in Toronto titled ‘Disclosure rules in stake-building and mandatory tender offers’. The survey was conducted in the form of a questionnaire with responses from the officers of the Committee.

The following findings are based solely on the responses received from the jurisdictions that participated in the survey. Accordingly, all statements regarding regulatory practices or market approaches reflect only those jurisdictions from which questionnaire data was obtained and should not be interpreted as universally applicable. Further, the survey results should not be construed as legal advice. The responses were provided during spring/summer 2025 and reflect the state of law in the respective jurisdictions only as of that time.

Many thanks to Selina Seifert of Lenz & Staehelin for her extensive support in preparing this survey.

Readers are invited to get in touch with the contact person in the list provided in the introduction to the report for specific guidance on stake-building disclosure and mandatory tender offer requirements.