[Last updated: 1 January 2025, unless otherwise noted]

With about 65 public M&A transactions since 2010, Belgium has had its fair share of public takeover activity. Roughly one-third of these public M&A transactions can be qualified as mandatory takeover bids, while the other two-thirds were of a voluntary nature. In recent years, a number of takeover bids were made by existing (reference) shareholders in an effort to go private and delist the target company.