On 8 May 2009 the Authority for the Financial Markets (AFM) imposed an administrative penalty of EUR 96,000 on Randstad Holding N.V. as the legal successor of Vedior N.V. for not publishing price-sensitive information in time.
In the morning of 30 November 2007 there were rumours in various media about takeover negotiations, mentioning Vedior as the takeover candidate. The price of the Vedior share, listed on the Euronext Amsterdam stock exchange, increased considerably that morning. On 30 November 2007 exploratory takeover talks were held between Vedior and Randstad. In the opinion of the AFM Vedior should have been aware that postponement of publication could be misleading. Now that Vedior failed to publish this price-sensitive information in a press release without delay, the company violated Section 5:59 Subsection 1 of the Financial Supervision Act.
Interested parties may submit the judgment of the AFM contained in this decision to a court for review.
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The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.
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