1. Fundamental Changes;See Edward Rock;KRAAKMAN ET AL., supra note 132
2. 183 or even to opt-out of the MBR altogether. Companies should equally be free to opt-up and opt-down with regard to ownership disclosure thresholds. 184 Also, as an alternative or in addition to whatever option they choose on the MBR and ownership thresholds, some companies might consider defenses (any of the defenses surveyed under IV.B, such as poison pills, veto powers over a creeping acquirer;Recommendation complementing Recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies (C(2009) 3177)
3. enforcement apparatus should be available also to detect and sanction failure to launch a mandatory bid after crossing the lower-than-default threshold. Of course, jurisdictions may well decide for purely private enforcement in such cases. 183 In Switzerland, companies are allowed to opt up by increasing the MBR threshold from one third of the voting rights up to forty-nine percent (and may also opt out of the MBR altogether);Opt-Downs;See Klaus J. Hopt