This study will cover both an analysis of its legal implementation and its application in the market, featuring the perception of stakeholders. It will also compare the Directive's obligations with similar ones in major third countries and survey the control structures and barriers to takeover bids that are not covered by the Directive. This study is led by Marccus Partners (Mazars). Within CEPS, Diego Valiante and Mirzha de Manuel are conducting the analysis of the Directive and its impact from an economic point of view.