In Greece's small and often fragile stock market-where investor confidence is a constant challenge-any change to the rules must be handled with care. Yet, the government's recent decision to alter the legal framework governing public takeover bids and company delistings from the Athens Stock Exchange has sparked serious concern. The amendments were quietly introduced as a last-minute addition to an Education Ministry bill, without public consultation and, crucially, with retroactive effect. Rather than reinforcing trust in the market, the move has raised fears that the ground rules are shifting in ways that undermine investor protection. Until the start of October, a bidder making a public offer for shares could only improve their proposal-that is, increase the price offered per share. Under the new wording, the bidder can now revise the offer, meaning the price can also be reduced. This seemingly technical adjustment has deep...