Tag: Takeover Code

German Takeover Rules: No Damages for Failure to Make Mandatory Offer

A shareholder who acquires a controlling stake in a listed company must make, under certain conditions, a mandatory offer to acquire all outstanding shares. But what happens if the shareholder does not comply with that obligation? In a decision published last week, the Federal Supreme Court (Bundesgerichtshof) ruled on the open issue whether in such a scenario, the other shareholders would be entitled to damages. The court held that no claim for damages exists. Read More