Bidder Immofinanz, target company Immo and independent experts are required to “refrain from incorrect and misleading statements and information during the bidding process” – in relation to the takeover principle that the takeover bid recipient pursuant to Section 3 No. 2 of the Acquisition Act “has sufficient time and sufficient information” must “To be able to make any investment withdrawal decision with full knowledge of the situation,” it says.
In the public statements issued by the two companies, the non-blocking of the offer by the acquisition committee was interpreted “in exactly the opposite way” on the one hand as an immaterial examination and on the other hand as a safe transaction for s-Immo shareholders, criticized in the press release. In addition, it should be clear that the role of the acquisition board is to first examine the takeover offer before publication – guided in particular by the principle of shareholder protection, the principle of equal treatment and the principle of transparency. Local takeover law does not provide for confirmation or approval of the offer document by the acquisition board, but only the possibility of prohibition if there is illegality.
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