"Hostile one "assumption

Frequently assumptions are differentiated according to whether they are accomplished "friendly "or "hostilely ". By one "hostile takeover "(also "unfriendly more takeover ", "hostile more takeover ") one understands such, which is not carried out in agreement with the management of the goal company, either because a communication not to be achieved could or because this was not even tried. When "friendly "in contrast to this designated an assumption, if it is accomplished in coordination with the management of the society, if necessary even with its assistance, which can be taken over.

This usual term use is to be called expressed problematic. Those generally linguistic usage negative allocation of the term "hostilely "arranges an assumption without participation or against the will of the executive committee of the goal company from the beginning as something unwanted or harmful. It is in particular questionable whether the interests of the management in a such classification can be decisive. For a rejecting attitude of this person's group various own interests can be decisive, in particular probably the fear of the loss of the own position. The fact that a such assumption opposite the shareholders, thus the enterprise owners konsentierte with the management, when "hostile "is to be classified, cannot be said anyhow overall. For this reason parts of the literature in this connection speak also instead of of "more hostilely assumption uncoordinated "of one "".

Particularly frequently used, and an at the same time public-effective, strategy with "hostile "or "uncoordinated "assumptions is also the public offer (see above under "technology of the participation acquisition ") to shareholders to buy securities of the enterprise which can be taken over at a fixed price. If the absolute majority of the shares is acquired in this way, this is sufficient to attain control of the enterprise (compares: Man man assumption of Vodafone in the year 2000).

Strategies for the protection against one "hostile takeover "

Several ways are open to an enterprise, which would like to repel its assumption against its will: It can look for one "white knight "(compares: Schering assumption by Bavarian in the year 2006).

It can increase the enterprise value by foreignfinanced firm purchases (so-called Poison pellets/"poison pills ") and pile at the same time a debt mountain up, which the buyer would have to settle.

It can high-drive the purchase price, by calling the offer of the foreign company as too low, which settles "fair "value of its shares the far over offer and so from (premature) a sales hold shareholders (compares: Man man assumption by Vodafone in the year 2000).

Literature

• Wirtz, Harald: The assumption of quoted corporations, Monsenstein & Vannerdat, 2004.

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