Debevoise & Plimpton

No private rights of action to force mandatory tender offer in Germany

Investors that take stakes in German public companies, including private-equity funds and hedge funds, should be aware of a new decision confirming that shareholders do not have private rights of action to enforce the statutory obligation to make a mandatory tender offer.

The German Federal Supreme Court recently held that shareholders can neither claim consideration for their shares nor damages or default interest from a person acquiring control if such a person violates its obligation to launch a mandatory tender offer…

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