Purchase bid

Public offer by a bidder aimed at the acquisition of securities, but without the purpose of obtaining control. This is because the bidder either does not intend to achieve such control or already holds it. – In Germany, such offers have also been subject to the provisions of the German Securities Acquisition and Takeover Act (WpÜG) since 2002 and are monitored by the Federal Financial Supervisory Authority (BaFin). Corresponding documents can be found on their homepage. – See defensive measure, share swap takeover, creep-up, bidder, buy-out, acquisition, poison pill, persons, acting in concert, mandatory offer, knight, white, squeeze-out, synergy potential, transaction bonus, takeover offer, target company. – Cf. BaFin Annual Report 2003, p. 202 ff., BaFin Annual Report 2004, p. 187 (insider offenses), BaFin Annual Report 2009, p. 200 f. (BaFin has sufficient transparency in mind; overview of offer procedures since 2005) as well as the respective BaFin Annual Report, chapter “Supervision of Securities Trading and Investment Business.”

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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