The exclusion of minority shareholders (outside shareholders) from an AG or KGaA (the possibility for the majority shareholder to force the buy-back of minority shareholders). – In Germany, if a majority shareholder holds ninety-five percent of the share capital, he can (according to § 327a AktG since 2002) demand that the minority shareholders cede their shares to him in return for cash compensation. – See share buyback, buy out, tender offer, greenmail, mandatory offer, raider, sweat equity. – Cf. BaFin Annual Report 2008, p. 181 f. (case law), BaFin Annual Report 2011, p.: 97 (recommendations of the Committee on Corporate Governance on the protection of minority
shareholders).
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