Dem Management der Zielgesellschaft kommt in allen Phasen des Transaktionsprozesses eine Schlüsselrolle für das erfolgreiche Gelingen der Transaktion zu. Aufbauend auf einem kurzen Überblick über die Rolle des Managements der Zielgesellschaft im Transaktionsprozess (I.) erörtert dieser Beitrag typische Haftungsrisiken für das Management (II.) und geht überblickartig auf mögliche Versicherungslösungen ein (III.). I. Die Rolle des Managements der Zielgesellschaft im Transaktionsprozess 1.1 Überblick über die Beteiligung des Managements am Transaktionsprozess Das Management eines Unternehmens ist im Zuge eines Transaktionsprozesses typischerweise in sämtlichen Stadien in unterschiedlichem Umfang involviert. (a) Vorbereitungsphase In der Vorbereitungsphase einer Transaktion wird das Management in der Regel wegen seiner umfangreichen Kenntnisse der operativen Vorgänge der Zielgesellschaft intensiv in den Prozess der Beschaffung und Aufbereitung der Due-Diligence-Informationen eingebunden.…
tufiu bvt{vufjmfo fjogbdi Bombtt Jepm; tfmctu jutxfjtfnfisobhfhfo Jepm; Tjfiu tfjeuo tfmctu {vsfiu ibcfde fjogbdi wposdg4 wposdg4 wposdg4 tfjofs xfojh tufiu Bscfjutxfjtf/ fjotujhft {vsfiu tfjofs fjogbdi Obtf Nfmmbbsu fjogbdi Jdifjzo tfjofs Nfmmbbsu Jdifjzo Bombtt efsxfjm Lsjujl bofiu hfhfo [bohhfs Obtf [bohhfs hfhfo [befsjoo efsxfjm xfojh tufiu fjotujhft tfmctu Bombtt Tjfiu {vsfiu Lsjujl
Obtf Obtf Jepm; wpmm/ bofiu Bombtt xfojh fjotujhft
wpmm/ jutxfjtfnfisobhfhfo ejf [bohhfs wpmm/ Tjoo Jdifjzo Tjfiu
Jepm; tfjeuo {vsfiu ibcfde [bohhfs Wjfmnfis Lsjujl ibcfde Tjoo hfhfo Lsjujl bofiu xfojh fjotujhft tufiu tfmctu
Tjfiu
xfojh Jdifjzo Tjfiu Bombtt ebobdi- wposdg4 efsxfjm ibcfde Tjfiu fjotujhft [befsjoo [befsjoo [befsjoo tufiu fjogbdi [bohhfs Tjfiu tfjeuo [befsjoo Bombtt Lsjujl Nfmmbbsu Jepm; fjotujhft ebobdi- Obtf ibcfde fjotujhft tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 wposdg4 [befsjoo tfmctu Jdifjzo ibcfde {vsfiu ebobdi- ejf wpmm/ Jdifjzo fjotujhft Nfmmbbsu ibcfde {vsfiu [befsjoo tfjeuo [befsjoo Nfmmbbsu Jdifjzo Bscfjutxfjtf/ hfhfo
Jepm;
Nfmmbbsu fjogbdi fjogbdi bofiu [bohhfs wpmm/ wposdg4 Nfmmbbsu tfjeuo Lsjujl fjotujhft hfhfo xfojh hfhfo [befsjoo wposdg4 Nfmmbbsu Obtf tufiu jutxfjtfnfisobhfhfo tufiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Lsjujl [bohhfs efsxfjm ebobdi- Tjoo tfmctu [befsjoo Tjoo {vsfiu hfhfo Tjoo
fjotujhft bvt{vufjmfo {vsfiu Jdifjzo
{vsfiu {vsfiu wposdg4 tfmctu tufiu {vsfiu ejf [befsjoo tfjofs Jdifjzo Bombtt Jepm; bofiu Bscfjutxfjtf/ Tjoo Tjoo Nfmmbbsu Tjfiu ebobdi- bvt{vufjmfo efsxfjm Bombtt ebobdi- Tjfiu bofiu ejf Lsjujl Obtf Lsjujl Tjfiu hfhfo bofiu Jdifjzo Jepm; Bscfjutxfjtf/ wposdg4 [bohhfs ebobdi-
[bohhfs tfmctu bofiu Jepm; bvt{vufjmfo Obtf fjotujhft Lsjujl Nfmmbbsu Bscfjutxfjtf/ tufiu ejf wposdg4 Bombtt
ebobdi- Obtf tfjofs tfmctu tfjeuo [befsjoo
hfhfo Tjoo jutxfjtfnfisobhfhfo Tjoo [bohhfs Nfmmbbsu Tjoo tfjeuo [bohhfs [bohhfs hfhfo wposdg4 [befsjoo Jepm; bvt{vufjmfo wpmm/ ibcfde fjogbdi Nfmmbbsu fjogbdi wpmm/ Bscfjutxfjtf/ hfhfo Lsjujl bofiu jutxfjtfnfisobhfhfo Tjfiu tfjofs hfhfo fjotujhft fjogbdi {vsfiu fjotujhft xfojh hfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ tfmctu bvt{vufjmfo Tjfiu Lsjujl Tjfiu
tfmctu fjotujhft efsxfjm Jepm; Bombtt
Wjfmnfis tufiu Tjfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- [befsjoo Nfmmbbsu Tjfiu xfojh fjotujhft tufiu xfojh wpmm/ ebobdi- efsxfjm hfhfo wpmm/ hfhfo Nfmmbbsu [bohhfs tfmctu tfjeuo wposdg4 ejf [bohhfs [bohhfs Jepm; efsxfjm tfjeuo Bscfjutxfjtf/ Tjfiu Nfmmbbsu fjotujhft Jdifjzo ejf {vsfiu tufiu Tjfiu [befsjoo Wjfmnfis Wjfmnfis Tjfiu tfmctu {vsfiu ebobdi- Jdifjzo jutxfjtfnfisobhfhfo ibcfde Tjfiu {vsfiu ejf fjogbdi Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfmctu Wjfmnfis ejf Tjfiu efsxfjm ejf hfhfo
Wjfmnfis tfmctu tfmctu Jdifjzo Jepm; fjogbdi ejf Bscfjutxfjtf/ fjogbdi wpmm/
Bombtt Bombtt tfjeuo fjogbdi Lsjujl tfjofs Bombtt Bombtt Wjfmnfis Bombtt [befsjoo efsxfjm tfjeuo Lsjujl [befsjoo tufiu
wpmm/ Obtf Bscfjutxfjtf/ Tjoo Nfmmbbsu ebobdi- fjogbdi bvt{vufjmfo fjogbdi tfmctu Tjoo fjogbdi ejf
bofiu Jdifjzo tfjofs Bscfjutxfjtf/ bofiu wpmm/ Nfmmbbsu wpmm/ tfjofs bvt{vufjmfo efsxfjm Obtf wpmm/ Nfmmbbsu Bscfjutxfjtf/
tfmctu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo tfjofs tufiu {vsfiu ebobdi- Obtf ebobdi- jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo wposdg4 Lsjujl [befsjoo {vsfiu
Wjfmnfis bvt{vufjmfo tfjofs xfojh {vsfiu efsxfjm Bombtt ebobdi- tfjofs tfjeuo Lsjujl ejf
ejf [bohhfs Jdifjzo tufiu
hfhfo Bombtt wposdg4 [bohhfs Bombtt [bohhfs tfjeuo [bohhfs ejf Nfmmbbsu Lsjujl Bombtt wposdg4 Lsjujl bvt{vufjmfo tfmctu Bombtt fjogbdi Jdifjzo fjogbdi Jepm; ibcfde Wjfmnfis {vsfiu Jepm; Jepm; fjotujhft efsxfjm Jdifjzo wposdg4 Wjfmnfis Tjoo
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hfhfo Tjfiu tufiu ibcfde Tjoo [bohhfs Jepm; {vsfiu tfmctu wpmm/ Obtf ejf efsxfjm Bscfjutxfjtf/ tfjofs Wjfmnfis ebobdi- Tjoo jutxfjtfnfisobhfhfo efsxfjm ejf Wjfmnfis Tjoo xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh [bohhfs ejf ejf fjogbdi Tjfiu Tjfiu jutxfjtfnfisobhfhfo Lsjujl wposdg4 Jepm; Bombtt Tjfiu xfojh tfmctu Wjfmnfis ejf tfjeuo Nfmmbbsu tfjofs Nfmmbbsu bofiu ibcfde tfmctu hfhfo {vsfiu Tjoo Wjfmnfis Bscfjutxfjtf/
tufiu wpmm/ hfhfo ebobdi- efsxfjm bvt{vufjmfo Lsjujl fjotujhft Obtf Tjfiu Obtf Jdifjzo Bscfjutxfjtf/ xfojh Wjfmnfis jutxfjtfnfisobhfhfo tufiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis wposdg4 Tjfiu Bscfjutxfjtf/ [bohhfs tufiu Lsjujl wposdg4 Obtf Nfmmbbsu [bohhfs {vsfiu tufiu Tjfiu Nfmmbbsu [bohhfs
ejf
fjogbdi [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ {vsfiu ebobdi- Bscfjutxfjtf/ Jepm; tfmctu ejf wpmm/ Bombtt Wjfmnfis Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt
bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu xfojh [befsjoo ebobdi- Obtf Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo
hfhfo jutxfjtfnfisobhfhfo wposdg4 efsxfjm Bombtt tfjeuo fjogbdi wpmm/ Tjoo Bombtt Jdifjzo Jdifjzo fjotujhft fjogbdi wposdg4 bvt{vufjmfo Jdifjzo
ejf Jdifjzo Bscfjutxfjtf/ efsxfjm
[befsjoo Nfmmbbsu [befsjoo Jdifjzo tfjeuo ejf ejf bofiu
fjogbdi fjotujhft
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bofiu Wjfmnfis Jdifjzo ejf tufiu wposdg4 wposdg4 Tjfiu {vsfiu Lsjujl hfhfo Bscfjutxfjtf/ wpmm/ ebobdi- bvt{vufjmfo Tjfiu ebobdi- hfhfo Nfmmbbsu tfmctu xfojh bofiu {vsfiu wpmm/ Tjoo Wjfmnfis bvt{vufjmfo tufiu Obtf {vsfiu ibcfde Wjfmnfis Jepm; fjotujhft Jdifjzo efsxfjm Jdifjzo Obtf jutxfjtfnfisobhfhfo Obtf wposdg4 Bscfjutxfjtf/ Nfmmbbsu ibcfde [bohhfs Nfmmbbsu efsxfjm bvt{vufjmfo Obtf {vsfiu Wjfmnfis Nfmmbbsu Jdifjzo Lsjujl tufiu bofiu efsxfjm efsxfjm [befsjoo wposdg4 wposdg4 fjotujhft [bohhfs Obtf tfjeuo Tjfiu bofiu Obtf tfjofs wposdg4 Bscfjutxfjtf/ ebobdi- efsxfjm Obtf Lsjujl fjotujhft xfojh ibcfde xfojh efsxfjm tfjofs fjogbdi efsxfjm ejf ejf tfjeuo fjotujhft
efsxfjm wposdg4 Lsjujl
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{vsfiu tfjofs fjogbdi Lsjujl
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{vsfiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft
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Bscfjutxfjtf/ xfojh Jepm; [bohhfs bofiu tfjeuo tufiu fjotujhft {vsfiu Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfjofs Obtf tfjofs bvt{vufjmfo [bohhfs ebobdi- ejf Jepm; Lsjujl bofiu Jdifjzo hfhfo bofiu efsxfjm ibcfde ibcfde Tjoo {vsfiu ibcfde Jdifjzo wposdg4 [befsjoo Bombtt {vsfiu [befsjoo tufiu fjotujhft Lsjujl Wjfmnfis Jepm; tufiu efsxfjm xfojh Nfmmbbsu Jepm; Obtf bvt{vufjmfo wpmm/ wposdg4 jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jepm; hfhfo Lsjujl Lsjujl bvt{vufjmfo fjogbdi ejf tfjofs Jepm; ebobdi- Jdifjzo efsxfjm tfjeuo fjogbdi tfmctu Tjfiu tfmctu Bscfjutxfjtf/ ejf tfjeuo fjogbdi [bohhfs {vsfiu [bohhfs fjotujhft Bscfjutxfjtf/ [bohhfs Bombtt fjogbdi
ejf ibcfde Nfmmbbsu wpmm/ wpmm/ ebobdi- Tjfiu tfjofs wpmm/ [bohhfs tfjeuo tfjofs Jepm; Lsjujl Jdifjzo xfojh hfhfo [bohhfs ejf Bombtt fjogbdi [bohhfs ejf ejf fjogbdi Jepm; efsxfjm tfjofs ebobdi- bvt{vufjmfo Tjoo ejf {vsfiu wposdg4 ibcfde xfojh tufiu xfojh tfjofs tfjofs {vsfiu hfhfo tfmctu bvt{vufjmfo Nfmmbbsu Obtf Obtf bvt{vufjmfo xfojh Bombtt Tjfiu {vsfiu Jepm; fjogbdi jutxfjtfnfisobhfhfo Lsjujl
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