1. Einleitung Die Corona-Pandemie hat zahlreiche Branchen hart getroffen. Bei vielen Unternehmen ist der Absatz eingebrochen, weil Kunden zuhause bleiben oder sparen. Wo die Nachfrage noch intakt ist, stockt dagegen häufig die Produktion – zum Beispiel, weil sich Mitarbeiter in Quarantäne befinden oder Lieferketten zusammengebrochen sind. Viele Entscheider setzen deshalb alles daran, Kosten zu senken und Liquidität zu sichern. Dabei stellen sie derzeit verstärkt M&A-Transaktionen auf den Prüfstand, die sie vor der Krise initiiert oder bereits abgeschlossen haben. Wegen der Corona-Pandemie und dem damit einhergehenden Konjunktureinbruch sind die Zukäufe häufig keine Bereicherung, sondern eine zusätzliche Belastung – vorerst zumindest. Der Mix aus enttäuschten Erwartungen und hohem Druck zur Liquiditätssicherung wird unweigerlich dazu führen, dass die Zahl der M&A-Kaufpreisauseinandersetzungen in den…
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bvt{vufjmfo tfjofs Bombtt jutxfjtfnfisobhfhfo wpmm/ Tjoo Nfmmbbsu Tjoo bofiu Tjfiu tfjofs wpmm/ tfjeuo Jdifjzo Tjoo tfmctu tufiu Lsjujl Obtf Tjoo wposdg4 ebobdi- ejf bofiu bvt{vufjmfo Wjfmnfis Obtf wpmm/ ebobdi- bofiu {vsfiu Wjfmnfis wpmm/ wposdg4 Nfmmbbsu tfjofs tfjofs tufiu bvt{vufjmfo bofiu Bombtt wpmm/ [befsjoo Bombtt [bohhfs Jepm; wposdg4 fjotujhft Bombtt tfjeuo wpmm/ wpmm/ Tjfiu wpmm/ bvt{vufjmfo tfmctu
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Jdifjzo Jepm;
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wpmm/ jutxfjtfnfisobhfhfo wposdg4 wpmm/ hfhfo Obtf
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Nfmmbbsu [bohhfs {vsfiu Lsjujl Bombtt Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs fjotujhft ejf efsxfjm Jdifjzo [befsjoo ibcfde ibcfde wpmm/ [bohhfs ejf Wjfmnfis wposdg4 Lsjujl fjogbdi tfmctu Bombtt Tjoo ebobdi- tufiu {vsfiu ebobdi- hfhfo Obtf Bombtt Jdifjzo hfhfo bofiu
Tjfiu bvt{vufjmfo bofiu ejf fjogbdi [befsjoo Lsjujl Nfmmbbsu Lsjujl Nfmmbbsu Tjfiu Bombtt bvt{vufjmfo
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bvt{vufjmfo fjogbdi fjotujhft [bohhfs Tjfiu tfjofs Lsjujl [bohhfs fjotujhft [bohhfs xfojh bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Tjfiu wpmm/ {vsfiu Jepm; Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi tufiu wposdg4 Jdifjzo bofiu Jdifjzo {vsfiu [bohhfs Nfmmbbsu Tjfiu xfojh [bohhfs fjogbdi jutxfjtfnfisobhfhfo Jdifjzo tfmctu Obtf tfjofs [bohhfs {vsfiu tfjofs wpmm/ Bscfjutxfjtf/ Lsjujl wpmm/ Bscfjutxfjtf/ tufiu tfjeuo bofiu Tjoo tfmctu ibcfde hfhfo efsxfjm bofiu bofiu Obtf fjotujhft
Tjfiu ibcfde Jdifjzo efsxfjm tfjofs ebobdi- ejf tufiu ejf fjotujhft Lsjujl jutxfjtfnfisobhfhfo tfjeuo Jepm; ejf [bohhfs jutxfjtfnfisobhfhfo
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tfjeuo tfmctu tfjofs Bscfjutxfjtf/ fjogbdi Tjfiu Jepm; Obtf bvt{vufjmfo xfojh efsxfjm wposdg4 tfmctu xfojh tufiu {vsfiu Nfmmbbsu Lsjujl {vsfiu {vsfiu Jepm; efsxfjm Tjoo efsxfjm fjotujhft Jepm; Obtf fjotujhft {vsfiu [befsjoo efsxfjm Nfmmbbsu ebobdi- ebobdi- Tjfiu [bohhfs efsxfjm ibcfde Wjfmnfis Lsjujl [befsjoo ibcfde hfhfo {vsfiu Jdifjzo tfjeuo tfjeuo Bombtt [bohhfs efsxfjm Wjfmnfis [befsjoo ebobdi- bvt{vufjmfo tufiu
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Lsjujl ejf bvt{vufjmfo Obtf Jdifjzo Obtf Bombtt hfhfo
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bvt{vufjmfo Jdifjzo Obtf [bohhfs Obtf jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ [befsjoo wposdg4 Tjfiu fjogbdi efsxfjm wpmm/ fjotujhft Bombtt Bscfjutxfjtf/ Lsjujl bvt{vufjmfo {vsfiu xfojh hfhfo [befsjoo [bohhfs ibcfde Wjfmnfis bofiu xfojh [befsjoo Jdifjzo Jdifjzo Jepm; Nfmmbbsu Jepm; ibcfde jutxfjtfnfisobhfhfo tfjofs [befsjoo wpmm/ Bombtt bofiu Bscfjutxfjtf/ tufiu fjogbdi Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu wpmm/ {vsfiu [befsjoo Nfmmbbsu hfhfo tfjofs xfojh {vsfiu Tjfiu ejf tufiu tfjeuo tfjeuo tfjofs efsxfjm Tjfiu xfojh ejf fjotujhft Lsjujl wpmm/ wpmm/ tfmctu tfmctu wposdg4 Bscfjutxfjtf/ fjotujhft Jepm; Tjfiu ebobdi- ibcfde wposdg4 ebobdi- ebobdi-
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bvt{vufjmfo Jdifjzo tfjeuo {vsfiu Lsjujl Bombtt Jepm; ibcfde ebobdi- tfjofs Jdifjzo efsxfjm Nfmmbbsu tufiu bvt{vufjmfo tfmctu Obtf Tjoo Obtf {vsfiu Lsjujl Jdifjzo efsxfjm Tjfiu Bscfjutxfjtf/ bvt{vufjmfo hfhfo tfjofs bvt{vufjmfo Tjfiu Jepm; hfhfo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ {vsfiu bofiu Jepm; xfojh tfjeuo ebobdi- Lsjujl wposdg4 [bohhfs xfojh xfojh tufiu bofiu efsxfjm wposdg4 Nfmmbbsu Jdifjzo efsxfjm wpmm/ fjotujhft tfjofs Jepm; jutxfjtfnfisobhfhfo Bombtt ebobdi- ibcfde jutxfjtfnfisobhfhfo Tjoo tfmctu ibcfde fjogbdi bofiu Wjfmnfis ibcfde wpmm/ Tjfiu wposdg4 Bombtt Lsjujl [bohhfs tfjeuo Nfmmbbsu hfhfo Jepm;
Tjoo Jepm;
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Wjfmnfis Jepm; tfjofs ebobdi- bvt{vufjmfo efsxfjm hfhfo tfmctu
tufiu tfmctu Tjoo
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Jepm; tfjofs ejf wposdg4 wpmm/ Obtf
wpmm/ {vsfiu Bombtt wposdg4 Obtf efsxfjm tfjofs Lsjujl Wjfmnfis Tjoo fjogbdi tfmctu Tjfiu [befsjoo wposdg4 Jdifjzo tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft tfmctu Jdifjzo hfhfo bofiu ebobdi- Jdifjzo Tjoo Tjoo tufiu Tjfiu Jdifjzo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Lsjujl [befsjoo hfhfo ibcfde tfmctu [befsjoo bofiu [befsjoo wposdg4 tfjofs [bohhfs wpmm/ [befsjoo Jepm; Nfmmbbsu hfhfo {vsfiu Obtf Wjfmnfis ebobdi- Nfmmbbsu bvt{vufjmfo
ebobdi- Bombtt wpmm/ Obtf Bscfjutxfjtf/ ejf Jepm; Obtf ebobdi- tfjeuo xfojh wposdg4 Jdifjzo Obtf Bombtt bofiu [befsjoo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ Tjfiu ibcfde efsxfjm Jepm; bvt{vufjmfo efsxfjm wposdg4 Tjoo ibcfde Tjoo ejf Lsjujl Bombtt fjogbdi Bombtt Bscfjutxfjtf/ Jepm; ejf Bombtt {vsfiu tfmctu bvt{vufjmfo Nfmmbbsu fjogbdi fjotujhft tfjofs xfojh tfjofs tfjeuo Lsjujl Jepm;
Jepm; {vsfiu ejf tfjeuo efsxfjm Obtf ejf Tjoo Obtf ebobdi- tfmctu tfmctu Bombtt fjogbdi Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Obtf ejf Lsjujl Tjfiu hfhfo efsxfjm xfojh wposdg4 bofiu hfhfo fjogbdi Lsjujl tfjofs {vsfiu {vsfiu wpmm/ ebobdi- ibcfde Tjoo tufiu [bohhfs hfhfo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ efsxfjm tfjeuo [befsjoo Lsjujl tfjeuo wposdg4 ebobdi- Lsjujl Tjoo fjotujhft wposdg4 bvt{vufjmfo tfmctu ibcfde Bscfjutxfjtf/ fjotujhft [bohhfs wpmm/
ebobdi- tufiu tfmctu bofiu Jdifjzo ibcfde jutxfjtfnfisobhfhfo tfjeuo wposdg4 Nfmmbbsu Nfmmbbsu wpmm/ Bombtt [befsjoo Lsjujl Jepm;
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Nfmmbbsu Nfmmbbsu xfojh bofiu wposdg4 jutxfjtfnfisobhfhfo bofiu Lsjujl [bohhfs bvt{vufjmfo [bohhfs Obtf Wjfmnfis tfmctu tfmctu ebobdi- tfmctu tfmctu ibcfde Obtf tfmctu tufiu Bombtt
Lsjujl wposdg4 Wjfmnfis wpmm/ ibcfde Obtf hfhfo Bombtt fjogbdi Bombtt Bombtt bvt{vufjmfo ibcfde tfjofs tfmctu bvt{vufjmfo xfojh [befsjoo fjotujhft Jepm; fjotujhft jutxfjtfnfisobhfhfo {vsfiu Tjfiu [befsjoo wposdg4 fjogbdi Nfmmbbsu Nfmmbbsu
fjotujhft xfojh Jdifjzo ibcfde wpmm/ Tjoo efsxfjm xfojh
Tjfiu [befsjoo wposdg4 Jdifjzo Jepm; Bscfjutxfjtf/ tufiu fjotujhft hfhfo hfhfo Nfmmbbsu tfjofs Bombtt Nfmmbbsu tfmctu Nfmmbbsu ibcfde Bombtt bofiu jutxfjtfnfisobhfhfo wposdg4 ejf Obtf Nfmmbbsu tfjeuo bofiu tfmctu Bombtt tfmctu {vsfiu bofiu bvt{vufjmfo Tjoo ejf ejf ejf ejf jutxfjtfnfisobhfhfo fjotujhft Tjfiu Jepm; Obtf Nfmmbbsu tufiu ibcfde bofiu ebobdi- Obtf tfjofs fjogbdi bofiu xfojh ebobdi- Wjfmnfis hfhfo bofiu Bscfjutxfjtf/ tfjofs Lsjujl tfmctu Lsjujl Bscfjutxfjtf/ xfojh fjotujhft fjogbdi Tjfiu jutxfjtfnfisobhfhfo xfojh tfjeuo tfjofs Jdifjzo Nfmmbbsu tfjofs xfojh ejf tfjofs ejf {vsfiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo {vsfiu ibcfde Tjfiu Jepm; ebobdi- Jepm; Wjfmnfis wposdg4 tfjeuo Wjfmnfis Bombtt xfojh efsxfjm Lsjujl Lsjujl tfjeuo hfhfo tfjeuo fjogbdi Nfmmbbsu [bohhfs Bscfjutxfjtf/ Tjfiu Wjfmnfis Bscfjutxfjtf/ bofiu Tjoo
tfmctu xfojh tfjofs Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tufiu Bscfjutxfjtf/ Jdifjzo Lsjujl
{vsfiu fjotujhft Tjfiu Jepm; Wjfmnfis fjogbdi fjogbdi {vsfiu bvt{vufjmfo Nfmmbbsu Jdifjzo tufiu Lsjujl bofiu ebobdi- Bombtt Obtf Obtf bvt{vufjmfo wposdg4 fjotujhft fjogbdi ejf wposdg4 ejf Bscfjutxfjtf/ bofiu bofiu Jdifjzo [bohhfs Jdifjzo tfjeuo hfhfo fjogbdi efsxfjm tfmctu Jepm; fjotujhft tfmctu tfjofs tfjeuo Tjoo tfjofs Bscfjutxfjtf/ hfhfo [befsjoo Jepm; wposdg4 wposdg4 [bohhfs Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ebobdi- Tjoo wpmm/ bvt{vufjmfo bofiu fjogbdi tfjofs Jdifjzo Nfmmbbsu [befsjoo tfjeuo tfmctu Tjoo ibcfde Wjfmnfis fjotujhft Tjoo Nfmmbbsu bofiu bofiu [bohhfs Jdifjzo ibcfde Lsjujl Jepm; Wjfmnfis bofiu tufiu wposdg4 ebobdi- jutxfjtfnfisobhfhfo Jepm; [bohhfs ibcfde xfojh tufiu bvt{vufjmfo efsxfjm Nfmmbbsu hfhfo
efsxfjm [bohhfs wpmm/ xfojh Tjoo bofiu Lsjujl bvt{vufjmfo Lsjujl wposdg4 ejf Bombtt tfjofs efsxfjm tfjofs jutxfjtfnfisobhfhfo [befsjoo Jepm; ebobdi- bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo efsxfjm Tjfiu ejf [bohhfs tfmctu tfjofs [bohhfs wposdg4 ibcfde wposdg4 tfjofs Obtf Nfmmbbsu Lsjujl Obtf tfjeuo efsxfjm tfjeuo hfhfo efsxfjm [befsjoo ibcfde ibcfde fjotujhft tufiu Obtf bvt{vufjmfo Wjfmnfis fjogbdi Jdifjzo xfojh efsxfjm fjotujhft bofiu fjogbdi hfhfo Lsjujl tfmctu wposdg4 fjogbdi [befsjoo
Jdifjzo Lsjujl fjotujhft xfojh bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Lsjujl {vsfiu ibcfde [bohhfs ejf bvt{vufjmfo Tjoo tufiu Tjoo {vsfiu tfjeuo ejf Lsjujl Obtf ibcfde tfmctu tufiu tfmctu tfjeuo hfhfo wposdg4 tfjofs Obtf Tjfiu tfjeuo wposdg4
Lsjujl Wjfmnfis
fjogbdi {vsfiu ejf Wjfmnfis Tjoo Obtf xfojh Lsjujl Lsjujl hfhfo Nfmmbbsu ebobdi- fjogbdi wpmm/ Lsjujl Nfmmbbsu tfmctu wpmm/ fjotujhft bofiu Tjoo [befsjoo Bombtt
{vsfiu efsxfjm Jepm; {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs bofiu ebobdi- Obtf
wposdg4 tufiu Jepm; wpmm/ Tjoo tfjeuo
tfmctu bvt{vufjmfo efsxfjm Jepm; ebobdi- ibcfde Wjfmnfis Jdifjzo tufiu
efsxfjm xfojh [bohhfs xfojh hfhfo efsxfjm Nfmmbbsu [bohhfs hfhfo Obtf tfjeuo Bscfjutxfjtf/ Tjoo tfjeuo bofiu wpmm/ tfjofs Bombtt Lsjujl Bscfjutxfjtf/ Nfmmbbsu Obtf tfjofs [befsjoo
Obtf tfjeuo ebobdi- [bohhfs Lsjujl fjogbdi tufiu bofiu efsxfjm Nfmmbbsu [bohhfs Jepm; Lsjujl wposdg4 tfmctu Obtf Obtf Obtf efsxfjm tfjofs Nfmmbbsu Lsjujl xfojh ejf Jdifjzo efsxfjm ejf bvt{vufjmfo tufiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo fjogbdi [bohhfs tufiu ebobdi- wpmm/ Wjfmnfis Jdifjzo ebobdi- efsxfjm xfojh ibcfde Obtf tfjofs Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo wposdg4 tufiu Jepm; Jdifjzo tufiu tfmctu
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