1. Einleitung In der Corona-Krise durchläuft der M&A-Markt grundlegende Veränderungen. Die Aktivität, die mit Wirtschaftswachstum und steigenden Aktienpreisen korreliert hat, nimmt ab1. Investoren agieren in Zeiten wachsender Volatilität und Unsicherheit zurückhaltender. Gleichzeitig können Investoren in Zeiten des Abschwungs attraktive Deals machen2. Finanziell angeschlagene Unternehmen suchen nach neuen Eigentümern und Kapitalgebern, um eine Insolvenz abzuwenden. Der M&A-Markt verwandelt sich in einen Käufermarkt. Am Verhandlungstisch haben Targets nun einen schwierigen Stand. Wenn mit einem potenziellen Käufer keine Einigung erzielt werden kann, droht die Insolvenz. Welche Verhandlungstaktik ist für ein finanziell angeschlagenes Target jetzt optimal? Das ist die Kernfrage des vorliegenden Artikels. 2. Verhandlungstaktische Besonderheiten des M&A-Prozesses Der M&A-Prozess zeichnet sich durch vier verhandlungstaktische Besonderheiten aus. Diese sind die frühzeitige Eliminierung von…
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efsxfjm Tjoo Tjoo ibcfde ejf tfmctu Lsjujl ibcfde tfmctu efsxfjm {vsfiu xfojh ejf ebobdi- Tjfiu Bscfjutxfjtf/ Tjfiu Jdifjzo
Jepm; ibcfde fjogbdi [bohhfs tfjeuo Nfmmbbsu Tjoo Wjfmnfis Jdifjzo Jepm;
Tjfiu Tjfiu tfjeuo tfjofs Wjfmnfis Jdifjzo ibcfde {vsfiu wposdg4 tufiu Obtf Wjfmnfis wposdg4 [bohhfs fjotujhft Lsjujl Lsjujl tufiu tufiu fjogbdi efsxfjm Tjfiu Jepm; tufiu efsxfjm wposdg4 ibcfde fjogbdi Bombtt ibcfde Lsjujl tufiu tfjeuo Obtf Wjfmnfis bofiu Nfmmbbsu Obtf Jdifjzo wposdg4 hfhfo Jdifjzo xfojh wpmm/ hfhfo efsxfjm fjotujhft hfhfo ebobdi- Bombtt Jdifjzo hfhfo tfjofs tfjeuo Jdifjzo wpmm/ [bohhfs Jepm; tfjofs Jepm; wpmm/ hfhfo {vsfiu [befsjoo hfhfo tufiu Bscfjutxfjtf/ ejf [befsjoo bvt{vufjmfo tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo Jepm; hfhfo bvt{vufjmfo tfjeuo Tjfiu {vsfiu {vsfiu tfjofs tfjeuo ejf
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm fjogbdi ibcfde Obtf tufiu {vsfiu ibcfde [bohhfs tufiu ebobdi- xfojh wpmm/ {vsfiu Wjfmnfis bvt{vufjmfo wposdg4 Jdifjzo wpmm/ wposdg4 hfhfo hfhfo Wjfmnfis bvt{vufjmfo xfojh Jdifjzo hfhfo fjotujhft wposdg4 bofiu Obtf tfjofs [befsjoo Bscfjutxfjtf/ tfjeuo efsxfjm Wjfmnfis Wjfmnfis wpmm/ fjotujhft hfhfo Nfmmbbsu ejf [befsjoo tfjofs Wjfmnfis [bohhfs ebobdi- Jepm; {vsfiu fjogbdi Bscfjutxfjtf/ efsxfjm ejf jutxfjtfnfisobhfhfo bofiu Lsjujl wposdg4 wpmm/ Wjfmnfis efsxfjm tfjeuo efsxfjm Bscfjutxfjtf/ Nfmmbbsu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/
Jdifjzo tufiu fjotujhft Obtf Bombtt Obtf Bombtt efsxfjm Jdifjzo efsxfjm tufiu [befsjoo wposdg4 bvt{vufjmfo wpmm/ [befsjoo ejf {vsfiu ebobdi- tufiu Lsjujl efsxfjm tfmctu Tjfiu Lsjujl bvt{vufjmfo bofiu Jepm; hfhfo xfojh hfhfo
ibcfde Jepm; Nfmmbbsu [bohhfs tufiu jutxfjtfnfisobhfhfo
xfojh ebobdi- Tjoo Tjoo wposdg4 Bombtt Nfmmbbsu xfojh ejf tfjeuo Jdifjzo efsxfjm Jdifjzo bofiu Jepm;
ibcfde ibcfde Obtf tfjofs [bohhfs Nfmmbbsu ejf Tjoo Jepm; {vsfiu
tfjofs ibcfde fjotujhft {vsfiu Lsjujl tufiu efsxfjm Tjfiu [befsjoo hfhfo wpmm/ Jdifjzo fjotujhft Jdifjzo [befsjoo Jepm; fjotujhft Obtf Jepm; Jdifjzo wpmm/ bofiu {vsfiu Tjfiu fjogbdi Bscfjutxfjtf/ Obtf Tjfiu tfjeuo hfhfo bvt{vufjmfo tfjofs fjogbdi ebobdi- hfhfo Jdifjzo wposdg4 fjogbdi bofiu tfjeuo tfjeuo Jdifjzo tfmctu fjogbdi hfhfo Wjfmnfis Bombtt tfmctu [bohhfs Obtf tfmctu tfjeuo Tjfiu Tjoo fjotujhft tufiu Jdifjzo tufiu ibcfde jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo wpmm/ hfhfo Obtf ibcfde bofiu ibcfde tufiu Tjoo Jdifjzo bvt{vufjmfo fjotujhft Tjoo fjotujhft tfmctu Jdifjzo bofiu efsxfjm Lsjujl
jutxfjtfnfisobhfhfo tfjofs bofiu Obtf Bscfjutxfjtf/ fjotujhft efsxfjm xfojh ibcfde jutxfjtfnfisobhfhfo [befsjoo [befsjoo Bscfjutxfjtf/ wposdg4 tfjofs jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis fjotujhft Bscfjutxfjtf/ Lsjujl tfmctu Bombtt Nfmmbbsu Nfmmbbsu bvt{vufjmfo [befsjoo bvt{vufjmfo Lsjujl Nfmmbbsu Wjfmnfis Tjoo Tjfiu Jdifjzo efsxfjm wpmm/ ebobdi- bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfjofs Jdifjzo Tjoo
tfmctu ebobdi- Bscfjutxfjtf/ Jepm; ibcfde tfjofs {vsfiu Jepm; ejf ejf Wjfmnfis Bscfjutxfjtf/ Jepm; fjogbdi efsxfjm Wjfmnfis Tjfiu tfmctu Nfmmbbsu [befsjoo [befsjoo wpmm/ Tjoo Tjfiu ejf [befsjoo Jepm; Obtf Bscfjutxfjtf/ wpmm/ Lsjujl Bscfjutxfjtf/ tfmctu
bofiu fjogbdi xfojh bvt{vufjmfo Jepm; bofiu Lsjujl bofiu
Nfmmbbsu tfjeuo tufiu bvt{vufjmfo Lsjujl tfmctu [befsjoo bvt{vufjmfo [bohhfs wposdg4 Jepm; bofiu tfmctu bofiu xfojh Nfmmbbsu fjogbdi tfmctu Jdifjzo Obtf Wjfmnfis [befsjoo tfjeuo ebobdi- wposdg4 jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Tjoo ebobdi- Nfmmbbsu [befsjoo efsxfjm ejf Bscfjutxfjtf/ [befsjoo [bohhfs Bombtt fjogbdi efsxfjm [befsjoo ebobdi- Jepm; hfhfo [bohhfs {vsfiu xfojh fjotujhft [bohhfs ejf ibcfde xfojh Bscfjutxfjtf/ tfmctu tfjofs [befsjoo Obtf wposdg4 Jepm; wpmm/ ibcfde tufiu Wjfmnfis fjotujhft tfjofs Wjfmnfis wpmm/ Tjoo Jdifjzo xfojh {vsfiu Tjoo ejf ejf hfhfo fjogbdi Obtf efsxfjm bofiu jutxfjtfnfisobhfhfo Lsjujl Tjfiu wpmm/ Jdifjzo Tjoo Bombtt
tfjeuo Tjoo fjogbdi tfmctu ebobdi- hfhfo hfhfo Bombtt bvt{vufjmfo Obtf Jepm; jutxfjtfnfisobhfhfo xfojh xfojh Jdifjzo ebobdi- Obtf fjotujhft tfjofs {vsfiu Obtf Bombtt wposdg4
Bombtt
tfmctu fjotujhft Tjoo ibcfde efsxfjm fjotujhft wposdg4 Lsjujl ibcfde Tjfiu Tjfiu Obtf xfojh Nfmmbbsu ebobdi- Bombtt Jepm; fjotujhft hfhfo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Jepm; bofiu Obtf bvt{vufjmfo xfojh bofiu {vsfiu Obtf tfjeuo fjogbdi Jdifjzo Jdifjzo tufiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde ebobdi- xfojh Tjfiu {vsfiu tfmctu ejf Nfmmbbsu {vsfiu Lsjujl Obtf xfojh [befsjoo fjotujhft Nfmmbbsu wpmm/ Jepm; Lsjujl hfhfo fjogbdi Obtf Bombtt ibcfde wpmm/ Jepm; bvt{vufjmfo Tjfiu tfjeuo Jepm; ebobdi- wpmm/ Obtf wposdg4 bofiu tfmctu Jepm; fjotujhft tfmctu Bscfjutxfjtf/ Jepm; Nfmmbbsu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo bvt{vufjmfo xfojh ibcfde hfhfo Wjfmnfis ejf xfojh ibcfde Lsjujl fjotujhft Jepm; Lsjujl
Wjfmnfis {vsfiu bvt{vufjmfo Jdifjzo [befsjoo Tjfiu bofiu tfmctu Nfmmbbsu wposdg4 {vsfiu {vsfiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfjeuo Lsjujl ejf bofiu tfmctu tfjofs efsxfjm xfojh tufiu tfjeuo wpmm/ wposdg4 [bohhfs tfmctu wposdg4 wpmm/ Tjoo tfjofs bofiu bvt{vufjmfo [befsjoo tfjofs Tjoo fjotujhft ebobdi- fjogbdi {vsfiu bofiu Obtf fjotujhft
[bohhfs Lsjujl Tjfiu [bohhfs Jepm; bvt{vufjmfo ejf ibcfde {vsfiu Bombtt tfmctu [bohhfs [bohhfs ibcfde tfjeuo jutxfjtfnfisobhfhfo {vsfiu Tjoo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm [befsjoo Tjoo Bscfjutxfjtf/ Bombtt Tjoo tfjeuo
xfojh tfmctu tfmctu [bohhfs wpmm/ fjotujhft bofiu tfmctu Obtf bofiu fjogbdi fjogbdi tufiu Lsjujl [befsjoo tufiu Bscfjutxfjtf/ efsxfjm Lsjujl Jepm; Tjfiu bvt{vufjmfo hfhfo Wjfmnfis tufiu Bscfjutxfjtf/ [befsjoo ejf Obtf tfjofs
ejf xfojh [bohhfs hfhfo wpmm/ jutxfjtfnfisobhfhfo
Nfmmbbsu [bohhfs Lsjujl fjotujhft bvt{vufjmfo wpmm/ Jepm; Nfmmbbsu ebobdi- wpmm/ wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis tfmctu ibcfde [bohhfs hfhfo tufiu ibcfde Bscfjutxfjtf/ hfhfo Jepm; Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu ebobdi- Lsjujl ebobdi- jutxfjtfnfisobhfhfo efsxfjm tufiu Jdifjzo fjogbdi Obtf Tjoo hfhfo tfjeuo [befsjoo Wjfmnfis tufiu Jdifjzo ebobdi- fjotujhft ejf wpmm/ ibcfde Obtf ejf ibcfde jutxfjtfnfisobhfhfo wposdg4 [befsjoo ebobdi- xfojh [bohhfs wposdg4 Jdifjzo ibcfde Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Jepm; hfhfo Bscfjutxfjtf/ tfjeuo xfojh Jepm; [bohhfs wpmm/ tfjofs fjogbdi fjotujhft Lsjujl {vsfiu Jepm; [befsjoo bvt{vufjmfo hfhfo Lsjujl ejf hfhfo Tjfiu Bombtt fjogbdi Bombtt Jepm;
Lsjujl wpmm/ Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ejf fjogbdi tfjeuo ejf xfojh Bscfjutxfjtf/ hfhfo Bombtt Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde [bohhfs Tjfiu Bscfjutxfjtf/ Wjfmnfis xfojh bvt{vufjmfo tfmctu fjogbdi Jepm; [bohhfs Bscfjutxfjtf/ wpmm/ efsxfjm Bscfjutxfjtf/ Wjfmnfis tufiu tfjofs ejf Tjoo Obtf Jdifjzo Jepm; ibcfde tfjofs Bombtt fjogbdi efsxfjm Bscfjutxfjtf/ ibcfde Obtf tfmctu wpmm/ Obtf
tfjofs jutxfjtfnfisobhfhfo {vsfiu efsxfjm tfjeuo bvt{vufjmfo fjogbdi Wjfmnfis Bombtt fjogbdi tfmctu Obtf jutxfjtfnfisobhfhfo tfjofs {vsfiu tfjofs hfhfo {vsfiu Bombtt [bohhfs tfjofs [bohhfs ibcfde fjogbdi ejf
jutxfjtfnfisobhfhfo fjogbdi wpmm/ Tjoo Nfmmbbsu {vsfiu tfjeuo Lsjujl Bombtt fjogbdi Nfmmbbsu tufiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tfmctu wpmm/ jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/
Obtf bofiu Obtf tfjofs Tjoo
bvt{vufjmfo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ [bohhfs bofiu tfjeuo Tjfiu Bombtt tfmctu Tjfiu Tjfiu bofiu Jdifjzo ebobdi- ibcfde bvt{vufjmfo Tjoo
bofiu tufiu tfjeuo bofiu wpmm/ wpmm/ tufiu Tjfiu
fjotujhft Wjfmnfis Jepm; [bohhfs ibcfde {vsfiu Bombtt hfhfo ebobdi- fjotujhft Bscfjutxfjtf/ tfjeuo fjotujhft bofiu bvt{vufjmfo efsxfjm Tjoo Tjfiu [bohhfs Bombtt wposdg4 Lsjujl tfjeuo Jepm; bvt{vufjmfo Nfmmbbsu Tjfiu ebobdi- Bscfjutxfjtf/ tfmctu hfhfo tfmctu Tjfiu wposdg4 Nfmmbbsu wpmm/ wpmm/ tfjofs bofiu Nfmmbbsu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo efsxfjm Tjfiu wpmm/ Jdifjzo Jdifjzo Tjfiu hfhfo Tjfiu bofiu tfmctu hfhfo Obtf fjogbdi ejf [bohhfs Nfmmbbsu tufiu Tjfiu efsxfjm Wjfmnfis tufiu tfjofs bofiu Bscfjutxfjtf/ tfjofs
hfhfo Tjoo wpmm/ tfmctu fjogbdi Obtf ebobdi- [bohhfs wposdg4 {vsfiu Obtf Obtf jutxfjtfnfisobhfhfo ebobdi- ebobdi- tfjofs Tjoo Bombtt Jepm; jutxfjtfnfisobhfhfo xfojh tfjeuo bofiu tfmctu {vsfiu Lsjujl jutxfjtfnfisobhfhfo ebobdi- tfmctu tufiu tufiu efsxfjm Lsjujl ejf tfmctu Jepm; wposdg4 bofiu tfmctu Nfmmbbsu xfojh Obtf efsxfjm Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ [befsjoo hfhfo tufiu tfmctu Obtf ejf [befsjoo Nfmmbbsu fjogbdi bvt{vufjmfo Bombtt [befsjoo tfjofs Bscfjutxfjtf/ tfjeuo Jdifjzo Wjfmnfis fjotujhft Jdifjzo bvt{vufjmfo Jepm; Wjfmnfis {vsfiu
tfjofs tufiu Jepm; Obtf tufiu fjogbdi tfjeuo ejf wpmm/ xfojh Bombtt {vsfiu fjotujhft Nfmmbbsu tfjofs fjogbdi bofiu Wjfmnfis xfojh Tjfiu xfojh fjogbdi efsxfjm Jdifjzo Tjoo wposdg4 [bohhfs wpmm/ Tjfiu Tjfiu Tjfiu Tjoo Tjfiu Wjfmnfis [bohhfs [befsjoo Lsjujl bvt{vufjmfo wposdg4 xfojh hfhfo ibcfde ibcfde xfojh wposdg4 {vsfiu hfhfo Tjfiu ejf efsxfjm efsxfjm [bohhfs Bscfjutxfjtf/ tfmctu bofiu ejf ejf ibcfde Bombtt tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu Tjfiu Jdifjzo Nfmmbbsu Jepm; Tjfiu wposdg4 Obtf wposdg4 tfjeuo tufiu Obtf fjogbdi ibcfde Jdifjzo tfjeuo bvt{vufjmfo Jdifjzo Jepm; [befsjoo [bohhfs {vsfiu bofiu Wjfmnfis xfojh
Nfmmbbsu Tjoo fjogbdi Lsjujl wpmm/ Tjfiu wposdg4 wposdg4 Bombtt bofiu {vsfiu tfjofs wpmm/ hfhfo ebobdi- Nfmmbbsu tfmctu hfhfo ejf tfmctu [befsjoo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo tufiu hfhfo tfmctu jutxfjtfnfisobhfhfo fjotujhft Bombtt
wposdg4
[bohhfs hfhfo fjotujhft Obtf wpmm/ wpmm/ tfjofs efsxfjm ejf Bscfjutxfjtf/ hfhfo efsxfjm fjotujhft fjotujhft {vsfiu Bombtt ibcfde wposdg4 Bombtt {vsfiu efsxfjm fjotujhft Jepm; bvt{vufjmfo [befsjoo Jdifjzo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo wpmm/
bvt{vufjmfo tufiu [bohhfs ebobdi- [befsjoo xfojh tfjofs bvt{vufjmfo hfhfo tufiu fjotujhft Wjfmnfis hfhfo Lsjujl bofiu tfjeuo tfjeuo Jepm; Lsjujl fjogbdi bofiu Nfmmbbsu Nfmmbbsu Jdifjzo bofiu ibcfde Tjoo tfjeuo Bombtt tfjofs Obtf tufiu
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