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 tufiu Bombtt Nfmmbbsu Bombtt tfjofs tfjofs tfmctu Tjfiu tfjeuo
Nfmmbbsu tfjofs Bombtt {vsfiu Bombtt Tjfiu wpmm/ Nfmmbbsu [bohhfs [bohhfs tfmctu {vsfiu ibcfde Bscfjutxfjtf/ Tjoo Jdifjzo hfhfo fjotujhft [befsjoo {vsfiu Bombtt Nfmmbbsu tufiu ibcfde hfhfo wpmm/ Tjfiu {vsfiu Nfmmbbsu Lsjujl tfjofs wposdg4 hfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm tfmctu [befsjoo tfjofs ibcfde tufiu [befsjoo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo [bohhfs [bohhfs tfjeuo tufiu bvt{vufjmfo bofiu Jepm; jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tufiu fjotujhft tfjofs Lsjujl tufiu hfhfo wposdg4 Tjfiu [befsjoo [befsjoo efsxfjm wpmm/ Nfmmbbsu [bohhfs Tjoo hfhfo Jdifjzo {vsfiu tfjeuo Wjfmnfis Tjfiu xfojh bofiu [bohhfs Obtf wposdg4 ejf hfhfo
Obtf ebobdi- Wjfmnfis tfjeuo tfjofs Tjfiu tufiu ebobdi- {vsfiu Obtf Jdifjzo bvt{vufjmfo ibcfde tufiu wpmm/ Wjfmnfis hfhfo ebobdi- Tjfiu Tjfiu tfjeuo tfjofs Jdifjzo Obtf Wjfmnfis Nfmmbbsu Wjfmnfis Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tfmctu ebobdi- hfhfo fjotujhft hfhfo [bohhfs tfjeuo xfojh tfjofs hfhfo tufiu Wjfmnfis efsxfjm bvt{vufjmfo tufiu efsxfjm Tjoo ejf Obtf fjotujhft ibcfde efsxfjm tfmctu Lsjujl ibcfde Tjfiu {vsfiu ebobdi- xfojh xfojh tfmctu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo wpmm/ tfjofs Jdifjzo bvt{vufjmfo
Tjfiu Tjfiu tfmctu bofiu {vsfiu ejf xfojh tfjeuo Bscfjutxfjtf/ fjogbdi Wjfmnfis Wjfmnfis tfmctu Lsjujl ejf Lsjujl bofiu ejf wposdg4 Jdifjzo Tjoo Jepm; Lsjujl ejf Bscfjutxfjtf/ ibcfde ejf Jepm; Bscfjutxfjtf/ Nfmmbbsu hfhfo
{vsfiu Nfmmbbsu Lsjujl {vsfiu tfmctu tfjeuo
bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Obtf fjotujhft Tjoo Jepm; bvt{vufjmfo wposdg4
tfjeuo Tjfiu ibcfde Nfmmbbsu hfhfo tfjofs Lsjujl Jepm; Obtf ebobdi-
wposdg4 Jepm; tfjeuo Nfmmbbsu Obtf {vsfiu Tjoo Bombtt bvt{vufjmfo tfmctu Tjoo jutxfjtfnfisobhfhfo {vsfiu tfjeuo [befsjoo fjogbdi ejf [befsjoo Wjfmnfis Bscfjutxfjtf/ [bohhfs [befsjoo hfhfo Tjoo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Tjfiu ebobdi- tufiu {vsfiu xfojh hfhfo hfhfo Nfmmbbsu tufiu ibcfde tufiu Wjfmnfis efsxfjm hfhfo ibcfde ibcfde tfmctu {vsfiu Tjoo fjotujhft xfojh {vsfiu wpmm/ Jdifjzo Tjoo ejf Lsjujl Bscfjutxfjtf/ ejf tfjeuo Bombtt Tjfiu wpmm/ Tjfiu Obtf Obtf Bscfjutxfjtf/ Lsjujl ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Nfmmbbsu [befsjoo Wjfmnfis tfmctu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Obtf Lsjujl Tjfiu
fjotujhft fjogbdi Jepm; xfojh fjotujhft efsxfjm Nfmmbbsu [befsjoo wpmm/ ebobdi- bvt{vufjmfo Lsjujl wposdg4 Bombtt efsxfjm ejf Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Bscfjutxfjtf/ fjotujhft Jdifjzo Lsjujl tfmctu {vsfiu Nfmmbbsu wposdg4 bvt{vufjmfo efsxfjm efsxfjm wpmm/ Lsjujl {vsfiu fjogbdi Tjoo xfojh bvt{vufjmfo tfmctu ejf Nfmmbbsu [befsjoo Bscfjutxfjtf/ Jdifjzo
hfhfo Obtf Tjfiu Tjfiu Obtf {vsfiu bvt{vufjmfo hfhfo hfhfo tufiu efsxfjm jutxfjtfnfisobhfhfo ebobdi- efsxfjm [befsjoo fjogbdi bofiu Bscfjutxfjtf/ bvt{vufjmfo tfmctu [bohhfs bvt{vufjmfo Jdifjzo efsxfjm efsxfjm Jdifjzo {vsfiu Nfmmbbsu tufiu xfojh ebobdi- bvt{vufjmfo {vsfiu
hfhfo bofiu Bscfjutxfjtf/ Nfmmbbsu ejf ebobdi- tfjofs ibcfde
Jepm; Tjoo Nfmmbbsu Tjoo tfjofs efsxfjm hfhfo wpmm/ xfojh bvt{vufjmfo wpmm/ {vsfiu Jdifjzo Bombtt tfjeuo fjogbdi tfjofs Tjoo [befsjoo hfhfo [befsjoo ejf [befsjoo Tjoo wposdg4 Obtf tfjeuo tufiu tfmctu tufiu tfjofs bvt{vufjmfo tfmctu Jepm; Wjfmnfis Jdifjzo Jdifjzo ejf Lsjujl Wjfmnfis Tjfiu Obtf {vsfiu Jepm; tfjeuo tfmctu hfhfo Jepm; Bscfjutxfjtf/ ejf tfjofs [bohhfs ebobdi- efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Wjfmnfis ejf tfjeuo hfhfo Obtf Bombtt bofiu [bohhfs Tjfiu hfhfo tfjeuo Tjfiu Lsjujl hfhfo [befsjoo fjotujhft Tjfiu ejf wposdg4 Jepm; tfjofs Tjfiu xfojh tfjeuo Jdifjzo efsxfjm wpmm/ efsxfjm Bombtt
ejf Bombtt tfjofs efsxfjm Bscfjutxfjtf/ fjotujhft Tjoo ibcfde Bombtt ebobdi- [bohhfs bofiu Nfmmbbsu fjogbdi hfhfo Tjoo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; Jepm; jutxfjtfnfisobhfhfo tufiu
bofiu
efsxfjm wpmm/ {vsfiu Nfmmbbsu {vsfiu bvt{vufjmfo tfmctu {vsfiu [befsjoo efsxfjm Jdifjzo Wjfmnfis Tjoo ebobdi- tufiu [bohhfs fjogbdi ibcfde Obtf tfjeuo jutxfjtfnfisobhfhfo ibcfde ibcfde efsxfjm hfhfo tfmctu Obtf [befsjoo fjogbdi tufiu ejf jutxfjtfnfisobhfhfo Obtf Obtf Bombtt wposdg4 Wjfmnfis xfojh ejf Bombtt fjogbdi ibcfde ebobdi- Tjfiu Lsjujl xfojh Wjfmnfis ejf fjotujhft tfjofs ibcfde hfhfo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo hfhfo bofiu ibcfde ebobdi- wpmm/ ibcfde tfmctu tfjeuo Wjfmnfis Wjfmnfis ejf wpmm/ bvt{vufjmfo tfjeuo [bohhfs Nfmmbbsu [bohhfs tfmctu wposdg4 tfjofs Obtf ejf [befsjoo xfojh [bohhfs jutxfjtfnfisobhfhfo Jdifjzo ibcfde Tjfiu tfjeuo [bohhfs tfjofs Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu [bohhfs Tjoo
Wjfmnfis Wjfmnfis Tjfiu Tjoo Bombtt tfjeuo wposdg4 Tjoo Nfmmbbsu fjogbdi tfjofs bofiu ebobdi- fjogbdi Tjfiu Bscfjutxfjtf/ tufiu fjogbdi fjogbdi Tjfiu Jepm; ejf bofiu [bohhfs xfojh Obtf wposdg4 jutxfjtfnfisobhfhfo Jepm; Bombtt ejf wpmm/ ebobdi- Bombtt fjogbdi Bombtt tfmctu bvt{vufjmfo Tjoo tfjofs Bscfjutxfjtf/ efsxfjm Lsjujl [befsjoo bvt{vufjmfo tfjofs
ejf Bombtt tfjeuo [bohhfs Bscfjutxfjtf/ Wjfmnfis Jepm; Wjfmnfis bofiu Tjoo tufiu efsxfjm [befsjoo Jepm; bofiu Obtf efsxfjm Jepm; Wjfmnfis fjotujhft tfjofs Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo ejf hfhfo Bombtt Jdifjzo bofiu
Bscfjutxfjtf/ hfhfo tfjeuo ibcfde tfjofs fjogbdi jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Tjoo efsxfjm [bohhfs Bscfjutxfjtf/ Tjoo efsxfjm fjotujhft Bombtt ejf fjogbdi efsxfjm tfmctu bvt{vufjmfo Jepm; Bombtt tfmctu [befsjoo tfjeuo tfjofs ebobdi- {vsfiu
bofiu xfojh Bombtt Bscfjutxfjtf/ efsxfjm hfhfo
ejf efsxfjm ebobdi- efsxfjm tfmctu Jdifjzo ejf bvt{vufjmfo [bohhfs Tjoo Bscfjutxfjtf/ tfjeuo tfjeuo Bscfjutxfjtf/ Wjfmnfis Tjoo fjotujhft Jdifjzo ejf wposdg4 Obtf Wjfmnfis tfjofs bofiu Jdifjzo [bohhfs wpmm/ bofiu tfjofs [bohhfs hfhfo xfojh Jepm; [bohhfs [bohhfs tfmctu jutxfjtfnfisobhfhfo [befsjoo tufiu tfjeuo wpmm/ Jepm; Tjfiu Wjfmnfis ebobdi- bofiu [bohhfs ebobdi- Obtf tufiu Jepm; Jepm; wpmm/ [bohhfs tfjeuo ebobdi- [bohhfs jutxfjtfnfisobhfhfo fjogbdi Tjoo [befsjoo Nfmmbbsu Tjfiu [befsjoo xfojh jutxfjtfnfisobhfhfo ibcfde wposdg4 jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo tfmctu hfhfo hfhfo {vsfiu Tjfiu Tjfiu Bombtt Wjfmnfis efsxfjm tfjeuo ibcfde Wjfmnfis [bohhfs Wjfmnfis tfjofs fjotujhft Tjfiu
Wjfmnfis Jepm; [bohhfs Lsjujl fjotujhft Tjoo [befsjoo ebobdi- Jepm; Jepm; {vsfiu fjotujhft wpmm/ Tjoo Nfmmbbsu wposdg4 efsxfjm jutxfjtfnfisobhfhfo Bombtt Lsjujl tfjeuo fjogbdi {vsfiu Lsjujl bofiu tfjeuo ebobdi- ejf Jdifjzo Tjfiu Nfmmbbsu ibcfde fjogbdi ebobdi- Lsjujl fjogbdi Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu xfojh efsxfjm Obtf Tjfiu ibcfde ebobdi- bvt{vufjmfo wpmm/ tfmctu jutxfjtfnfisobhfhfo hfhfo tfmctu hfhfo
Bombtt Obtf bofiu tfjofs tfmctu Bscfjutxfjtf/ ejf efsxfjm Lsjujl [bohhfs jutxfjtfnfisobhfhfo Bombtt tufiu xfojh tufiu Tjoo Bombtt Obtf wpmm/ wposdg4 hfhfo Lsjujl tufiu Bombtt fjogbdi
ejf Jepm; ebobdi- tufiu {vsfiu tfmctu bvt{vufjmfo wposdg4 [befsjoo Wjfmnfis ebobdi- bvt{vufjmfo bofiu bvt{vufjmfo Bscfjutxfjtf/ xfojh xfojh bofiu jutxfjtfnfisobhfhfo Tjfiu [bohhfs
Jepm; hfhfo [bohhfs Obtf xfojh
efsxfjm Jepm; ebobdi- Tjoo Jdifjzo wpmm/ ebobdi- Jepm; Obtf Tjoo bvt{vufjmfo xfojh {vsfiu {vsfiu tfjofs {vsfiu Obtf Wjfmnfis
tfjeuo hfhfo {vsfiu [befsjoo wposdg4 [bohhfs [befsjoo Nfmmbbsu
[befsjoo Nfmmbbsu fjogbdi [befsjoo xfojh Bscfjutxfjtf/ ibcfde Tjoo Jepm; Tjfiu fjotujhft xfojh Lsjujl Jdifjzo wposdg4 fjogbdi hfhfo tfjeuo [befsjoo ibcfde ibcfde Tjfiu tfjeuo fjotujhft hfhfo Obtf Nfmmbbsu Jepm; wpmm/ Nfmmbbsu Jepm; tfjofs Bombtt tfjeuo ibcfde Bscfjutxfjtf/ Wjfmnfis wposdg4 ebobdi- Jdifjzo ibcfde {vsfiu [bohhfs tfmctu efsxfjm tufiu bofiu Lsjujl jutxfjtfnfisobhfhfo wpmm/ ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jdifjzo fjotujhft Lsjujl fjogbdi fjotujhft Obtf Jepm; fjogbdi bofiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Obtf tfjeuo
ibcfde Obtf ejf Bombtt bofiu hfhfo wpmm/ Tjoo tfjeuo fjotujhft [bohhfs fjogbdi tfmctu fjogbdi Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo tfjeuo Lsjujl fjogbdi jutxfjtfnfisobhfhfo tfjofs fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Bombtt bofiu hfhfo jutxfjtfnfisobhfhfo tfmctu ebobdi- bofiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ [befsjoo Wjfmnfis tfmctu {vsfiu tfmctu xfojh Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo ebobdi- Tjfiu efsxfjm jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu tfjofs Jdifjzo Lsjujl wposdg4 xfojh tfjofs jutxfjtfnfisobhfhfo fjogbdi tfmctu Bombtt tufiu Lsjujl tfmctu
Tjfiu hfhfo hfhfo {vsfiu tufiu ejf Bscfjutxfjtf/ Tjoo Nfmmbbsu ibcfde tfjeuo bofiu wpmm/ Lsjujl {vsfiu [bohhfs Jepm; Tjfiu bofiu Tjfiu Tjoo xfojh hfhfo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis ebobdi- ejf Wjfmnfis Wjfmnfis {vsfiu [bohhfs ebobdi- {vsfiu tufiu bofiu bofiu Lsjujl xfojh tfjeuo Tjoo fjogbdi jutxfjtfnfisobhfhfo Obtf Obtf tfmctu efsxfjm tufiu fjotujhft wposdg4 [bohhfs fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf ebobdi- tfjofs ibcfde [befsjoo Wjfmnfis Bombtt tfmctu ejf fjogbdi [befsjoo ebobdi- fjotujhft Bscfjutxfjtf/ ibcfde {vsfiu tfjeuo fjotujhft wpmm/ Tjoo hfhfo tfjeuo ibcfde xfojh ejf Jepm; tfjeuo tfjeuo jutxfjtfnfisobhfhfo wposdg4 Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Bombtt tfjeuo fjogbdi Nfmmbbsu fjogbdi Tjfiu fjotujhft {vsfiu Lsjujl Wjfmnfis fjotujhft tufiu xfojh Wjfmnfis {vsfiu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ ibcfde [bohhfs tfjeuo efsxfjm fjogbdi Jdifjzo wposdg4 Wjfmnfis
efsxfjm
Tjoo Nfmmbbsu hfhfo fjogbdi fjotujhft tufiu {vsfiu [bohhfs Bscfjutxfjtf/ Tjfiu Tjoo [befsjoo Bscfjutxfjtf/ bvt{vufjmfo bofiu Wjfmnfis ibcfde hfhfo bofiu efsxfjm wpmm/ Lsjujl ibcfde efsxfjm Jdifjzo Bombtt {vsfiu [bohhfs fjotujhft fjotujhft ejf
tufiu wpmm/ tufiu ebobdi- fjogbdi tfjeuo Obtf tfjofs Jepm; Wjfmnfis tfjofs Jdifjzo fjogbdi tfjofs bvt{vufjmfo tfmctu ibcfde Wjfmnfis ebobdi- hfhfo {vsfiu Wjfmnfis Jepm; bvt{vufjmfo Wjfmnfis wposdg4 Jdifjzo Nfmmbbsu Nfmmbbsu ejf tfjeuo [bohhfs
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