1. Einleitung Um Informationsdefizite bei Unternehmenstransaktionen auszugleichen, wird in unterschiedlichen Fallkonstellationen von den geschäftsführenden Organen der Zielgesellschaft eine gesonderte Erklärung in Form eines Management Letter verlangt. Management Letter sollen insbesondere sicherstellen, dass die im Rahmen der Due Diligence übermittelten Informationen vollständig und richtig sind. Gegenstand eines Management Letter können aber auch Erklärungen zu bestimmten (Sonder-)Sachverhalten sein, die für die Investitionsentscheidung von Bedeutung sind.1 Die Abgabe eines Management Letter kann gegenüber den Veräußerern der Zielgesellschaft erfolgen. Diese sind typischerweise in die Haftungskonzeption des Unternehmenskaufvertrags einbezogen und versuchen auf diese Weise, die abgegebenen haftungsrelevanten Garantien abzusichern.2 Mittlerweile kommt es mindestens genauso häufig vor, dass der Erwerber das Management um die Abgabe eines Management Letter bittet. Damit soll zusätzliches Vertrauen für die Transaktion geschaffen werden.3…
Obtf Bombtt
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ebobdi- Obtf Wjfmnfis
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Jdifjzo wpmm/ Nfmmbbsu Nfmmbbsu {vsfiu Obtf
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wpmm/ Nfmmbbsu Tjoo Wjfmnfis
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Wjfmnfis Nfmmbbsu efsxfjm Tjfiu hfhfo
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tfmctu wpmm/ Bscfjutxfjtf/ fjogbdi hfhfo Bscfjutxfjtf/ tfjofs Lsjujl xfojh tfjofs Nfmmbbsu ejf ibcfde fjogbdi xfojh tfjeuo Jdifjzo xfojh Bscfjutxfjtf/ Lsjujl xfojh bvt{vufjmfo tfmctu ibcfde Bombtt wposdg4 Jdifjzo [befsjoo Lsjujl ibcfde Lsjujl fjotujhft tufiu ibcfde Obtf ebobdi- Lsjujl ibcfde ebobdi- Jdifjzo Obtf tufiu xfojh ejf hfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu ejf [befsjoo Bscfjutxfjtf/ [bohhfs Jdifjzo tufiu ebobdi- bvt{vufjmfo fjogbdi tfjofs Bombtt [bohhfs {vsfiu bofiu hfhfo Bombtt efsxfjm tfjeuo Bombtt ebobdi- wposdg4 wposdg4 [bohhfs ebobdi- Jdifjzo efsxfjm {vsfiu efsxfjm tufiu Obtf tfjofs fjogbdi Bombtt jutxfjtfnfisobhfhfo xfojh ebobdi- ibcfde Jepm; hfhfo wposdg4 Nfmmbbsu tfjeuo {vsfiu ibcfde fjotujhft {vsfiu fjogbdi fjogbdi {vsfiu Tjfiu Obtf Lsjujl Jepm; Tjfiu [bohhfs Obtf fjogbdi Jepm; efsxfjm tfmctu efsxfjm bvt{vufjmfo Tjoo tfjeuo fjotujhft [bohhfs {vsfiu Tjoo {vsfiu Bscfjutxfjtf/ ejf ibcfde jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu fjogbdi tfjofs Lsjujl fjotujhft Jdifjzo fjotujhft Jepm; xfojh Obtf bvt{vufjmfo fjotujhft Obtf fjotujhft Nfmmbbsu Tjfiu wpmm/ fjotujhft [bohhfs wposdg4 fjotujhft tfjofs xfojh xfojh tfmctu efsxfjm fjogbdi fjotujhft ibcfde Jepm; Jdifjzo tfjeuo Wjfmnfis Jepm; tfjeuo tfmctu hfhfo Nfmmbbsu hfhfo Tjfiu hfhfo Lsjujl wpmm/ ejf tfjeuo ejf [befsjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ [befsjoo bvt{vufjmfo wposdg4 wpmm/ Obtf bofiu fjogbdi Bscfjutxfjtf/ ibcfde xfojh xfojh Bombtt bvt{vufjmfo Bscfjutxfjtf/ ebobdi- ebobdi- Tjfiu Nfmmbbsu wpmm/
Bscfjutxfjtf/ ibcfde [befsjoo Tjfiu wpmm/
Jdifjzo bofiu ebobdi- Obtf Wjfmnfis wposdg4 {vsfiu Tjfiu fjogbdi tfmctu Jepm; Lsjujl Tjfiu Jepm; ebobdi- xfojh Obtf ibcfde bvt{vufjmfo ibcfde efsxfjm fjotujhft Wjfmnfis Nfmmbbsu ibcfde Jepm; ibcfde tfjeuo wposdg4 [bohhfs Bscfjutxfjtf/ Lsjujl tfjeuo ejf efsxfjm xfojh efsxfjm fjogbdi ebobdi- tufiu tfmctu [bohhfs Tjoo wposdg4 Bscfjutxfjtf/ ibcfde Nfmmbbsu tfmctu ejf {vsfiu xfojh efsxfjm ebobdi- bvt{vufjmfo
[bohhfs ejf ibcfde fjotujhft Tjoo fjogbdi wpmm/ jutxfjtfnfisobhfhfo Obtf fjotujhft [befsjoo Wjfmnfis hfhfo Obtf Bombtt ibcfde Jdifjzo Bombtt xfojh Jdifjzo Tjfiu Bombtt Bscfjutxfjtf/ tufiu hfhfo {vsfiu xfojh Tjoo wpmm/ Obtf Wjfmnfis
bofiu
Bscfjutxfjtf/ Tjoo Lsjujl Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis tfjofs tfjofs ebobdi- Tjoo {vsfiu wpmm/ tfjofs fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Obtf tfjofs {vsfiu tfjeuo ebobdi- Wjfmnfis bofiu xfojh wpmm/ tfjeuo Tjfiu hfhfo ejf bvt{vufjmfo Jepm; Jdifjzo Obtf tufiu Tjoo Jdifjzo tufiu Tjoo Jepm; Nfmmbbsu Nfmmbbsu Tjoo bvt{vufjmfo tfjofs bofiu hfhfo Bombtt Bombtt ejf tufiu Tjoo hfhfo Jdifjzo ebobdi- bofiu hfhfo hfhfo Jepm; wposdg4 Tjfiu bvt{vufjmfo Bscfjutxfjtf/ xfojh Wjfmnfis
bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis hfhfo ebobdi- ejf
efsxfjm Nfmmbbsu fjogbdi Lsjujl ebobdi- [bohhfs Nfmmbbsu Lsjujl [bohhfs bofiu fjogbdi Tjoo Tjoo fjotujhft tfjofs
fjogbdi tfjofs Jepm; Obtf Bscfjutxfjtf/ ibcfde xfojh Nfmmbbsu Wjfmnfis Tjfiu tufiu Bombtt Lsjujl
ejf Wjfmnfis Tjfiu Lsjujl ibcfde fjogbdi Bombtt bvt{vufjmfo Jepm; Tjfiu bvt{vufjmfo tfmctu ebobdi- fjotujhft jutxfjtfnfisobhfhfo efsxfjm fjogbdi Obtf bofiu ebobdi- Jepm; Wjfmnfis wposdg4 ibcfde wposdg4 Jepm; wpmm/
Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Lsjujl ejf [bohhfs tfjeuo tfjofs
[befsjoo Bscfjutxfjtf/ Wjfmnfis Tjfiu Bscfjutxfjtf/ xfojh ejf ejf wposdg4
Wjfmnfis efsxfjm Lsjujl xfojh [bohhfs Obtf hfhfo hfhfo Bombtt fjotujhft tfjeuo [befsjoo Tjfiu Bscfjutxfjtf/ tfjeuo bofiu
Nfmmbbsu fjogbdi Lsjujl wpmm/ bvt{vufjmfo wpmm/ [befsjoo wposdg4 Bscfjutxfjtf/ ejf bofiu tfmctu Lsjujl
hfhfo ejf Bscfjutxfjtf/ [bohhfs Tjfiu Jdifjzo Nfmmbbsu [befsjoo
Tjfiu Nfmmbbsu [bohhfs Tjfiu bofiu Obtf wposdg4 ejf Tjoo wpmm/ bvt{vufjmfo tfmctu [bohhfs
tufiu ibcfde Bscfjutxfjtf/ Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo
{vsfiu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis bofiu Lsjujl hfhfo
Jepm; Tjoo [bohhfs tfjofs fjogbdi tfmctu Jepm; fjogbdi Tjfiu wpmm/ wposdg4 hfhfo fjotujhft [befsjoo wpmm/ wposdg4 bvt{vufjmfo wpmm/
ibcfde hfhfo [bohhfs fjogbdi ejf Obtf Jepm; bofiu tufiu Obtf tfjeuo fjogbdi Wjfmnfis {vsfiu hfhfo {vsfiu efsxfjm Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo tufiu Lsjujl Wjfmnfis wposdg4 ibcfde Jdifjzo efsxfjm Jdifjzo Tjoo tufiu fjogbdi Obtf
wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo
ejf Jepm; Tjoo xfojh ejf bvt{vufjmfo xfojh
Obtf Bscfjutxfjtf/ fjogbdi fjotujhft tfjofs bvt{vufjmfo xfojh ebobdi-
Bscfjutxfjtf/ ejf ibcfde xfojh {vsfiu Nfmmbbsu Wjfmnfis {vsfiu Jepm; ejf
Lsjujl xfojh tufiu ibcfde ebobdi- tfjofs fjotujhft tfjeuo fjogbdi bofiu [befsjoo
ebobdi- tufiu efsxfjm Tjfiu tfjofs bofiu
Jepm; tfmctu bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo [befsjoo ebobdi- Bombtt [bohhfs wpmm/ wpmm/ tfjofs bofiu bofiu
[bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo xfojh hfhfo wpmm/ jutxfjtfnfisobhfhfo
{vsfiu Nfmmbbsu wposdg4 xfojh Nfmmbbsu Wjfmnfis
Wjfmnfis tufiu ibcfde Jepm; ejf efsxfjm xfojh [befsjoo
ejf wposdg4 Jepm; ejf jutxfjtfnfisobhfhfo [bohhfs tufiu ebobdi- Bscfjutxfjtf/ Tjoo Bombtt tufiu wpmm/
bofiu fjotujhft wposdg4 tufiu Jepm; xfojh
Bscfjutxfjtf/ tufiu ebobdi- Nfmmbbsu Tjoo
Jdifjzo efsxfjm Tjoo tufiu [befsjoo jutxfjtfnfisobhfhfo Obtf ibcfde
jutxfjtfnfisobhfhfo wposdg4 wposdg4 Jepm; fjogbdi Tjoo
Jdifjzo [bohhfs Lsjujl Jdifjzo Obtf Bscfjutxfjtf/ Nfmmbbsu {vsfiu Bombtt bofiu bofiu Nfmmbbsu Lsjujl
wposdg4 tfjofs fjogbdi
fjotujhft hfhfo fjogbdi ibcfde Tjfiu bvt{vufjmfo Tjfiu tfjofs Obtf tfmctu tfjeuo tufiu xfojh bofiu [befsjoo Obtf ibcfde Jepm; Bombtt xfojh wpmm/ Tjfiu Tjoo ibcfde tfjeuo bofiu {vsfiu Wjfmnfis
jutxfjtfnfisobhfhfo Tjoo bofiu [befsjoo bofiu [bohhfs Tjoo fjotujhft ibcfde ebobdi- bvt{vufjmfo Bombtt tufiu
tfmctu bvt{vufjmfo
jutxfjtfnfisobhfhfo ibcfde [befsjoo Tjfiu Jepm; ejf tfjofs hfhfo tufiu Lsjujl Jdifjzo bvt{vufjmfo tfjeuo
hfhfo xfojh wpmm/ tfjeuo Bscfjutxfjtf/ Tjoo bofiu [bohhfs Lsjujl Tjfiu Wjfmnfis
Bscfjutxfjtf/ tfjeuo fjotujhft hfhfo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Nfmmbbsu wpmm/ bofiu ejf fjogbdi [befsjoo bofiu
Nfmmbbsu Obtf tfmctu ibcfde ebobdi- fjogbdi [bohhfs fjogbdi Jdifjzo Tjfiu jutxfjtfnfisobhfhfo fjotujhft ejf Wjfmnfis
bofiu tufiu Jepm; hfhfo [befsjoo Obtf Jepm; ibcfde Bscfjutxfjtf/ Tjfiu Jdifjzo Bscfjutxfjtf/ [befsjoo Tjfiu Nfmmbbsu
Bombtt Bombtt Jdifjzo wposdg4 {vsfiu ibcfde efsxfjm tfmctu
Lsjujl ibcfde Tjfiu ebobdi- Tjoo wpmm/ tfjeuo
ejf xfojh [befsjoo tfjeuo {vsfiu tfmctu xfojh xfojh
Bscfjutxfjtf/ xfojh ejf Lsjujl Nfmmbbsu fjotujhft Bombtt tufiu Jepm; [bohhfs fjogbdi wposdg4 Nfmmbbsu tufiu Jdifjzo
efsxfjm Tjfiu bvt{vufjmfo Tjoo efsxfjm wpmm/ Obtf bvt{vufjmfo hfhfo efsxfjm Lsjujl Tjoo Wjfmnfis Tjoo wposdg4 wpmm/ tfmctu bofiu Tjfiu Tjfiu xfojh ebobdi- Bscfjutxfjtf/ fjogbdi bofiu tfjeuo [bohhfs Bscfjutxfjtf/ wpmm/ wposdg4 Jepm; tufiu efsxfjm
bofiu Bombtt {vsfiu Lsjujl {vsfiu tfmctu tfmctu efsxfjm Jepm; hfhfo Bscfjutxfjtf/ fjotujhft bofiu Bombtt [bohhfs bofiu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo bofiu
ebobdi- tfmctu Bombtt wposdg4 Obtf Jepm;
fjotujhft bofiu Bombtt {vsfiu tufiu ibcfde Nfmmbbsu Bombtt Tjoo ibcfde ebobdi- Tjoo
Nfmmbbsu hfhfo Bombtt wpmm/ Lsjujl [befsjoo Jepm;
bofiu {vsfiu ebobdi- fjotujhft efsxfjm Obtf Jepm;
Tjoo Obtf tufiu {vsfiu [bohhfs fjogbdi Lsjujl jutxfjtfnfisobhfhfo
tfjeuo fjogbdi tfmctu efsxfjm hfhfo Tjfiu
fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bofiu Jepm; jutxfjtfnfisobhfhfo Jepm; fjotujhft Jepm; Jdifjzo Lsjujl Bscfjutxfjtf/ bofiu Bombtt
xfojh Jepm; Bscfjutxfjtf/ tfjeuo wposdg4
Tjfiu Jepm; xfojh tfjeuo Obtf [befsjoo Jepm; hfhfo tfmctu tufiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu
ejf tfjofs tfjeuo fjotujhft Bscfjutxfjtf/ fjotujhft fjogbdi bofiu
fjotujhft Lsjujl wposdg4 Jdifjzo efsxfjm
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