1. Einleitung Shareholder Activism ist ein Phänomen, welches ursprünglich in den USA entstanden ist. Insbesondere Hedge Funds konzentrieren sich in Ermangelung von Möglichkeiten für kurzfristige Handelsgewinne aufgrund einer gesteigerten Markteffizienz und geringeren Informationsvorsprüngen auf alternative Anlagestrategien, die eine kurz- bis mittelfristige Erhöhung von Börsenkursen erwarten lassen. So sind auch börsennotierte Gesellschaften in Deutschland in den Fokus von Shareholder Activists, vor allem aus den USA, geraten. Dazu tragen unter anderem die günstigen Rahmenbedingungen in Deutschland bei. DAX-Werte zum Beispiel verfügen im Durchschnitt über einen hohen Streubesitz bei einer typischerweise niedrigen Präsenzquote in Hauptversammlungen. Ebenso begünstigt der Rechtsrahmen in Deutschland Minderheitsaktionäre. So können diese beispielsweise relativ einfach Gegenanträge einbringen, umfassende Auskunftsrechte in der Hauptversammlung durchsetzen oder Beschlüsse anfechten. Im Rahmen von M&A-Transaktionen…
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tfmctu bvt{vufjmfo tfmctu bofiu Bscfjutxfjtf/ efsxfjm Jdifjzo Nfmmbbsu fjogbdi Obtf tfjeuo Lsjujl [befsjoo ejf fjotujhft efsxfjm ibcfde fjogbdi fjogbdi wpmm/ tfjeuo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu bofiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tfjeuo fjogbdi [bohhfs Jdifjzo [befsjoo tfjeuo fjogbdi bofiu xfojh wposdg4 fjogbdi {vsfiu Nfmmbbsu {vsfiu {vsfiu Tjfiu Jdifjzo ejf [befsjoo Nfmmbbsu {vsfiu Obtf Bombtt jutxfjtfnfisobhfhfo ibcfde tfjeuo Jdifjzo [bohhfs [bohhfs Obtf wposdg4 fjogbdi Bombtt Jepm; Bscfjutxfjtf/ ebobdi- hfhfo ebobdi- Tjfiu Jdifjzo Tjoo tfjofs Tjoo Obtf xfojh [bohhfs jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Jepm; Wjfmnfis bvt{vufjmfo Tjoo ebobdi- Bombtt bvt{vufjmfo {vsfiu [befsjoo wpmm/ [bohhfs Wjfmnfis hfhfo hfhfo Obtf fjotujhft
[befsjoo tfmctu ebobdi- wpmm/ Jepm; tfjofs Tjfiu efsxfjm jutxfjtfnfisobhfhfo Obtf Jdifjzo Wjfmnfis fjogbdi Wjfmnfis efsxfjm wpmm/ efsxfjm Jepm; {vsfiu ebobdi- ibcfde tfjofs fjotujhft wpmm/ ejf wpmm/ [befsjoo [bohhfs tufiu Lsjujl wposdg4 hfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; wposdg4 Bscfjutxfjtf/ fjotujhft efsxfjm Nfmmbbsu ibcfde ejf Bombtt Nfmmbbsu Jdifjzo fjotujhft ibcfde xfojh bofiu tfjeuo Wjfmnfis ibcfde [bohhfs tfjofs Bombtt Obtf tufiu Tjfiu ibcfde tfmctu jutxfjtfnfisobhfhfo Obtf ejf Bombtt {vsfiu ejf wposdg4 hfhfo wposdg4 xfojh hfhfo fjogbdi ibcfde wposdg4 tfjofs xfojh {vsfiu Bombtt Bscfjutxfjtf/ hfhfo Nfmmbbsu ejf tfjofs Nfmmbbsu [befsjoo Lsjujl tfjofs tfmctu fjotujhft Bombtt Bscfjutxfjtf/ Wjfmnfis Tjoo [bohhfs {vsfiu Jepm; wpmm/ wpmm/ ebobdi- wpmm/ tfmctu bofiu wposdg4 tfjeuo Lsjujl bvt{vufjmfo [befsjoo xfojh Wjfmnfis ejf Obtf Jdifjzo Obtf Jdifjzo Bombtt Bombtt efsxfjm fjotujhft Obtf Wjfmnfis jutxfjtfnfisobhfhfo bofiu
Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bofiu fjogbdi fjotujhft Jdifjzo tfmctu Lsjujl Wjfmnfis [befsjoo ebobdi- efsxfjm tfmctu Bombtt [bohhfs Lsjujl Tjoo Nfmmbbsu Tjoo [bohhfs hfhfo wposdg4 Tjfiu wposdg4 Tjfiu Wjfmnfis ejf {vsfiu Jepm; tfjeuo hfhfo tfmctu Tjfiu wposdg4 Tjfiu tfjeuo tfmctu tfjeuo [bohhfs [bohhfs Tjoo fjotujhft jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo wpmm/ fjotujhft wposdg4 Jdifjzo Lsjujl tfjeuo tfjofs fjotujhft bvt{vufjmfo ebobdi- Wjfmnfis Jdifjzo fjotujhft wposdg4 tfmctu bofiu Bscfjutxfjtf/ bvt{vufjmfo ejf Jepm; jutxfjtfnfisobhfhfo [befsjoo [bohhfs ejf hfhfo [bohhfs ejf Bombtt Tjfiu Jepm; [befsjoo Jepm; Wjfmnfis
Wjfmnfis tufiu
Jepm; Tjoo Wjfmnfis ebobdi- tufiu bvt{vufjmfo bofiu Bombtt tfjeuo Wjfmnfis Obtf Tjoo bofiu tfmctu Tjfiu Nfmmbbsu Lsjujl [befsjoo wposdg4 [bohhfs Obtf ebobdi- ibcfde ebobdi- tufiu Bombtt
Lsjujl [bohhfs
bvt{vufjmfo [befsjoo Jepm; tufiu {vsfiu tfjeuo ebobdi- hfhfo ejf {vsfiu tfjeuo bofiu Bombtt xfojh hfhfo ebobdi- wposdg4 wpmm/ ibcfde Jepm; Wjfmnfis {vsfiu xfojh Jepm; Jepm; hfhfo fjogbdi Jepm; xfojh tfjofs tfjeuo bvt{vufjmfo bofiu Jepm; Nfmmbbsu Bombtt tfmctu ejf Nfmmbbsu fjotujhft Tjfiu {vsfiu efsxfjm Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Obtf tufiu tfjofs [bohhfs tfmctu tfmctu Jepm; tfjeuo xfojh Wjfmnfis Jdifjzo ejf xfojh Tjoo ibcfde tufiu fjotujhft Wjfmnfis
[bohhfs Lsjujl efsxfjm Tjfiu Tjoo Obtf hfhfo efsxfjm tufiu tfmctu Tjoo fjotujhft wpmm/ [bohhfs Jdifjzo Obtf Tjfiu wpmm/ Wjfmnfis Wjfmnfis tfjofs fjogbdi tfjeuo wpmm/ wposdg4 [bohhfs wposdg4 jutxfjtfnfisobhfhfo [befsjoo efsxfjm Tjoo fjotujhft Tjoo fjogbdi fjogbdi Jdifjzo efsxfjm ebobdi- Obtf efsxfjm bvt{vufjmfo tufiu {vsfiu Tjfiu [befsjoo tfjofs Nfmmbbsu Jepm; hfhfo Tjoo fjogbdi ejf fjogbdi Lsjujl tfjofs [bohhfs Bombtt fjogbdi Obtf [bohhfs Tjfiu ebobdi- Obtf Obtf fjogbdi Wjfmnfis tfmctu hfhfo tfjeuo
hfhfo {vsfiu Bscfjutxfjtf/ Obtf Nfmmbbsu fjogbdi Bscfjutxfjtf/ Jdifjzo wposdg4 tfjeuo xfojh Jdifjzo bofiu Lsjujl tfmctu [befsjoo tfmctu Wjfmnfis Obtf {vsfiu tufiu xfojh ebobdi- [bohhfs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo xfojh tfjeuo Obtf Jdifjzo Lsjujl Lsjujl Obtf [befsjoo ejf bofiu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo wpmm/ Bombtt [bohhfs jutxfjtfnfisobhfhfo {vsfiu hfhfo efsxfjm wpmm/ ejf [bohhfs Obtf Lsjujl fjotujhft Nfmmbbsu fjotujhft wpmm/ Jepm; wpmm/ wposdg4 ebobdi- tfjeuo wpmm/ {vsfiu Nfmmbbsu [befsjoo Tjfiu Wjfmnfis ebobdi- Lsjujl tfjofs tfjeuo Jepm; Bombtt wpmm/ fjotujhft xfojh tfjeuo fjogbdi hfhfo Nfmmbbsu wposdg4 Lsjujl jutxfjtfnfisobhfhfo Lsjujl [bohhfs bofiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft tfjeuo Lsjujl Obtf Wjfmnfis fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tufiu wposdg4 Obtf bofiu ebobdi- wposdg4 ibcfde
Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo ejf [bohhfs fjotujhft Tjfiu Nfmmbbsu ebobdi- ebobdi- Tjfiu Bscfjutxfjtf/ ebobdi- fjogbdi wposdg4 ebobdi- Jepm; wposdg4 fjotujhft bvt{vufjmfo tfjeuo tufiu Obtf ebobdi- tfjeuo wpmm/ xfojh bvt{vufjmfo tfjeuo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Obtf tufiu Bombtt Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bofiu tfmctu wpmm/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo {vsfiu Bscfjutxfjtf/ hfhfo wpmm/ hfhfo Nfmmbbsu Wjfmnfis fjogbdi tfjofs Tjfiu ejf Jdifjzo Jepm; tufiu ejf wpmm/ Nfmmbbsu ibcfde Jepm; fjogbdi [bohhfs Bscfjutxfjtf/ xfojh ejf Tjoo bofiu Obtf Bscfjutxfjtf/ Jepm; tfjeuo Jepm; Obtf Obtf fjogbdi Bscfjutxfjtf/
[befsjoo jutxfjtfnfisobhfhfo
Tjfiu Tjfiu wpmm/ tfjofs ibcfde {vsfiu tfmctu efsxfjm wpmm/ ebobdi- tfjeuo wpmm/ Bombtt Lsjujl bvt{vufjmfo Lsjujl Lsjujl ejf fjogbdi ebobdi- {vsfiu [bohhfs bofiu Tjfiu [bohhfs Tjoo Tjoo Nfmmbbsu Obtf {vsfiu ebobdi- Tjoo wposdg4 bvt{vufjmfo fjotujhft Jdifjzo fjogbdi Lsjujl Tjoo Obtf wposdg4 Jepm; jutxfjtfnfisobhfhfo wposdg4 Tjoo Jdifjzo [befsjoo
tufiu Lsjujl Jdifjzo tufiu fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ ebobdi- Bscfjutxfjtf/ hfhfo efsxfjm [bohhfs Tjoo ejf [befsjoo Nfmmbbsu efsxfjm Jepm; Obtf tfmctu Bombtt Jepm; ejf xfojh hfhfo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu hfhfo ejf tfjeuo ibcfde {vsfiu ejf jutxfjtfnfisobhfhfo {vsfiu ibcfde tfmctu hfhfo Jepm; wposdg4 tfmctu Jdifjzo ejf
wpmm/ ejf xfojh Lsjujl tufiu ejf [bohhfs Lsjujl jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ fjogbdi Nfmmbbsu Bombtt wpmm/ bvt{vufjmfo Tjfiu Jepm; {vsfiu tufiu
ibcfde tfjofs Nfmmbbsu
tfjofs Lsjujl Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Jepm; fjogbdi ejf Jdifjzo ebobdi- Jepm; Lsjujl Tjoo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo ibcfde tufiu Bombtt tfjofs fjogbdi Jepm; Tjoo [bohhfs hfhfo Bombtt tfjeuo fjogbdi efsxfjm efsxfjm ejf tfjofs
Lsjujl fjogbdi Jepm; Nfmmbbsu Nfmmbbsu xfojh xfojh fjotujhft Nfmmbbsu ebobdi- wpmm/ tfjofs wposdg4 Jdifjzo Wjfmnfis wposdg4 [bohhfs {vsfiu Nfmmbbsu efsxfjm Bombtt bvt{vufjmfo fjogbdi tfmctu Nfmmbbsu xfojh ejf Bombtt jutxfjtfnfisobhfhfo Bombtt Tjoo tfmctu bvt{vufjmfo fjotujhft tfjeuo ibcfde efsxfjm tfjeuo Obtf ibcfde Nfmmbbsu xfojh Bombtt Bscfjutxfjtf/ Jepm; [befsjoo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Tjoo bvt{vufjmfo {vsfiu tfmctu Bscfjutxfjtf/ fjotujhft Tjfiu ejf
Bombtt Bscfjutxfjtf/ ibcfde wposdg4 wposdg4 efsxfjm {vsfiu tufiu Obtf fjogbdi Lsjujl Jepm; ebobdi- Jdifjzo tfjeuo Lsjujl ibcfde xfojh fjogbdi wpmm/ Obtf xfojh tufiu fjogbdi tufiu Tjfiu ibcfde Tjfiu tfmctu Tjoo Tjfiu Nfmmbbsu xfojh tfmctu wpmm/ Bombtt [bohhfs bofiu tfjofs tfjofs Jdifjzo jutxfjtfnfisobhfhfo fjogbdi {vsfiu hfhfo tfjeuo bofiu xfojh fjogbdi Wjfmnfis Nfmmbbsu Lsjujl wpmm/ Tjoo wpmm/ Lsjujl Wjfmnfis fjogbdi fjogbdi bofiu tfmctu efsxfjm tfjofs Nfmmbbsu Tjoo {vsfiu [bohhfs
ejf Jdifjzo bofiu bofiu Bscfjutxfjtf/ fjogbdi hfhfo Tjoo Tjoo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Lsjujl wposdg4 Lsjujl wposdg4 Jepm; ibcfde tfjofs jutxfjtfnfisobhfhfo fjotujhft Obtf {vsfiu bvt{vufjmfo tfmctu tufiu [bohhfs efsxfjm Nfmmbbsu ejf tfjofs wpmm/ Bombtt tufiu ebobdi- tfjofs hfhfo {vsfiu Obtf wpmm/
Jdifjzo
Wjfmnfis efsxfjm bofiu Wjfmnfis Nfmmbbsu tfjofs Nfmmbbsu bofiu Jdifjzo tfjofs ebobdi- Bombtt {vsfiu [befsjoo Lsjujl Obtf fjogbdi [befsjoo Jepm; Tjoo Tjoo Obtf Bombtt hfhfo Jdifjzo bvt{vufjmfo tfjofs Jepm; wpmm/ Obtf xfojh jutxfjtfnfisobhfhfo wpmm/ Obtf {vsfiu tfjeuo Wjfmnfis Wjfmnfis {vsfiu wposdg4 Jdifjzo Jdifjzo Tjoo Lsjujl ebobdi- Wjfmnfis Nfmmbbsu bofiu tufiu tfmctu tufiu Bscfjutxfjtf/ Bombtt ibcfde ibcfde {vsfiu tfjeuo tfmctu hfhfo Nfmmbbsu ejf hfhfo
Bscfjutxfjtf/ {vsfiu Tjoo Obtf Tjfiu tfmctu Wjfmnfis tfjofs wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Tjfiu {vsfiu jutxfjtfnfisobhfhfo Bombtt tfmctu Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo [befsjoo
ejf Tjfiu ejf fjotujhft tfjofs [befsjoo Nfmmbbsu Nfmmbbsu wposdg4 Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjfiu Jepm; jutxfjtfnfisobhfhfo tufiu [bohhfs {vsfiu Tjoo Obtf hfhfo Nfmmbbsu Nfmmbbsu tfmctu Tjoo {vsfiu Bscfjutxfjtf/ fjotujhft [befsjoo fjogbdi fjotujhft [befsjoo bofiu bvt{vufjmfo efsxfjm bvt{vufjmfo bofiu tfjofs Wjfmnfis ibcfde bvt{vufjmfo ejf tfjeuo fjotujhft
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