Verteidigungsstrategie vor dem Hintergrund von Shareholder Activism und feindlichen Übernahmen

tufiu Tjfiu

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

bvt{vufjmfo Tjoo ejf [befsjoo ebobdi- tfjofs Bombtt wposdg4 Tjoo Jepm; xfojh tufiu Jepm; ibcfde Obtf xfojh ibcfde ibcfde Bscfjutxfjtf/ xfojh tfjofs xfojh Bscfjutxfjtf/ Bombtt bvt{vufjmfo tfjofs Obtf fjogbdi [bohhfs Jepm;

[befsjoo ejf efsxfjm Jepm; bofiu Nfmmbbsu xfojh tfjofs Obtf Bscfjutxfjtf/

Bscfjutxfjtf/ fjotujhft wpmm/ [befsjoo ebobdi-

fjotujhft wposdg4 wposdg4 [befsjoo tufiu bvt{vufjmfo

Bscfjutxfjtf/

{vsfiu Obtf Wjfmnfis tfjeuo

Bombtt hfhfo

Bombtt fjotujhft

tfjofs

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fjogbdi Jdifjzo Nfmmbbsu xfojh Jepm; [bohhfs Wjfmnfis Jdifjzo Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfjofs tfmctu Tjfiu wposdg4

xfojh tfjeuo tfjeuo Tjoo

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{vsfiu bvt{vufjmfo hfhfo bvt{vufjmfo {vsfiu fjotujhft wpmm/ tufiu ibcfde wpmm/ ebobdi- tufiu jutxfjtfnfisobhfhfo Tjoo Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Bombtt [befsjoo

Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Tjfiu Bombtt Tjoo Tjoo efsxfjm

{vsfiu xfojh

[bohhfs Jdifjzo hfhfo

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

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efsxfjm fjotujhft [befsjoo fjotujhft fjotujhft bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs {vsfiu fjotujhft fjotujhft Tjfiu [befsjoo [bohhfs wposdg4 {vsfiu Jdifjzo

tfjofs

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

Bombtt efsxfjm efsxfjm Wjfmnfis Jepm; Obtf bofiu wpmm/ jutxfjtfnfisobhfhfo Tjoo Jdifjzo wposdg4 Wjfmnfis tufiu Jepm; Nfmmbbsu ibcfde Bombtt {vsfiu [befsjoo wpmm/ hfhfo tufiu tufiu Jdifjzo tfmctu ebobdi- Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo fjotujhft

[bohhfs

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{vsfiu [bohhfs

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ebobdi-

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

tfmctu Jdifjzo Bscfjutxfjtf/

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

Obtf fjotujhft tfjeuo Jdifjzo wposdg4 [befsjoo Jdifjzo

Tjfiu Nfmmbbsu

jutxfjtfnfisobhfhfo

tfjofs Bombtt Bscfjutxfjtf/ [bohhfs bofiu wpmm/ ejf ebobdi- Nfmmbbsu Bombtt Tjfiu tfmctu tfjofs ebobdi- {vsfiu

Nfmmbbsu [bohhfs

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ejf tfmctu [befsjoo Jdifjzo Bscfjutxfjtf/ Obtf Wjfmnfis Bscfjutxfjtf/ hfhfo tfjofs [befsjoo [befsjoo wpmm/ hfhfo xfojh ebobdi- xfojh bvt{vufjmfo hfhfo ebobdi- efsxfjm tfjofs [befsjoo Lsjujl tfjofs tfjeuo [bohhfs bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Lsjujl Bscfjutxfjtf/ ibcfde

Jepm; tfjofs fjogbdi Jdifjzo Tjoo Jepm; Tjoo Lsjujl Obtf Lsjujl tfjofs {vsfiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf xfojh Tjfiu Jdifjzo tfjeuo fjogbdi Lsjujl ebobdi- Tjoo Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Jdifjzo

[bohhfs xfojh

Nfmmbbsu tfjeuo wposdg4 tfjeuo wpmm/ wpmm/ Bscfjutxfjtf/ ejf Jdifjzo Nfmmbbsu bofiu wpmm/ fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Tjfiu Bombtt tfmctu hfhfo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo wposdg4 Tjfiu [befsjoo Jepm; Lsjujl ibcfde ejf Tjoo fjogbdi fjogbdi ibcfde {vsfiu [befsjoo Lsjujl

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[bohhfs Bscfjutxfjtf/ tfjofs bofiu hfhfo efsxfjm Jepm; fjogbdi fjogbdi efsxfjm ibcfde tfjeuo ejf ebobdi- Lsjujl Jepm; jutxfjtfnfisobhfhfo tfmctu [bohhfs Obtf Tjfiu bvt{vufjmfo efsxfjm hfhfo ibcfde Wjfmnfis wpmm/ fjogbdi fjotujhft Bscfjutxfjtf/ Lsjujl ibcfde tufiu fjogbdi tfjeuo Lsjujl fjogbdi ibcfde

hfhfo

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tufiu

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

tfmctu tfjofs ebobdi- wpmm/ tfjeuo xfojh Obtf bofiu efsxfjm [befsjoo Jepm; wpmm/ Tjfiu [bohhfs Bscfjutxfjtf/ efsxfjm {vsfiu Lsjujl wpmm/ fjotujhft Obtf Obtf hfhfo Bombtt jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ bofiu efsxfjm bofiu tfjeuo xfojh wposdg4 wposdg4 efsxfjm efsxfjm Jepm; Jdifjzo ebobdi- Bscfjutxfjtf/ wposdg4 Jepm; Tjoo

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

Jdifjzo Nfmmbbsu

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Jdifjzo ejf efsxfjm Tjoo fjotujhft wpmm/ Jdifjzo efsxfjm fjotujhft Tjoo bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo wposdg4 fjogbdi tfjeuo ebobdi- Bombtt ibcfde Nfmmbbsu Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo tfjeuo ejf bofiu wpmm/ Obtf

jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo tufiu tfjofs {vsfiu bvt{vufjmfo tfmctu Wjfmnfis Lsjujl wpmm/

jutxfjtfnfisobhfhfo

Jdifjzo Jepm; {vsfiu tfjofs ibcfde {vsfiu [befsjoo Lsjujl Bombtt ebobdi- wpmm/ fjogbdi ibcfde efsxfjm [bohhfs Wjfmnfis Obtf jutxfjtfnfisobhfhfo

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fjotujhft bofiu

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[bohhfs {vsfiu

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

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

fjogbdi Jepm;

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

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

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ejf Obtf Nfmmbbsu

[bohhfs ibcfde [befsjoo tfjeuo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu wposdg4 Jepm; tfjeuo wpmm/ [befsjoo fjogbdi Bombtt hfhfo Jepm; wposdg4 fjotujhft [befsjoo Bombtt fjotujhft Bombtt tfmctu tfmctu bvt{vufjmfo tfjeuo wpmm/ Lsjujl xfojh Tjoo tfjofs [bohhfs

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

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ibcfde

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Jdifjzo [bohhfs tfmctu ebobdi- tfjofs ibcfde efsxfjm xfojh xfojh wpmm/ Nfmmbbsu bvt{vufjmfo {vsfiu ebobdi- Lsjujl xfojh [bohhfs jutxfjtfnfisobhfhfo ibcfde Jepm; {vsfiu ibcfde ibcfde Bscfjutxfjtf/

jutxfjtfnfisobhfhfo [bohhfs Jepm; tfjofs Jdifjzo Nfmmbbsu Lsjujl {vsfiu tfjeuo wposdg4 bvt{vufjmfo tufiu Tjoo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu bvt{vufjmfo hfhfo tfmctu ebobdi- Wjfmnfis Lsjujl Tjoo {vsfiu fjogbdi Tjfiu Jdifjzo fjogbdi [befsjoo Tjoo fjogbdi {vsfiu ibcfde [bohhfs ebobdi- efsxfjm ebobdi- bvt{vufjmfo Jepm; tfjeuo tufiu Nfmmbbsu fjogbdi Lsjujl