In regulatory terms, the case where two or more bidders submit an offer to acquire a target company. – See Acting in Concert, Persons Acting Jointly. – Cf. Annual Report 2010 of BaFin, p. 226 (here detailed explanations of the legal position of the individual participants).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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