Stock swap takeover (takeover by share [US
stock] stock barter): The acquisition of a company by compensating shareholders of the company to be acquired (target company) with shares (more rarely also with other securities) of the acquirer (bidder). – In Germany, the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) has governed this exchange since 2002. Under this Act, the bidder must publish an offer document that must contain very specific information and is monitored by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). – See defensive measure, share exchange, offer, joint, asset sales deal, blitzkrieg takeover offer, buy out, fairness opinion, suitor, mergers and acquisitions, greenmail, concentration price, macaroni defense, mandatory offer, knight, white, spin-off, squeeze-out, synergy potential, transaction bonus, takeover offer. – Cf. 2001 Annual Report of the Federal Supervisory Office for Securities Trading, p. 18, 2002 Annual Report of BaFin, p. 171 ff, 2006 Annual Report of BaFin, p. 182 f. (difficulties with requirements of different legal systems).
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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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