Der faktische Bezugszwang in der aktienrechtlichen Kapitalerhöhung

The dissertation examines whether and to what extent the consequences of a low subscription price for existing shareholders affect the legality of rights offerings. The so-called de facto subscription obligation is based on the consideration that shareholders could be de facto forced to exercise their subscription rights in order to avoid dilution. The author examines the principles, prerequisites and consequences of the de facto subscription obligation. In doing so, the author demonstrates that the de facto subscription obligation is a legal concept that can limit the freedom of action in setting the subscription price in individual cases and that can be captured using the established means of stock corporation law.

The dissertation was awarded the Heinz Ansmann Foundation Prize.