Die Behandlung von Wandelanleihen bei öffentlichen Übernahmen

Convertible bonds are increasingly gaining attention in the context of public takeovers and raise complex legal issues for the parties involved. Despite the considerable practical relevance, the handling of convertible bonds within the scope of application of the German Securities Acquisition and Takeover Act (WpÜG) has so far only been examined in a very fragmentary way. There is a variety of open questions that can have an impact on the success or costs of a takeover, as well as on the potential liability of the bidder. The study examines the most relevant legal questions and shows appropriate solutions. In addition, it identifies the necessity for changes to be made de lege ferenda with regard to the scope of the obligation to make a full offer and the additional acceptance period.