Insiderrechtliche Risiken im Rahmen öffentlicher Übernahmen

Public takeovers have always been considered sensitive to insider risks. Their relevance under insider law derives primarily from investors' expectations of the forthcoming takeover and its impact on the stock market price. The author evaluates all phases of a takeover under insider law, as defined by the WpÜG, as well as the behavioral patterns of the parties involved. It is examined at what point takeover-related information exceeds the threshold of insider information. In addition, the use and disclosure of insider information is examined, the relationship to ad hoc publicity is classified and conflicts of interest between the Market Abuse Regulation and the WpÜG are brought to an appropriate solution.