Rechtsschutz der Aktionäre bei Verstößen gegen die Mindestpreisregeln im Übernahmerecht

Neither the existence of takeover price rules nor regulatory supervision effectively protect individuals from a control-induced exit from the company on inappropriate terms. The shareholders of the target company are dependent on legal protection under civil law in order to enforce their rights. De lege lata, remaining shareholders in particular are confronted with immense evidentiary difficulties, for example in proving willingness to sell at the minimum price as a mandatory prerequisite for the bidder's liability under c.i.c. principles. In view of the existing deficits in legal protection, a concrete reform proposal is put forward.