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Section 12

Liability for the offer document

(1) Where particulars of the offer document material for assessing the offer are incorrect or incomplete, whoever accepted the offer, or whose shares were transferred to the offeror under section 39a, may claim, as joint and several debtors, from 1. those who assumed responsibility for the offer document, and 2. those from whom the issuance of the offer document originates, compensation for the loss arising from the acceptance of the offer or the transfer of the shares.
(2) A claim under subsection (1) cannot be brought against whoever proves that they were unaware of the incorrectness or incompleteness of the particulars of the offer document and that the lack of awareness was not due to gross negligence.
(3) The claim under subsection (1) does not exist insofar as 1. the acceptance of the offer was not based on the offer document, 2. whoever accepted the offer knew of the incorrectness or incompleteness of the particulars of the offer document at the time of the declaration of acceptance, or 3. before the acceptance of the offer, a clearly presented correction of the incorrect or incomplete particulars was published domestically in a publication under Article 17 of Regulation (EU) No 596/2014 or a comparable announcement.
(4) The claim under subsection (1) becomes time-barred one year from the time at which whoever accepted the offer, or whose shares were transferred to the offeror under section 39a, obtained knowledge of the incorrectness or incompleteness of the particulars of the offer document, but at the latest three years after publication of the offer document.
(5) An agreement by which the claim under subsection (1) is reduced or waived in advance is ineffective.
(6) Further-reaching claims that can be raised under the provisions of civil law on the basis of contracts or wilful unlawful acts remain unaffected.

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