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Section 23

Publication obligations of the offeror after making the offer

(1) The offeror is obliged to publish and notify BaFin of the number of all securities of the target company held by it, by persons acting in concert with it and by their subsidiaries, including the amount of the respective proportions and of the shares of voting rights held by it and attributable under section 30, and the amount of the shares of voting rights to be notified under sections 38 and 39 of the Securities Trading Act, as well as the number of securities that are the subject matter of the offer as resulting from the declarations of acceptance received by it, including the amount of the securities and voting-rights proportions, 1. weekly after publication of the offer document and daily in the last week before expiry of the acceptance period, 2. without delay after expiry of the acceptance period, 3. without delay after expiry of the additional acceptance period, and 4. without delay after reaching the shareholding threshold required for an exclusion under section 39a(1) and (2), in accordance with section 14(3), first sentence. Section 14(3), second sentence and section 31(6) apply accordingly.
(2) Where, in the case of takeover offers in which the offeror has acquired control of the target company, and in the case of mandatory offers, the offeror, persons acting in concert with it, or their subsidiaries acquire shares of the target company outside the offer procedure after publication of the offer document and before expiry of one year after the publication under subsection (1), no. 2, the offeror must publish and notify BaFin, without delay in accordance with section 14(3), first sentence, of the amount of the acquired share and voting-rights proportions, stating the type and amount of the consideration granted for each proportion. Section 14(3), second sentence and section 31(6) apply accordingly.

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