Blocking period

(1) Where an offer has been prohibited under section 15(1) or (2), a further offer to the shareholders of the target company, and the publication of a decision to make such an offer under section 10(3), first sentence, are inadmissible before expiry of one year, by the following persons: 1. the offeror (of the prohibited offer), 2. a person acting in concert with the offeror at the time of the prohibition, or 3. a person acting in concert, at the time of the publication under section 10(3), first sentence, with the offeror or with a person under no. 2.
(2) Where the offeror made an offer conditional on the acquisition of a minimum proportion of the securities and that offer fails because that minimum proportion was not reached by the end of the acceptance period, a further offer to the shareholders of the target company, and the publication of a decision to make such an offer under section 10(3), first sentence, are inadmissible before expiry of one year, by the following persons: 1. the offeror (of the failed offer), 2. a person who acted in concert with the offeror between publication of the failed offer under section 10(3), first sentence and expiry of the acceptance period, or 3. a person acting in concert, at the time of the publication under section 10(3), first sentence, with the offeror or with a person under no. 2.
(3) The one-year period under subsection (1) begins on the day the prohibition order is made known. The one-year period under subsection (2) begins on the day after expiry of the acceptance period of the failed offer.
(4) Subsections (1) and (2) do not apply where the respective offeror is obliged to publish under section 35(1), first sentence and to make an offer under section 35(2), first sentence.
(5) BaFin may, on application, exempt the respective offeror from the prohibition under subsection (1) or (2), where the target company consents to the exemption.