Position statement of the management board and supervisory board of the target company

(1) The management board and the supervisory board of the target company must issue a reasoned position statement on the offer and on each of its amendments. The position statement must in particular address 1. the type and amount of the consideration offered, 2. the foreseeable consequences of a successful offer for the target company, the employees and their representative bodies, the employment conditions, and the locations of the target company, 3. the objectives pursued by the offeror with the offer, 4. the intention of the members of the management board and supervisory board, insofar as they are holders of securities of the target company, to accept the offer.
(2) Where the competent works council or, where none exists, the employees of the target company directly, transmit a position statement on the offer to the management board, the management board must, without prejudice to its obligation under subsection (3), first sentence, append it to its position statement.
(3) The management board and the supervisory board of the target company must publish the position statement without delay after transmission of the offer document and its amendments by the offeror under section 14(3), first sentence. They must simultaneously transmit the position statement to the competent works council or, where none exists, directly to the employees. The management board and the supervisory board of the target company must notify BaFin without delay of the publication under section 14(3), first sentence, no. 2, transmitting the published position statement.