Sell-out right

After a takeover offer or mandatory offer, the shareholders of a target company who did not accept the offer may accept the offer within three months after expiry of the acceptance period, provided the offeror is entitled to make an application under section 39a. Where the offeror does not fulfil its obligations under section 23(1), first sentence, no. 4 or second sentence, the three-month period named in the first sentence begins to run only once the obligations have been fulfilled.