Contributed By CHSH Cerha Hempel Spiegelfeld Hlawati
Under the Austrian Takeover Act, no distinction is made between friendly and hostile takeovers. Thus, both forms are allowed and the same rules apply to each. Nonetheless, friendly takeovers prevail in practice. Either way, one of the general principles of the Act requires the management board and the supervisory board of the target company to remain neutral in the interests of the shareholders and not in any way to prevent the shareholders from taking a decision on the proposed takeover or seek to influence the decision of the shareholders.