Paketbesitz

15:46 Feb 10, 2017 

Thank you, Michael Martin and dkfmmuc!

13:44 Feb 10, 2017 

In the second phase a public take-over offer is made often based on the quotes of the last NN days with another premium. At that stages sometimes the former bulk owners may be disappointed due to the fact that the "later sellers" get more. On the other hand it may be the day of the erratical quotes soaring up and then going down.
So one type of shareholders being advantaged and disadvantaged is definitely not depending on the type of ownership but the time of the sell transaction of each individual share.
To summarize it: Michael Martin's suggestion seems to be fine for me. Due to the fact that we don't know if the "Paketbesitz"-Eigentümer are the (former) majority stakeholders or just simply have many of the shares.

If the phase of the voluntary take over offer is completed the new bulk owner may/or may not decide to go further with additional offers or at the end a squeeze-out.

13:39 Feb 10, 2017 

Dear Amy,

AFAIK the term "Paketbesitz" is only sometimes used in this type of documents. The best way to get some hindsight is to have a look on the security/share itself and the way the transaction will be handled. Noone forbids you to sell (or to buy) any amount of shares off-market and transfer the purchase price through a bank and the shares through the custodian bank.

So most of the transactions start with a majority shareholder or part of the owner's family wanting to sell (or the buyer to buy) a large amount of shares. Although each share in most cases represents the same voting rights per share it doesn't hurt to have the majority in the ownership's assembly called general meeting.

To boost that transaction the buyer wants not to make this offer public too early. So he decides to offer the owner a premium to the prices quoted at the stock exchange. Then this first transaction is handled and after jumping over specific critical values of voting rights the public is informed immediately.

So at the moment of this first transaction the holders of the "Paketbesitz" or the block onwers indeed get a premium. So they are nor advantaged nor disadvantaged compared to the...

04:49 Feb 10, 2017 

The document is available online, so I don't see how there can be confidentiality requirements. We don't know who your customer is.

04:42 Feb 10, 2017 

I understand, AllegroTrans, but I am hesitant to disclose too much due to confidentiality requirements. The term "Streubesitz" was also used in the sentence to describe the type of shares that were disadvantaged. I am translating from German (DE) to English (US).

23:52 Feb 9, 2017 

Peers on this forum politely expect you to please post at least a complete sentence containing the term and to give context (e.g. the nature of your document, the source country and your target country)