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Aktienrückkauf, Kapitalverwässerung und die Bedeutung von Transferable Put Rights

Author

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  • Meincke, Sven
  • Nekat, Kai
  • Nippel, Peter

Abstract

Wir betrachten sog. Transferable-Put-Rights (TPRs), die im Rahmen eines Aktienrückkaufs per Tender-Offer den Aktionären gewährt werden können und als das spiegelbildliche Äquivalent zu den in Deutschland traditionell bei Kapitalerhöhungen ausgegebenen Bezugsrechten anzusehen sind. Zunächst stellen wir die Bewertung von TPRs und deren Bedeutung für die Vermögenspositionen der Anteilseigner bei einem Aktienrückkauf per Tender-Offer allgemein gültig und parallel zum Fall einer Kapitalerhöhung (mit Bezugsrechten) dar. Darüber hinaus zeigen wir, dass insbesondere unter den Bedingungen des deutschen Steuersystems die Ausgabe von TPRs stets zu einer Pareto-Verbesserung für die Aktionäre gegenüber einer einfachen Fix-Price-Tender-Offer führt. Aktiengesellschaften, die einen Rückkauf eigener Anteile durchführen möchten, wobei dieser nicht über die Börse erfolgen soll oder kann, sollten daher die Ausgabe von TPRs ernsthaft erwägen.

Suggested Citation

  • Meincke, Sven & Nekat, Kai & Nippel, Peter, 2005. "Aktienrückkauf, Kapitalverwässerung und die Bedeutung von Transferable Put Rights," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 594, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:594
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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