Liquide Aktien.

»Liquid Shares. Exchange Offers under Takeover Law and the Liquidity of Exchange Shares within the Meaning of Section 31 Para. 2 Sentence 1 WpÜG in the Light of the Biofrontera-Decision«: The liquidity of exchange shares within the meaning of Sec. 31 para. 2 sentence 1 WpÜG is of great practical importance. This study concludes that the future absorptive capacity of the capital market must be examined on a case-by-case basis. This minimizes the occurrence of trade-induced price changes. Subsequently, the criteria that indicate a sufficient absorptive capacity of the capital market are examined and embedded in the BaFin's approval procedure, which is relevant for the takeover practice.