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The Fight of Kanter AG: A case study on shareholder activism in the context of corporate control

  • Since the last acquisition by the Mayer family, an activist shareholder family, Kanter AG's CEO tracks the family's activities under stress, as she does not want her company to become the next target. Based on a real-life example of the German capital market, the case simulates the events of an activist shareholder attempting to secure de facto control. Moreover, the case offers the possibility to gain an understanding of the determinants which make a company a potential target for shareholder activism in the context of corporate control. Preparing future decisionmakers for this challenge is essential. The case is modular in structure. Part I requires the performance of financial statement analysis and the evaluation of the company's financial position. Part II expects that the students deal with possible defense strategies for the German capital market. The students should gain an understanding of how the management of a target company can fight against a control-oriented activist. The final Part III requires applying the control concept of IFRS 10, especially de facto control. Throughout the case, students obtain a deeper understanding of the de facto control concept and the types of control. Furthermore, students develop an awareness and understanding of the risks of shareholder activism and several other subject matters from the focus areas of finance, corporate governance, and investor relations.

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Document Type:Working Paper
Author:Maria GebhardtORCiD, Kiril Mladenov, Henning ZülchORCiD
Chairs and Professorships:Chair of Accounting and Auditing
Full text/ URN:urn:nbn:de:0217-33570
Parent Title (English):HHL working paper
Series (Serial Number):HHL-Arbeitspapier / HHL Working paper (200)
Year of Completion:2022
Page Number:39
Tag:Financial statement analysis; German capital market; IFRS 10; Kanter AG
Licence (German):License LogoCreative Commons - CC BY - Namensnennung 4.0 International