Concert parties

Is it a concert party when a group of shareholders protests at being denied a vote on a big takeover bid? That’s essentially the case the German authorities are bringing against the Children’s Investment Fund (TCI) and Atticus after they led the revolt over Deutsche Boerse’s bid for the London Stock Exchange. In the UK, the answer would be no. The Takeover Panel distinguishes clearly between shareholders who oust a company’s board because of a disagreement over strategy and those who want to im...