Mein Kollege Christian hat eine Übersicht zur Problematik der deutschen Fusionskontrolle bei VC-Deals.
As hardly any VC deal has been sent to the competition authorities for approval most of the big done deals are null and void. Hence, under German law the VC never became the owner of the shares. The shareholder agreement is just as null and void as the transfer or issuance of new shares to the VC. In return the VC can only require the target to re-transfer his investment. Good luck with that. Or to put it in other words: Violating the ARC can lead more often than not to a complete write-off of the investment.
Ich bin kein Anwalt, aber so wie er es mir erzählt hat, müssten einige Firmen sich das mal ansehen.