Take over attempt repulsed
In October 2003 a man living in Berlin purchased a Hapimag share. One month later he launched, with his supporters, a take-over attempt of the largest holiday home timeshare company in Europe, with headquarters in Baar in Zug.
The attack came like a bolt from the blue. In November 2003 the shareholder from Berlin sent a letter to the majority of the other shareholders, or partners, in which he asked them to surrender their votes at the upcomng annual general meeting to him. His reason: As "Robin Hood of the shareholders" he wanted to fight for improved shareholder conditions.
His real intentions were in all probability quite different. Through a change of the board of directors at the annual general meeting the shareholder would have been able to take control of the real estate portfolio with a value of CHF 1,3 billion and would have been able to use this for his own financial reward.
