If what is currently happening with the takeover of Software AG sets a precedent, then one can become anxious and anxious about Germany as a financial center location. A chairman of the supervisory board who is presumably absent from the shareholders' meeting because of the threat of uncomfortable questions. A competing, higher offer, which in the view of the Management Board is not worth further examination, raises questions about the duty of care of the same.

Shareholders are initially powerless in the face of all the goings-on. Legal action is being considered, but the outcome is open. Silver Lake should think carefully about the idea of going through with the proposal despite the resistance at the Annual General Meeting. The reputational damage would be immense.

Nobody wants to talk the investor out of takeover intentions, but the only way to a fair trial is through transparency. This should also prompt the Software AG Management Board to rethink. In a world where sustainability is supposed to be the trump card, good corporate governance is an important component. At Software AG, it is trampled underfoot.