The delisting of stock corporations is still widely unregulated in Germany, notwithstanding the apparent conflict of interests between majority and minority shareholders. Specifically, the existing delisting regulation does not apply to a delisting effected by means of a corporate law transaction such as a merger. This treatise develops a new approach in order to reconcile the conflicting interests. Contrary to the prevailing view, the treatise recognizes a need for the protection of minority shareholders only to the extent that they suffer an actual loss of liquidity as a result of the delisting.