English translation: current (existing) shareholder(s)
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the core / founding / initial shareholder(s) or previous / former owner
Explanation: Altgesellschafter are basically the "old" shareholders of a company (usually founders), who were there and are still there.
In the context of M&A this might mean
- either that the predator acquired a stake in the target company, but did not acquire full ownership,
- or an exchange of shares took place (that is, new shareholders appeared, but the old ones remained).
See also link below.
Another possibility is that the term refers to a former (co-)owner, like in the expression of buy back (Rückkauf durch Altgesellschafter).