“Welcome to Morgan Lewis’s Takeover Monitor Germany. This publication aims to provide funds, public and private companies, and other entities involved in capital markets transactions with a regular documentation of current public tender offers under the German Securities Acquisition and Takeover Act (WpÜG). This issue covers published and announced current offers until May 03, 2023.”

PUBLIC TENDER OFFERS UNDER THE GERMAN SECURITIES ACQUISITION AND TAKEOVER ACT (WpÜG): OFFERS, RESULTS AND ANALYSES CURRENT OFFERS -

The current offers are driven by a variety of strategies and objectives, including a delisting of the target company (delisting tender offer to the shareholders of Vantage Towers AG), a low-ball offer to exceed the control threshold without aiming at a majority shareholding (takeover offer for shares of Klöckner & Co SE), as well as acquiring a majority stake in the target as a basis for future cooperation (takeover offer for shares of GK Software SE).