FINEXPERT REPORT

> finexpert|ValueTrust German Takeover Report 2025 Vol. 11 (March 2025)

Content
4 Market Overview
13 Capital Market Reaction
17 Statements & Fairness Opinions
25 Success Rates
30 Takeover Case Study: MorphoSys AG
31 Endgame Analysis
36 Transaction Details 2024

The 2025 issue of the finexpert | ValueTrust German takeover report covers all takeover offers and delisting tender offers of the year 2024 according to the German takeover code WpÜG and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices. In addition, our extensive database allows to compare last year´s figures of these variables against the moving average of the preceding years and thus to highlight trends
and long term developments. Finally, the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. Along with the “traditional” success definitions of takeover offers, we analyse an alternative success measure that takes potential bidder toeholds into account.
2024 has seen a further recovery in German public M&A activity from the low values in 2022. While the number of offers is again close to pre-Covid19 levels, deal volume is still far from the corresponding pre-crisis figures. 

This report contains a detailed description of the takeover offer of Novartis BidCo AG for MorphoSys AG from February 2024.

> finexpert|ValueTrust German Takeover Report 2023 Vol. 9 (March 2023)

Content
3 Market Overview
12 Capital Market Reaction
16 Statements & Fairness Opinions
24 Success Rates
29 Takeover Case Study: ADVA Optical Networking SE
31 Endgame Analysis
36 Transaction Details 2022

The 2023 issue of the finexpert | ValueTrust German takeover report covers all takeover offers and delisting tender offers of the year 2022 according to the German takeover code WpÜG and provides comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices. In addition, our extensive database allows to compare these variables against the moving average of the preceding years and thus to highlight trends and long-term developments. Finally, the Report contains a unique analysis of fairness opinions and statements of the management and supervisory boards of the target companies (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors on target stock price reaction and success rates of the takeover bid. Along with the “traditional” success definitions of takeover offers, we analyse an alternative success measure that takes into account potential bidder toeholds.

After a strong first quarter in 2022, public M&A activity in 2022 was significantly impacted by the Ukraine conflict and the uncertainty in capital markets regarding inflation and interest development. Against this background, the total number of bids dropped by 50% in comparison to the previous years, and bid volume amounted to only 6.86 bn. EUR.

The Report contains a detailed description of the taking private of ADVA Optical Networking SE by ADTRAN Inc..