FINEXPERT REPORT

> 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..

> finexpert|ValueTrust German Takeover Report 2022 Vol. 8 (February 2022)

Content
3 Market Overview
12 Capital Market Reaction
16 Statements & Fairness Opinions
22 Success Rates
27 Takeover Case Study: Deutsche Wohnen SE
30 Endgame Analysis
35 Transaction Details 2021

The 2022 issue of the finexpert German takeover report covers all takeover offers and delisting tender offers of the year 2021 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.

We have seen a record year in public M&A activity in 2021: After the recovery from the Covid19 shock in 2020 numbers and volume of public takeover offers covered by this report reached an all-time high.

This report contains a detailed description of the takeover offer of Vonovia SE for Deutsche Wohnen SE from May 2021.

> finexpert|ValueTrust German Takeover Report 2021 (February 2021)

Content
3 Market Overview
12 Capital Market Reaction
16 Statements & Fairness Opinions
22 Success Rates
29 Takeover Case Study: ISRA Vision AG
31 Transaction Details 2020

The 2021 issue of the finexpert German takeover report covers all takeover offers and delisting tender offers of the year 2020 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.

Our results reveal a very special pattern of public M&A activity in 2020: After a sharp drop caused by the Covid19 pandemic in Q2 the market quickly recovered and reached transaction numbers and volumes in line with figures of preceding years.

This report contains a detailed description of the takeover of ISRA Vision AG by Atlas Copco Germany Holding.