FINEXPERT REPORT February 2022
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.