Skip to main content
Knowledge and Training for Financial Decision Making!


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..

You are not a member?

Sign up here


Forgot your password?