FINEXPERT REPORT May 2024
Annual GERMAN TAKEOVER REPORT May 2024
Content
4 Market Overview
13 Capital Market Reaction
17 Statements & Fairness Opinions
25 Success Rates
30 Takeover Case Study: va-Q-tec AG
31 Endgame Analysis
36 Transaction Details 2023
The 2024 issue of the finexpert | ValueTrust German takeover report covers all takeover offers and delisting tender offers of the year 2023 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.
2023 has seen a modest 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 EQT X fund for va-Q-tech AG from February 2023.
