Noerr Public M&A Report 02/2022

After a record-breaking year 2021, the first half of 2022 was a sobering experience. This is our short description for the trend the market for public takeovers in Germany has followed during the first six months of 2022. Several key figures indicate that H1 2022 was a weak first half year, in which the market‘s aggregate offer volume fell to its lowest level since H1 2015. None of the transactions that did take place had an offer volume of more than EUR 2 billion. There were more mandatory offers than takeover offers.

These are the essential findings of our analysis of the market for public takeovers in the first half of 2022 which are presented in the 02/2022 edition of the Noerr Public M&A Report by the report’s editors Volker Land and Stephan Schulz, both partners in the Corporate/M&A and Capital Markets Teams of Noerr’s Hamburg office. The report presents a multi-year comparison of the number and volume of all offers pursuant to the German Securities Acquisition and Takeover Act approved by the German Financial Supervisory Authority BaFin, the distribution of these offers across the small-cap, mid-cap and large-cap segments, the development of premium levels as well as general public M&A market trends.

In addition to the market report for the first half of 2022, this issue contains an analysis of the Musk-Twitter takeover from the perspective of German capital markets and takeover law, which the editors have written together with Jörg-Peter Kraack. Michael Brellochs contributes an article on the extension of the possibility to waive the minimum acceptance obligation in takeover law. Philipp Schmoll has contributed a report on the reasoned statements pursuant to section 27 WpÜG published in the first half of 2022.

Any questions? Please contact: Volker Land or Stephan Schulz
Practice Groups: Capital Markets, Corporate, Mergers & Acquisitions