MergerLinks has announced the global 2023 Top Dealmakers including our own Dr. Cai Berg as one of the top dealmakers in the DACH region.

Link to the report: https://bit.ly/3U9fowa

On February 22, Latham & Watkins hosted their second annual Take Private – Latham´s Public M&A Day in Frankfurt. Our Senior Managing Director Dr. Cai Berg and Managing Director Christopher Buhlmann participated both as speakers sharing insights and best practices of how to do a public takeover as an LBO in Germany.

Finance Magazin and Mergerlinks have issued its annual ranking of the top 10 German dealmakers for 2023 which, inter alia, features ParkView‘s Dr. Cai Berg.

Link to the article: https://bit.ly/3UIKwUh

On January 25 Skadden hosted the 2024 Takeover Forum at their office in Frankfurt. Our Senior Managing Director Dr. Cai Berg participated as a speaker and panellist together with his co-panellists Sebastian Bladt, Prof. Dr. Bernhard Schwetzler, Dr. Anke Sessler and Dr. Holger Hofmeister discussing public takeovers in current marketplaces and gave an insight for 2024´s preview.

Since inception only a few years ago, ParkView has established itself as the leading German investment bank boutique when it comes to large and complex M&A transactions. Our 2023 market share for public takeovers of over 30% demonstrates this once more. Transactions this year included CropEnergies / Südzucker, EQS Group / Thoma Bravo, Synlab / Cinven, va-Q-tec / EQT.

ParkView acts as exclusive financial advisor to CropEnergies AG on the public delisting tender offer by Südzucker AG.

On December 19, 2023, CropEnergies AG (“CropEnergies”) and its main shareholder Südzucker AG (“Südzucker”) signed a delisting agreement. Südzucker announced its intention to launch a public delisting tender offer to the shareholders of CropEnergies at an offer price of EUR 11.50 per share (thereby valuing CropEnergies at an equity value of more than EUR 1.0bn), representing a premium of 69% to the closing price on December 18, 2023 and 37% to the 6-month VWAP.

ParkView Partners acts as exclusive financial advisor to CropEnergies, and has also provided a fairness opinion to its Management Board and Supervisory Board.

Subject to, inter alia, the review of the offer document still to be published by Südzucker, CropEnergies’ Management Board supports the delisting tender offer.

For further information: https://bit.ly/4asqCC6

On December 7th, we were delighted to welcome 15 highly motivated students from FS Invest of Frankfurt School of Finance & Management to our Frankfurt office, where we provided an overview of ParkView Partners‘ advisory services.

The students gained valuable insights into our expertise in handling complex public and private transactions, particularly focusing on public takeovers in Germany.

The event concluded with a brief Q&A session and a get together with our team.

ParkView Partners acts as exclusive financial advisor to Thoma Bravo, one of the largest software investors in the world, on its partnership with and taking private of EQS Group AG.

On November 16, 2023, Thoma Bravo and EQS entered into an investment agreement to create a partnership for future growth. Thoma Bravo announced its intention to launch a public takeover offer to the shareholders of EQS at an offer price of EUR 40.00 per share, representing a premium of 53% to the closing price on November 15, 2023, and a premium of 61% to the 3-month VWAP.

The transaction, which marks Thoma Bravo’s first investment in a German company, is expected to close in January or February 2024.

For further information: https://bit.ly/3G3uOue

On 09^th October, we participated in the HSG Banking Days at the University St. Gallen and introduced ParkView´s advisory business.

30 students got an interesting insight into our business for complex public and private transactions with a focus on public takeover deals in Germany.

The event has been wrapped up with a small Q&A round and a get-together with our team members.

ParkView has advised the supervisory board of SYNLAB AG (“SYNLAB“) with respect to the public acquisition offer by funds managed and/or advised by Cinven.

Please see the press release by SYNLAB below.

bit.ly/3F59HHt

Today, Dr. Cai Berg, Senior Managing Director at ParkView Partners, has been quoted by the Handelsblatt with respect to the role of hedge funds during German public takeovers.

ParkView Partners is specialized in capital markets related M&A and why we regularly advise corporate targets as well as bidders during takeover situations on, inter alia, how to best approach this class of investors.

ParkView acts as exclusive financial advisor to va-Q-tec AG on the public delisting offer by EQT Private Equity.

ParkView Partners acts as exclusive financial advisor to va-Q-tec AG [ISIN: DE0006636681 / WKN: 663668] (“VQT”), a company listed on the Prime Standard of the Frankfurt Stock Exchange, on the public delisting offer by EQT Private Equity. ParkView Partners has also provided a fairness opinion to the Management Board and Supervisory Board of VQT. Subject to, inter alia, the review of the offer document still to be published by EQT Private Equity, VQT’s Management Board and Supervisory Board support the delisting offer.

For further information: https://ir.va-q-tec.com/websites/vaqtec/English/3310/news-detail.html?newsID=2545607

On June 15 POELLATH hosted MUPET 2023 Munich Private Equity Training at Literaturhaus Munich. Our Managing Director Christopher Buhlmann participated as a panellist of the M&A panel discussing the current environment for private equity transactions. Together with his co-panellists Dr. Tim Kaufhold, Sebastian Wintgens and Johannes Messing he discussed the current trends in private equity transactions, the financing backdrop, capital raising, as well as potential deal sources including the attractiveness of taking private transactions of publicly-listed companies.

In their outlook the panellists concluded that there is a silver lining at the horizon and in particular with debt financing returning to the market private equity activity is geared to pick up in the coming months.

Recently, together with WolfTheiss, we presented at an evening event in Vienna. “The new fairness opinion standards of the DVFA and duties of corporate bodies in the context of M&A”. For those who were not able to attend we are happy to share the presentation below and look forward to discussing any arising questions with you.

ParkView acts as exclusive financial advisor to va-Q-tec AG on its strategic partnership with and taking private by EQT Private Equity.

ParkView Partners acts as exclusive financial advisor to va-Q-tec AG [ISIN: DE0006636681 / WKN: 663668] (“VQT”), a company listed on the Prime Standard of the Frankfurt Stock Exchange, on its strategic partnership with and taking private by EQT Private Equity. The transaction will be implemented by way of a voluntary public takeover offer by EQT Private Equity. ParkView Partners has also provided a fairness opinion to the Management Board and Supervisory Board of VQT.

On 13 December 2022, VQT entered into a business combination agreement with EQT Private Equity in relation to a voluntary public takeover offer by EQT Private Equity and the terms and conditions of a strategic partnership. EQT Private Equity announced, with the support of co-investors Mubadala and Cinven, its intention to submit a voluntary public takeover offer to the shareholders of VQT at an offer price of EUR 26.00 per share, representing a premium of 98% in relation to the 3-month VWAP until 9 December 2022.

Subject to, inter alia, the review of the offer document still to be published by EQT Private Equity, VQT’s Management Board and Supervisory Board support the takeover offer.

For further information: https://bit.ly/3V0cbfE

ParkView has assisted listed German Muehlhan AG (ISIN DE000A0KD0F7; WKN A0KD0F) (“Muehlhan”) on a complex transaction regarding the sale of its European and U.S. subsidiaries to private equity investor One Equity Partners.

On September 24, 2022, Muehlhan announced the sale of its companies in Germany, Denmark, France, Cyprus/Greece, Poland, Romania, Bulgaria, Norway, the Netherlands and the U.S., including their respective subsidiaries and branch offices. In total, these entities had a combined revenue of €191 million in 2021 with around 1,700 employees. Muehlhan will retain its subsidiaries in Russia, India, Canada, the Bahamas and the Middle East.

For further information:
https://hubs.la/Q01nrX4t0

We are happy to announce that Dr. Cai Berg, Senior Managing Director at ParkView, will be part of the panel “Panorama of M&A in the DACH region” at the The Legal 500 (Legalease) at GC Summit DACH, on September 22, 2022 in Frankfurt, Germany.
This panel will explore trends and developments on M&A in the DACH region for 2022 and discuss how the region’s thriving tech industry is presenting new options to firms seeking high-potential businesses.

For further information:
https://hubs.la/Q01mzGqY0

ParkView Partners is sponsor of the 25th Arab-German Business Forum which is organized by the Ghorfa Arab-German Chamber of Commerce and Industry from June 21 to 23, 2022 in Berlin.

Gobal leaders and high ranking panelists are adressing global challenges and perspectives in panel discussions, roundtables and workshops.

Prof. Dr. Christian Aders, Senior Managing Director at ParkView Partners and board member of Ghorfa Arab-German Chamber of Commerce and Industry will be panelist in the discussion themed “Finance and Investment Possibilities: capital venture, FinTech and NFTs”.

We are looking forward to 3 days of inspiring discussions, exchange and networking opportunities!

For further information and registration to the event visit the Ghorfa Arab-German Chamber of Commerce and Industry e.V. website.

Thank you for an interesting evening at yesterday’s M&A Forum at Literaturhaus Munich on the topic of “Influence of Hedge Funds on Public Takeovers”!

The most important point of the evening: Hedge Funds have come to stay. Therefore, it is of immense importance to understand these market participants and their influence.
After a warm welcome from Dr. Matthias Bruse, our Senior Managing Director Dr. Cai Berg explained this process using the Vonovia / Deutsche Wohnen case study. This was followed by a lively panel discussion about the legal framework, communication strategies, pitfalls, and future developments with Michael Brellochs and Florian Schuhbauer chaired by our Senior Managing Director Prof. Dr. Christan Aders. If you couldn’t attend the event, please find the video recording as well as a short presentation on the organiser’s website. We look forward to next time!

ParkView Partners acts as financial advisor to the management board of Vonovia SE (“Vonovia”) on its successful voluntary public takeover offer to the shareholders of Deutsche Wohnen SE (“Deutsche Wohnen”).

On October 7, 2021 Vonovia announced, that after the end of the initial acceptance period of its voluntary takeover offer it has achieved its target and now already owns 60% of the voting rights (on a fully diluted basis) and will become the majority shareholder of Deutsche Wohnen. The additional acceptance period begins on October 8, 2021 and ends on October 21, 2021.

Parkview Partners (“ParkView”) acts as exclusive financial advisor to CANCOM SE (“CANCOM”), a company listed on the Prime Standard of the Frankfurt Stock Exchange and member of the MDAX, on the strategic review and divestiture of its operations in UK and Ireland (“CANCOM UK&I”).

On July 28, 2021 CANCOM announced the divestiture of CANCOM UK&I to Telefónica Cybersecurity & Cloud Tech, S.L.U. (“Telefónica Tech”), an affiliate of Telefónica S.A. The transaction follows a strategic review announced on 25 May 2021. The transaction values CANCOM UK&I at an Enterprise Value of close to EUR 400 million, which corresponds to a transaction multiple of c. 16x (Enterprise Value/EBITDA) – valuing CANCOM UK&I at a significant premium to CANCOM’s own trading multiple.

ValueTrust, ParkView Partners’ valuation advisory practice, has acted as financial advisor to the management board of Vita 34 on the proposed combination with PBKM. In this context, ValueTrust provided a valuation opinion and determined the exchange ratio for shares in Vita 34 and PBKM.

On December 7, 2020 the Webinar “FDI regulations – The impact of the pandemic on deal-making” took place, which was organized in cooperation with Ghorfa – the Arab-German Chamber of Commerce and Industry e.V. and was part of the virtual M&A sessions by White & Case.

Prof. Dr. Christian Aders, Senior Managing Director at ValueTrust and ParkView, and Christopher Buhlmann, Director at ParkView, were part of the webinar, discussing new opportunities for Arabic investors in the context of Foreign Direct Investment Regulations.

More information about ParkView´s and ValueTrust´s contribution can be found in the presentation for download.

A new restructuring law is expected to come into effect on January 1, 2021, otherwise known as the “The Further Development of the Restructuring and Insolvency Law“. The draft bill contains various new regulations, which are intended to enable the reorganization of companies outside the insolvency process, particularly in the event of an impending insolvency.

In this context ParkView supports with our Valuation Advisory Practice ValueTrust with the preparation of independent Fairness Opinions and full scope Valuation Reports, in each case according to the recommendations of the IDW or DVFA.

For further information on the new regulations of the restructuring law, please download our flyer.

As part of our focus on public takeovers, ParkView Partners is collaborating with the HHL Leipzig in order to quantify certain real life events and effects on the economics of public transactions by examining historic data.

Our study “Effects of Leakage on Public Takeovers in Germany” has reviewed 324 public transaction in the period from 2006-2019 and has revealed interesting abnormal returns ahead of such transactions which have a significant negative effect both on success and cost of these transactions.

For more information, please download the study here.

ParkView Partners (“ParkView”) acted as sole financial advisor to listed CytoTools AG (“CytoTools”), a highly-innovative biotech company based in Darmstadt, on the investment by an affiliate of the  Klocke Pharma Group (“Klocke Group”).

As part of the transaction, CytoTools has issued 0.37m new shares by way of a cash capital increase without subscription right to PIH Pharma Industry Holding GmbH, a subsidiary of Klocke Group. CytoTools intends to use the proceeds to launch the European Phase III clinical trials for its major product DermaPro for the diabetic foot indication. The investment by Klocke Group is a major milestone on the funding of the European Phase III clinical trials of DermaPro and the active ingredient DPOCL for the treatment of (large) chronic wounds, especially the diabetic foot. ParkView and CytoTools have been able to find an investor (for CytoTools) within a timeframe of only 3 months and even during the Covid-19 induced general lockdown.

CytoTools is a highly innovative and founder-led, listed biotech company with several promising innovative pipeline products. CytoTools’ current key product is DermaPro, a dichloric acid derived drug, applied to chronic wounds with a focus on therapeutic applications Diabetic Foot Ulcers and Venous Leg Ulcers.

Family-owned Klocke Holding specializes in the contract development, production and packaging of drugs, vaccines and cosmetic products and employs more than 2,000 people in Europe and the USA.

Detailed information can be found here or downloaded.

This year´s Mergermarket Germany Forum will take place on October 13 and 14, 2020.
Dr. Cai Berg, Senior Managing Director at ParkView Partners, will participate in the live virtual panel “Take-private/de-listings” together with Dr. Hartmut Krause, Partner at Allen & Overy LLP on Oct 14 at 11:50am CET.

Dr. Cai Berg and Dr. Hartmut Krause will be interviewed by Catherine Ford, Consultant Editor at Mergermarket, about the current dynamics of public takeovers in Germany, why Germany is different from all other jurisdictions in terms of taking privates and what the best practice for a takeover process is. Dr. Berg will also speak about the role of activist and merger arbitrage funds in that respect and how they can be dealt with.

You can see the current status of the agenda and how you can participate here.

ValueTrust, ParkView Partners’ valuation advisory practice, has acted as independent Fairness Opinion provider to the Board of Directors of Sunrise Communications Group AG on the voluntary public takeover offer of UPC Schweiz GmbH, a wholly owned subsidiary of Liberty Global plc.

Dr. Cai Berg, Senior Managing Director of ParkView, has been interviewed for Mergermarket’s DACH TRENDSPOTTER 1H20 on “DACH region fares are better than Europe, sponsor resilience offers hope”.

DACH dealmakers seem so far to have weathered the coronavirus pandemic better than their European neighbours. While M&A activity still took a significant hit after lockdown measures were implemented, Mergermarket data shows that the German-speaking region has come to the end of the first half of 2020 better off than the rest of the continent.

Still, cash-rich corporates will likely continue to pursue strategies of inorganic growth in 2H20. “For the rest of the year, we are expecting a comeback of smaller deals from larger sellers, fire sales which have to happen, deals involving targets not affected by the pandemic and public takeovers involving undervalued companies”, said Cai Berg.

For more information, please download the report.

Dr. Cai Berg, Senior Managing Director ParkView Partners and ValueTrust, has been interviewed by Activist Monitor and Deal Reporter on recent developments and a certain paradigm shift in public takeovers in Germany.

“Successful closing of deals involving companies valued at more than EUR 1bn is down 28%, comparing the period from 2005 to 2017 with the two year period since.” said Berg. ParkView’s research (in collaboration with the HHL Leipzig) indicates that just 43% of deals in that top echelon have been successful since 2017 and the average total weighted cost of ownership is about 40% on top of the company’s undisturbed share price. On average, around 25% of that cost is represented by the initial takeover offer premium, an additional increase of 10% through the DPLTA, squeeze-out and delisting processes (the “back-end game”), and a further increase of 7% due to the court proceedings challenging those processes. Fewer shareholders participate in each round, hence the weighting towards the initial phases, according to ParkView’s research.

Cai Berg, along with Michael J. Ulmer, partner at Cleary Gottlieb Steen & Hamilton, agreed that the investment community’s growing visibility of the capital flowing through this backend game is one reason for the difficulty in getting such a deal successfully completed. They also agreed that however, it is not really possible to completely protect against event-driven interlopers, so it’s more about mitigating their presence. In order to understand the risks, deal parties first need to be able to put a price tag on the respective steps from initial premium to legal actions.

For more information, please download the interview.

In light of the current corona crisis, many companies in Germany are applying for state-backed additional liquidity with their existing lenders and/or KfW. Our Valuation Advisory Services practice led by Prof. Dr. Christian Aders supports and facilitates this application process by providing a short report in the form of an Independent Business Review (“IBR”) by providing an independent third party opinion that (i) the current crisis of the company is based on the effects of the COVID 19 pandemic and (ii) that there are reasonable prospect for managing the crisis successfully.

More details can be found in our IBR presentation.

ParkView Partners announced that Dr. Gerhard Killat will be joining ParkView as a Senior Advisor. Dr. Killat will be based in Frankfurt am Main and will focus on public takeover situations and complex valuation aspects of M&A transactions including being a member of the fairness opinion committee of the firm.

For more information, please download the full announcement.

ParkView Partners serves as sole financial advisor to ISRA VISION AG, a company listed in the German TecDAX in the context of its EUR 1.1 bn public takeover by Atlas Copco AB.

For more information, please download the press release.