White & Case partner Dr. Alexander Kiefner and local partner Dr. Timo Lockemann explain in Börsen-Zeitung the impact of the German Standortfördergesetz on delistings. They outline how the new regime expands the requirement for a delisting offer to the KMU-Wachstumsmarkt, refines the rules on minimum offer price and introduces a dedicated appraisal procedure (Spruchverfahren) for judicial review of offer prices. Kiefner and Lockemann note that while the law broadens the circumstances in which a company valuation may be required, the six-month volume-weighted average share price should remain the primary benchmark with valuations reserved for truly exceptional market situations.
Read the full article (German language) here.
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