Global law firm White & Case LLP has advised Drägerwerk AG & Co. KGaA (Dräger), a leading medical and safety technology products company, on a capital increase of preferred shares against cash contributions from authorized capital.
In the course of the capital increase, one million preferred bearer shares without voting were placed to institutional investors in a private placement by way of an accelerated bookbuilding process. This corresponds to around 5.6 percent of the Dräger's capital. The placement price was set at €76.50 per preference share. The new preference shares are admitted to trading on the regulated market of, among others, the Frankfurt Stock Exchange (Prime Standard) and carry dividend rights from January 1, 2019.
The net proceeds from the equity increase are intended to partially finance the termination of certain participation certificates and to strengthen Dräger's liquidity and equity base in the short term, in view of the high order intake during the coronavirus pandemic.
The White & Case team in Frankfurt that advised on the transaction was co-led by partners Thilo Diehl and Alexander Kiefner and included partner Rebecca Emory and associates Benedikt Happ, Robert Nachama and Thorsten Rohde.
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