Investment Banking

Purchase Offers and Takeover Bids/ Squeeze-Out

Do you want to establish an equity interest in a company, increase an existing holding or need to fulfil claims for compensation? With its expertise, Sal. Oppenheim is the ideal investment bank for successfully handling exchange or purchase bids for your company in Germany. Our philosophy that discretion and independence are part of the core competence of a private bank determines our actions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full support through bundling interdisciplinary competence

The close cooperation between the Equity Capital Markets and Mergers & Acquisitions units bundles the expertise of these units, providing you with full support.

Phases of the Takeover Bid
Phase 1: Structuring and Preparation	Advice and structure of processing from a temporal and technical viewpoint Conceptionalisation and organisation of the bid text External coordination with the German Federal Supervisory Authority for Financial Services (BAFin) Possibly additional acquisition via the market based on the purchase price (separate order) Transmission of the bid to the target company, participating stock exchanges, BAFin
Phase 2: Bid and Execution	Technical guidelines Coordination of custodial banks Organising the printing, translation and shipment of the bids
Phase 3: Execution and Conclusion	Technical execution of securities transactions Organisation and holding of roadshows for procurement of shares Publication of the outcome of the presentation Transfer of the tendered shares according to instructions to a custodial bank of the bidder

Squeeze-outs and delistings

In a squeeze-out, the majority shareholder with at least a 95% stake can buy out the remaining minority shareholders in exchange for cash compensation, thereby acquiring 100% of the shares. When all shares are transferred to the majority shareholder, the company’s stock exchange listing is terminated.
A delisting, i.e. withdrawal of a company’s share from the stock exchange, can often make sense for a company. Sal. Oppenheim will advise you in strategic considerations regarding your company’s listing and provide support, if required, upon termination of a listing.

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