Finance Public Lecture: Taking Private in Germany

HHL Leipzig Graduate School of ManagementDie HHL ist eine universitäre Einrichtung und zählt zu den führenden internationalen Business Schools. Ziel der ältesten betriebswirtschaftlichen Hochschule im deutschsprachigen Raum ist die Ausbildung unternehmerischer, verantwortungsbewusster und leistungsfähiger Führungspersönlichkeiten. Die HHL zeichnet sich aus durch exzellente Lehre, klare Forschungsorientierung und praxisnahen Transfer sowie durch hervorragenden Service für ihre Studierenden. Die Studiengänge umfassen ein Master in Management-Programm, einen Master mit einer Spezialisierung auf Finance sowie ein MBA-Programm. Alle Programme können in Vollzeit oder Teilzeit absolviert werden. Die HHL verfügt über das Promotionsrecht. Die HHL Executive Education bietet hochaktuelle Management-Seminare und -Programme für Führungskräfte an. Neben dem Campus in Leipzig unterhält die Hochschule Studienstandorte in Köln und München. Die HHL ist akkreditiert durch AACSB International. Besuchen Sie uns auf www.hhl.de.HHL Leipzig Graduate School of ManagementHHL is a university-level institution and ranks amongst the leading international business schools. The goal of the oldest business school in German-speaking Europe is to educate entrepreneurial, responsible and effective business leaders. HHL stands out for its excellent teaching, its clear research focus, its effective knowledge transfer into practice as well as its outstanding student services. Study programs include a Master in Management program, a Master with a specialization in Finance as well as an MBA program. All programs can be completed full-time or part-time. HHL also runs a Doctoral Program. The HHL Executive Education offers state-of-the-art management seminars for executive talents. Besides its main campus in Leipzig, the university maintains study locations in Cologne and Munich. HHL is accredited by AACSB International and ACQUIN. Visit us on www.hhl.de.

HHL Leipzig Graduate School of Management

Learn more about the current challenges and opportunities in private equity and venture capital

Taking privates, i.e. launching a takeover bid for a stock-listed company and, if successful: removing it from the stock market, is an important source for potential investments of private equity funds. In Germany this entry channel faces some particular obstacles: As the German stock corporation act places particular weight on the protection of minority shareholders, a “successful” takeover is not characterized by the bidder crossing the 50% ownership threshold and then squeezing out the remaining minority shareholders not accepting the offer. Instead, several steps are required to get to full control and 100% ownership in the “endgame”, i.e. buying more shares in the market, concluding a Domination/Profit and Loss Transfer Agreement with the company and finally reaching the necessary threshold of a 90% or 95% ownership necessary for a squeeze out. During all of this minority shareholders have the opportunity to challenge the offered compensation in court. The endgame trade has evolved into an attractive investment opportunity for specialized investors (with US hedge funds among them). In this session we are discussing the strategies of such minority shareholders and their relevance for public takeovers in Germany together with the challenges for a PE bidder resulting from it. 

This session is part of a broader lecture series surrounding the topic of private equity (PE). 
Together with his guest Christopher Buhlmann (ParkView Partners) Prof. Bernhard Schwetzler (Chairholder, HHL Chair of Financial Management) outlines peculiarities of the German legal environment and the consequences for the German takeover market. Christopher Buhlmann is a Managing Director at ParkView Partners, with extensive experience advising clients on public takeovers in Germany and other capital markets related M&amp;A transactions. ParkView Partners is a leading German investment bank boutique for public M&amp;A transactions.
The following topics will be highlighted and exploratively analyzed in the session:
•	The role of minority protection in German corporate law and the consequences for German takeover offers
•	Bidder strategies under German takeover law
•	Dealing with hedge funds and “bumpitrage” strategies 
•	The total cost of acquisition 
About the HHL Public Lectures | Finance SeriesThe lecture series aims to give an overview over the asset class “private equity/venture capital”. It covers a wide array of PE/VC related topics as e.g. the PE/VC business model, investment criteria of PE/VC funds and their performance on deal and on fund level. The lecture series will also discuss challenges of the current market and economic environment for private equity and venture capital. Language and DSGVOThe talk will be held in English and is free of charge.Please notice that we will record this event (film) without showing participants or chats and use this material internally and/or externally in accordance with § 23 KunstUrHG and article 6 par. 1f) DSGVO.Interested in other event of HHL? Please check our <a href="https://www.hhl.de/experience/life-at-hhl/campus-events/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">HHL Event Calendar</a>.Foto: Michael Bader

Finance Public Lecture: Taking Private in Germany

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Finance Public Lecture: Taking Private in Germany

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