puh, also da hat der gute henry auf der ersten seite ganz harten strukturmaßnahmen-stoff rausgelassen
Delisting still intended,
squeeze-out not possible for now
Topic: After the end of the extended tender period on November 3rd, the Fuchs Family Pool and KKR
together now control 93.39% of shares.
With the Fuchs Family in control of 71.89% and KKR in control of 21.51%, a substantial controlling in
terest has been reached, but not the
required 95% for a squeeze-out. Even with the planned 10%
capital increase (without subscription rights), which KKR will solely subscribe to, KKR and the Fuchs
Family Pool would only reach 94.0% of shares (i.e. 94.51% of voting rights due to treasury shares
without voting rights; see p. 2).
The tender offer still requires regulatory approval (by investment and subsidy control authorities of
each state, that OHB operates in), but the remaining offer conditions (1. approval by merger control au
thorities, 2. no dividends, capital measures or insolvency within the tender period and 3. no regulatory
prohibition of the offer) are already fulfilled. Hence, the actual transfer of shares to KKR in return for the
cash settlement of € 44.00 per share should take place in H1 24e.
While we do not participate in speculation, it is worth highlighting that it seems unlikely that KKR raises
the offer price to attract the remaining 0.5% of shares required to reach the 95% threshold. Also, the
Fuchs Family and KKR indicate to, which
would
bear the risk of not being able to sell OHB shares in the future.
The stock now trades on very low volumes and the ability to liquidate existing positions should con
tinue to decrease going forward, as free float now stands at a mere 6% (5.5% after capital increase).
Furthermore, KKR might be willing to buy blocks from the remaining shareholders OTC or via the
stock exchange, which could lead to KKR and the Fuchs Family Pool exceeding the 95% squeeze-out
threshold shortly.
Should it be reached, existing shareholders can be forced to sell for € 44.