Monday December 23 2013

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: Austria




The Austria Takeovers Commission has published a press release detailing action taken in respect of a violation of rules on acting in concert to launch a mandatory takeover bid under section 22 of the Takeovers Act.

The Takeover Commission has made an order requiring a group of concert parties to launch a mandatory bid for CEG I Beteilungs AG (in liquidation) and suspended their voting rights in the company.

In July 2013 the Takeover Commission launched a review concerning the target company CEG I Beteiligungs AG (“CEG I”) (in liquidation). This proceeding was established to examine whether Mr. Ernst Forstmayr, WertInvest Park Holding GmbH and Global Equity Partners Investment Management GmbH and any other persons were classified as jointly acting in concert pursuant to § 1 Z6 Takeovers Act and therefore violated the mandatory offer obligation under § 22 of the Takeovers Act.

On 16 December 2013 the Commision decided that Mr. Forstmayr, WertInvest Park Holding GmbH and Global Equity Partners Investment Management GmbH are obliged to make a public offer to the shareholders of CEG I Beteiligungs AG.

Mr. Forstmayr, WertInvest Park Holding GmbH and Global Equity Partners Investment Management GmbH together hold approximately 56.11% of the voting rights of the target company. Because of their coordinated action in relation to the acquisition of an equity stake in CEG I by Mr. Forstmayr, and their joint resolution on the company`s liquidation in the extraordinary general meeting of CEG I on 23rd July 2013, the persons referred to qualify as a group acting in concert. Through the support of this group Mr. Forst Mayr, WertInvest Park Holding GmbH and Global Equity Partners Investment Management GmbH together exceed the formal control threshold of 30%, which is why they are required to launch a public offer to the remaining shareholders of CEG I Beteiligungs AG in liquidation.

Until Mr. Forstmayr, WertInvest Park Holding GmbH and Global Equity Partners Investment Management GmbH make a mandatory offer pursuant to Part Three of the Takeover Act, their voting rights shall be suspended.

Click on the above link for the press release (in German).