Berlin, 31 August 2012, Art Media Agency (AMA).
In the battle opposing Redline and the Neuendorf family concerning the takeover of Artnet, there are new developments: Redline just published the conditions of its takeover bid over the German company.
Redline offers €6.40 per share; which represents a 33% premium when compared to yesterday’s Artnet shares value and a 31% premium in comparison to the minimum that would have been allowed (the average market value over the last twelve months).
Redline accompanies this offer with two conditions without which the offer will be rendered null and void: the company must acquire 56% of the total share, and the trade register should not enter the changes given to the Articles of Association of Artnet during the last general assembly into the commercial register.
Among Artnet’s major shareholders — after Hans Neuendorf (who possesses 26% of the shares, and will most likely not sell) — are two loyal associates that have been part of the company’s capital for ten years: Robert de Rothschild and Klaus-Jochen Schaeffer. Each of them having around 7% to 8% of the shares, Redline would most probably need at least one of the two accepting its offer in order for the 56% to be met.
The second condition seems to indicate that Redline is seriously considering taking legal actions against the supervisory board in order to cancel the last general assembly (introducing the “poison pill”). On that matter, the press release asserts that “Artnet faces high legal risks following AGM chaos.”
The takeover bid portends on four week and will end on 28 September. Traditionally, German investors are mainly active in the last week of the takeover bid.
In a press release, Redline considers its offer as “attractive for shareholders” and states they are “willing to provide financial resources and a competent management team.”