Public M&A Report 01/2024

The market for public takeovers is stronger in 2023 than in the weak previous year. 21 transactions were published (2022: 18), while the total offer volume increased by 41.97% year-on-year to EUR 39.24 billion (2022: EUR 27.64 billion), the third-largest figure recorded since 2014.

The improved figures are mainly due to the increase in both the number and value of large- and mid-cap deals. In contrast, like in the prior year, the number of takeover bids was low compared to the long-term average. Additionally, the number of delisting offers was high in 2023.

These are the essential findings of the 01/2024 edition of the Noerr Public M&A Report, in which the editors Volker Land and Stephan Schulz, both partners in the Corporate/M&A and Capital Markets Teams of Noerr’s Hamburg office, analyse the market for public takeovers in the year 2023. The report presents a multi-year comparison of the number and volume of all offers pursuant to the German Securities Acquisition and Takeover Act approved by the German Financial Supervisory Authority BaFin, the distribution of these offers across the small-cap, mid-cap and large-cap segments, the development of premium levels as well as general public M&A market trends.

This edition of the Noerr Public M&A Report also features a focus article on the development of the number and price structures of delisting offers in recent years by Stephan Schulz and Oscar Serra de Oliviera as well as an article titled “Takeover by the major shareholder” by Michael Brellochs which addresses the particularities of offers and transaction structures where the bidder already owns a significant stake in the target company.