Public M&A Report 02/2023

Compared to the weak previous year, market activity in the first six months of 2023 offers cause for optimism. Both the total number of transactions (11) and the transaction volume (EUR 21.5 billion) are slightly above the long-term average. The main market impetus continues to come from private equity companies. With only two offers each in the large cap and in the small cap segment, the mid cap segment proved to be the driver of the market in this reporting period (7 transactions).

These are the essential findings of our analysis of the market for public takeovers in the first half of 2023 which are presented in the 02/2023 edition of the Noerr Public M&A Report by the report’s editors Volker Land and Stephan Schulz, both partners in the Corporate/M&A and Capital Markets Teams of Noerr’s Hamburg office. 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 issue of the Noerr Public M&A Report also contains an analysis by Jörg-Peter Kraack on the planned amendments to the Securities Acquisition and Takeover Act according to the government draft of a Future Financing Act dated 16 August 2023.