Noerr advises comdirect bank AG on squeeze-out

Noerr is advising comdirect bank AG comprehensively in the context of the merger announced by Commerzbank AG of the direct bank with Commerzbank by absorption (known as a squeeze-out under the law on corporate conversions).

In connection with the merger, the merger agreement will squeeze out the minority shareholders of comdirect in return for appropriate cash compensation. The entry into force of the squeeze-out under conversion law is still subject to a resolution in favour by the general meeting of comdirect and the registration of the transfer resolution and the merger in the commercial registers at the seats of Commerzbank and comdirect. The general meeting will take place on 5 May 2020.

A team led by Volker Land and Maurice Séché is acting for comdirect bank AG. Volker Land, co-head of Noerr’s Hamburg office and a specialist in bank M&A and takeover law, has already advised comdirect as part of the public acquisition offer for the online bank by Commerzbank AG as well as on the sale of the B2B direct bank ebase.

Advisors to comdirect Bank AG: Noerr LLP

Dr Volker Land (Corporate/M&A, Hamburg), Dr Maurice Séché (Corporate/M&A, Düsseldorf, joint lead), Dr Stephan Schulz (Capital Markets, Hamburg), Sebastian de Schmidt (Capital Markets, Frankfurt), Dr Patrick Mückl (Employment & Pensions, Düsseldorf), Yvonne Dietzel (Employment & Pensions, Dresden)

Associates: Dr Jan Hoffmann Linhard (Capital Markets, Hamburg), Vanessa Wüsthoff (Corporate/M&A, Hamburg), Dr Wolfgang Wittek (Employment & Pensions, Hamburg), Dr Philip Schmoll (Capital Markets, Frankfurt)

In-house counsel at comdirect bank AG: Dietmar Gabor