Dr. Natalie Daghles’ Post

Public M&A Report 02/2023: The German public takeover market in the first half of 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 and the #transactionvolume are slightly above the long-term average. The main market impetus continues to come from #privateequity 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. These are the essential findings of our analysis of the market for #publictakeovers 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 #CapitalMarkets Teams of Noerr’s Hamburg office. This issue of the Noerr Public M&A #Report also contains an analysis by Dr. 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. Read more: https://lnkd.in/eiRzG5Qz

Public M&A Report 02/2023: The German public takeover market in the first half of 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 and the #transactionvolume are slightly above the long-term average. The main market impetus continues to come from #privateequity 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. These are the essential findings of our analysis of the market for #publictakeovers 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 #CapitalMarkets Teams of Noerr’s Hamburg office. 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. Read more: https://lnkd.in/e3eXCQaT

We’ve just returned from a very insightful IBA M&A Conference in New York. It was the 21st edition, and Katrien Vorlat, Vanessa Schmitt and I represented Strelia again. We had a wonderful time learning, sharing, and networking with other leading M&A lawyers from around the world.   To sum up what Anu Aiyengar, Global Head of Advisory, J.P. Morgan, had said: “Buckle up your seatbelts, everyone. Brace for a soft landing (or not). And get ready for turbulence.”   - M&A volumes remain challenged, with most of the activity being US- and UK-focused.   - Consideration of the mix-and-control premium returned to historical average.   - Though we might find ourselves tackling persistent headwinds, drivers of M&A activity continue to emerge. These drivers are:   * The 3Ds Deglobalization, Decarbonization, Digitalization: these continue to spur activity.   * Corporate Clarity, Carveouts, Divestitures Investors tend to value and reward strategic focus and corporate clarity.   * Strategic Need Large cash balance sheets and need for growth provide opportunity for strategic actions.   * Valuation Mismatch between Public and Private Markets Companies that are undervalued in public markets have potential for higher valuation in the private markets.   * Financial Sponsor Activity Decade-low levels of activity, pressure to return DPI, and record dry powder will drive sponsor activity.   * Activism Activists continue to focus on M&A as a solution for under valuation where actionable.   - Inhibitors are:   * Regulatory Risk The regulatory approval process has become an extra layer of complexity for firms to navigate.   * Elections Countries making up over 50% of the global GDP are undergoing decisive elections this year. The outcome will reflect—and impact—a precarious geopolitical and economic environment.   * Macroeconomic Concerns Higher interest rates for longer, slightly higher or more volatile inflation, with slower growth, especially in developing economies, and lower corporate profits.   * Geopolitical Risk Ongoing conflicts in Europe and the Middle East will test board and management team’s confidence.   Thank you Nanette Heide at Duane Morris LLP for hosting an amazing Women in International M&A breakfast, which was co-sponsored by Gianni & Origoni, King & Wood Mallesons, Mannheimer Swartling, and WALLESS.

Public M&A Report 02/2023: The German public takeover market in the first half of 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 and the #transactionvolume are slightly above the long-term average. The main market impetus continues to come from #privateequity 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. These are the essential findings of our analysis of the market for #publictakeovers 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 #CapitalMarkets Teams of Noerr’s Hamburg office. 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. Read more: https://lnkd.in/eb9aMVFr

  🌟 The Finance Summit in Stuttgart 🚀   Among industry leaders, it was a vibrant exchange of ideas. One key insight, highlighted by Dr. Matthias Voelkel, Boerse Stuttgart Group, is the lessons Sweden offers in innovative finance solutions.   I'm looking forward to further discussions on early-stage IPO opportunities at the upcoming IPO Night announced by the Weimer Media Group.   Thanks to all the brilliant minds at the summit! Here's to more enriching discussions and financial innovations ahead! 🌟 #FinanceSummit #CapitalMarkets #IPO

🌟 Exciting News! 🌟 We are thrilled to announce the release of the latest edition of the Andersen Corporate and M&A Team magazine: “M&A and PE in Europe: Q1 Results and Forecasts”. Stay ahead of the curve with our comprehensive overview of the M&A and Private Equity market in Europe. This edition is essential for anyone looking to stay updated on the latest trends and forecasts. Dive into: 🔹 Q1 Results: Detailed analysis of the past quarter's performance. 🔹 Most Active Industries: Insights into the leading sectors in each jurisdiction. 🔹 Future Forecasts: Projections and predictions for the upcoming quarters. Equip yourself with the knowledge and insights needed to maintain your competitive edge with Andersen. Don't miss out – stay informed and stay competitive! Javier Bustillo, Paolo Trevisanato, Ignacio Aparicio, Jaime Aguilar, Huseyin Koca, Letizia Carrara, Juan Roda Moreno, Guillermo Yuste Lucía Pérez Cuervo, María Mayo Fernández #MandA #PrivateEquity #BusinessInsights #Andersen #CorporateFinance #IndustryTrends

Across Europe, we saw 697 transactions completed by RSM Firms in the last 12 months to June 2023. 💼 Our second series of M&A insights for 2023 digs into some of the key industry trends we have witnessed. 📊 • Resilience in technology, media and telecommunications deal-making. • Business services deals increased by 20% compared to the previous year. 📈 • A rise in healthcare deals across the continent. We are also delighted to be collaborating with our new colleagues from Ebner Stolz and learning more about the strength of their transaction advisory team. 🤝 Learn more in the latest insights from our 2023 M&A series here: https://bit.ly/41j2mho

Mister Spex on the road at conferences in Munich!   Our Head of Investor Relations Irina Zhurba and our Co-CEO Dirk Graber visited Munich this week. In the Bavarian capital, they were guests at the Baader Investment Conference and the Twelth German Corporate Conference, hosted by Goldman Sachs & Berenberg.   In his presentations, Dirk gave insights into the business life of Mister Spex. We have summarised the most important five points: 1️⃣ EyeD is one of the ways we differentiate ourselves from competition. It's margin accretive, stylish and highly personalized, which is why customers love it. More information on EyeD will be available soon via press release. 📃   2️⃣ Our "Lean 4 Leverage" programme is yielding results; we significantly improved profitability and continue to deliver on our targets. 💪    3️⃣ We confirm our full-year guidance. 🤜🤛    4️⃣ We will continue to grow next year, open new stores and deliver in our promises. ✅   5️⃣ We are making progress on our brand promise - perfect frame for every face and perfect lens for every eye. 😎 #investorrelations #capitalmarkets #investment #munich #misterspex #teamspex

While the known "succession pressure" in the German Mittelstand will continue to provide plenty of opportunities to financial investors in future, an in-depth understanding for the family business owners, a solid preparation combined with execution excellence becomes even more crucial in the current challenging times not only to get the deal done but even more so to actually create the value envisaged. Many thanks for the discussion Philipp Haindl, Friedrich Wallwitz, Nicolas Gutbrod, Kai Hesselmann and the great moderation Dr. Germar Enders, but also special thanks to our hosts Christian von Sydow and Dr. Nikolaus von Jacobs. If interested in the results of our recent PwC study "Private Equity in Familienunternehmen" to be published soon, please send me a note. #pemacom2023 #pwcdeals #pwcmidmarketdeals