P+P advises bidder on public takeover of 11 88 0 Solutions AG

September 2019

P+P Pöllath + Partners advised united vertical media GmbH, Nuremberg, on voluntary public takeover offer to the shareholders of 11 88 0 Solutions AG, Essen.

As bidder, united vertical media GmbH issued a voluntary public takeover offer for 11 88 0 Solutions AG on July 23, 2019. At that point, the bidder had secured 45.46% of the share capital of 11 88 0 Solutions AG through acquisitions and the conclusion of conditional purchase agreements. The consideration offered to the shareholders of 11 88 0 Solutions AG within the framework of the takeover offer amounted to 1.87 Euro in cash per share, which corresponded to an attractive supplement of approx. 34.53% on top of the volume-weighted three-month market average.

The takeover offer was subject to the condition precedent of the approval by the Federal Cartel Office. This was granted on July 12, 2019.

The deadline for acceptance of the takeover offer expired on August 20, 2019, midnight CET. The total number of 11 88 0 Solutions AG shares for which the offer was accepted on this day, including the shares already held by the bidder, amounted to approximately 67.17% of the share capital of the company. The additional acceptance deadline expired on September 6, 2019, midnight CET. At this point in time, the bidder's total acceptance and holding quota amounted to 72.30%. The takeover offer was executed on September 16, 2019.

United vertical media GmbH is a company belonging to the Müller Media Group. The Müller Media Group is primarily involved in classic directory products, as well as in the local broadcasting and TV segments, weekly papers and the digital sector. This includes investments in over 30 radio stations such as, e.g., Radio Charivari. 11 88 0 Solutions AG (formerly Telegate AG) operates in online marketing and telephone directory assistance.

P+P Pöllath + Partners advised united vertical media GmbH in the course of the transaction on all corporate and capital markets law matters with the following Munich-based team:

  • Eva Nase (partner, stock corporation and group law, as well as capital markets law, lead)
  • Sebastian Seier (senior associate, stock corporation and group law, capital markets law)
  • Christoph-Alexander May (associate, stock corporation and group law, capital markets law)
  • Moritz Lehnert (research fellow, stock corporation and group law, capital markets law).