Hengeler Mueller advises VTG on delisting and rights offering

25. February 2019

The executive board of VTG Aktiengesellschaft with the approval of the supervisory board has resolved to submit an application to withdraw the admission of VTG’s shares for trading in the regulated market of the Frankfurt Stock Exchange (delisting). Warwick Holding GmbH, being the major shareholder of VTG with around 71 percent of shares, will make a public tender offer of EUR 53.00 to the shareholders. Following the effectiveness of the withdrawal, the shares of VTG Aktiengesellschaft will no longer be admitted for trading in a domestic regulated market or in a comparable foreign market.

Warwick Holding GmbH has also assured support for the rights offering in the amount of EUR 290 million in the second quarter of 2019 to partly refinance the hybrid bond. In this context, Warwick Holding GmbH has announced to fully exercise its subscription rights during the rights offering and to acquire all shares it is entitled to at the – still to be set – subscription price. In addition, Warwick will acquire all shares not subscribed in the rights offering.

Hengeler Mueller advises VTG on the transaction. Led by partners Daniela Favoccia and Lucina Berger (both Corporate), the Hengeler Mueller team includes Johannes Tieves (Financing), Alexander Rang and Wolfgang Groß (both Capital Markets) as well as associates Arvid Morawe, Lea Sophie Grohmann, Laura Rothmann (all Corporate) and Caspar Schmelzer (Capital Markets) (all Frankfurt).