Delisting & going private
Withdrawal from the stock exchange – legally precise, strategically assured.
Delistings require strategic planning and precise legal implementation. We advise companies, bidders and executive boards on their orderly withdrawal from the stock exchange –with a focus on regulatory requirements and communicative aplomb.
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"Delisting requires the same care as listing – our experience means we are familiar with both."
Partner
Dr Karsten Heider – Partner for stock corporation and capital markets law | CMS -
"Withdrawing from the stock exchange is a strategic decision – we ensure that delisting takes place in an efficient and legally compliant manner."
Partner
Dr Martina Schmid – Partner for stock corporation and capital markets law | CMS -
"The success factors for every single delisting are efficiency, diligence and timing."
Partner
Dominik von Zehmen – Counsel for stock corporation and capital markets law | CMS
Our range of advice on delistings
- Strategic planning and assistance on public delisting acquisition offers
- Assisting the bidder with preparing the offer document (including coordination with the German Federal Financial Supervisory Authority (BaFin)) and the other transaction documents; preparing a detailed schedule and action plan
- Providing advice on the talks between bidder, main shareholders and target company and drafting, coordinating and negotiating the agreements, especially the delisting agreement
- Assisting the management board and/or supervisory board of the target company with drafting the statement with reasons in accordance with section 27 German Securities Acquisition and Takeover Act (WpÜG)
- Providing advice on the delisting process on the stock exchange, in particular preparing and submitting the delisting application, including coordinating with the stock exchanges
- Providing advice in connection with ad hoc, investment and voting rights publicity and insider trading regulations
- Assisting the bidder with its legal integration of the target company (e.g. conclusion of inter-company agreements, squeeze-out, transformation measures)
Whether you have initial questions or a complex project – we will set aside time for you and assist you with all of your legal, interdisciplinary issues, whether these are of a national or international nature.
Arrange a meeting with our experts.
Our main areas of expertise in stock corporation and capital markets law
General meetings
Corporate governance – Management board and supervisory board
Capital measures and share buyback programmes
Public M&A, defence, shareholder activism and short attacks
Capital markets law compliance
Remuneration of board members and employee incentive plans
Transactions under stock corporation law
Structural and integration measures, group law and corporate litigation
Legal experts for Delisting & going private
Local market knowledge. Global outlook
We provide future-facing legal advice to help your organisation thrive. Combining local market knowledge and a global perspective, and with lawyers in locations worldwide, your organisation benefits from the expertise it needs, even across borders.
About CMS