P+P advises DATA MODUL AG, Munich, on public takeover by Arrow
Arrow Electronics, Inc., based in Centennial, Colorado, USA, has launched a public takeover of Munich-based DATA MODUL Aktiengesellschaft Produktion und Vertrieb von elektronischen Systemen ("Data Modul AG"). Their subsidiary Arrow Central Europe Holding Munich GmbH, as the bidder, has announced a voluntary public takeover offer to acquire all shares in Data Modul AG at an offer price of EUR 27.50 per share. This corresponds to a premium of approximately 36% of the weighted average stock market price of the Data Modul shares during the last three months.
Data Modul AG is a leading international company specializing in the distribution and manufacture of display technology and embedded solutions. Arrow Electronics is a leading worldwide supplier of electronic components and enterprise computing solutions.
Concurrently with the announcement of the takeover offer, the bidder has also entered into an agreement with the founders of Data Modul AG, the Hecktor family, as well as the largest individual shareholder, Varitronix Investment Limited, Hong Kong, regarding the purchase of Data Modul shares amounting to approx. 34% of the share capital.
The execution of the transaction is, inter alia, subject to the conditions of a minimum acceptance quota of 75% of the share capital of Data Modul AG, as well as clearance by the competent antitrust authorities. The transaction volume amounts to approximately EUR 100 m.
P+P Pöllath + Partners (Munich) is comprehensively advising Data Modul AG on the transaction with regard to corporate and capital market law. The following advisors are involved:
- Wolfgang Grobecker (partner, lead, stock corporation and group company law, capital market law);
- Bernd Graßl (partner, stock corporation, group company and capital market law);
- Alexander Ego (counsel, stock corporation, group company and capital market law).
Arrow is advised on this transaction by Taylor Wessing, Munich, including attorneys Stefan Kroeker, Oliver Rothley, Hildegard Günzel, Cora Nies and Oliver Treptow, as well as by Herbert Smith Freehills (Brussels, antitrust law).