As a public company with a widespread investor base, you need to consider and be prepared for the consequences of a public bid:
A confidential approach or an actual announcement of a public bid raises many more questions:
On the other hand, if you are the bidder, analysing how the target addresses these issues is critical to the success of your bid. You should also carefully consider some of the following tactical questions:
We have assisted many clients on both sides of a public takeover. On the defence side, our partners have advised a significant share of C20 and other mid/large cap companies listed on OMX Copenhagen. On the takeover side, we have also advised numerous multinational companies and financial sponsors over the last decade.
Through our substantial experience in advising both sides of public takeovers on many different stock exchanges, we give our clients valuable insights into the reaction patterns of shareholders, supervisory boards and management boards of our counterparties. This enables our clients to navigate any public offer situation with the desired outcome.
We advise supervisory boards on early defence preparations. For our clients, this means that takeover approaches are handled professionally right from the very beginning, to deter low value bids and promote high value offers. Genuine high value interests will lead to highly value-added structured divestment processes, optimising shareholder value, with the board and management staying in complete control of the process throughout.
We also advise companies facing hostile bids unprepared. In these situations we help develop tactics for putting pressure on the bidder to achieve a higher price or for providing boards and shareholders with sufficient comfort on the company’s prospects for them to reject the offer.
We also advise bidders. We assist in designing tactics in connection with solicited and unsolicited takeover approaches. We advise Danish clients on public takeovers worldwide and we advise Danish and foreign clients on takeovers in Denmark.
We assist our clients throughout the processes from initial approach tactics, through valuation and due diligence to communication with target shareholders.