After speculation about this at the beginning of the week, it is now certain:

KKR will make a voluntary public takeover offer to all shareholders of $ECV (-0,06 %) at a price of €17.50 per share in cash.

Shareholders now have three options:

(1) Exit now at around €17 via the stock exchange.

(2) Wait until the public takeover offer is made (probably in a few weeks). If this turns out to be as announced, it will be delivered via the custodian bank and you can tender your shares at € 17.50.

(3) Hold the shares permanently. As long as KKR does not hold at least 90%, a compulsory squeeze-out of shareholders is not possible. However, the option of a delisting is already mentioned in today's announcement. The share would then no longer be tradable in the Prime Standard, but probably only in the Hamburg Regulated Unofficial Market (which would force some institutional investors to sell). Those who decide to hold out are speculating on a delisting offer or a second offer at a later date or, in the future, a squeeze-out at a higher price.

Personally, I will probably opt for option number 2. I would be interested to know what you think?

Source: cwroehl