02.03.15

“GREEN LIGHT” FOR HERLITZ: BMH BRÄUTIGAM PAVES THE WAY FOR 270 MILLION EURO GOING PUBLIC

A decision of Kammergericht Berlin (Higher Regional Court of Berlin) has cleared the way to enter the capital increase into the commercial register and thus laid the basis for the targeted 270 million Euro public offering.

The judges ruled in favor of Herlitz upon its petition in a release procedure (rf. 12 AktG 1/15) on February 26th 2015. BMH BRÄUTIGAM advises the company on the going public as well as on stock corporation and procedural aspects of the transaction. Background: In December 2014 Herlitz’ shareholders‘ meeting has decided on a combined in kind and cash capital increase. The majority shareholder Pelikan will contribute essential participations from eight jurisdictions into Herlitz in exchange for the issuance of more than 231 million new shares. Additionally a cash capital increase is supposed to generate up to 32 million Euro of fresh capital. The transaction strives in particular for a bundling of the essential paper, office and stationery supplies participations and the acceleration of the Herlitz group’s positive corporate development. After seven minority shareholders had challenged the resolution on the capital, Herlitz has initiated a release procedure to ensure the prompt entry into the commercial register. In the run-up to the court’s decision Herlitz has reached a settlement with four of the defendants. Kammergericht has granted the release based on Herlitz’ overriding interest against the remaining defendants. The going public is planned for the middle of the second quarter.