Weng Fine Art becomes largest shareholder of Artnet AG after execution of public tender offer

7 Nov. 2022 / Pressemitteilungen

After Weng Fine Art AG (WFA) has already tendered 22.464 shares of artnet AG (Artnet) in the course of its acquisition offer, the Group, together with its biggest shareholder Rüdiger K. Weng A+A GmbH, will become the largest shareholder of Artnet with at least 1,532,464 (26.86 %) shares before the end of November. Thus, after completion of the tender offer, WFA will replace Galerie Neuendorf AG as the leading shareholder of Artnet. As a result, WFA would have achieved the most important goal of its tender offer.

WFA sees Artnet as a very important strategic investment for the digital part of the art market, which will enable it to make significant steps in art eCommerce in coming years. The management of WFA believes that in a totally new setup Artnet can achieve an excellent position in the art market and could act very profitable as well in the future.

The statement of Artnet’s administration of October 28, 2022, in which WFA's tender offer of EUR 7.20 has been qualified as "insufficient", is irritating, after Hans Neuendorf himself has made several sales of Artnet shares at prices significantly below EUR 7.20 on the stock market in recent weeks.

WFA will publish the result of the public tender offer after the acceptance period has ended and will then also successively announce its further course of action at Artnet.