News & Press
Weng Fine Art is able to purchase a larger number of Artnet shares in September and announces terms of public tender offer for Artnet
4 Okt. 2022 / Pressemitteilungen
Prior to the public purchaser offer for shares of artnet AG (Artnet) announced on September 19, 2022, Weng Fine Art AG (WFA) and Rüdiger K. Weng A+A GmbH were able to purchase a total of 150,000 Artnet shares in September. These were acquired on and aside from the stock exchange at prices between EUR 6.00 and EUR 7.60 per share. As there is currently no intention to reach the legal threshold of 30% of Artnet’s voting rights, at which point a mandatory offer would have to be made to all shareholders, the acquisitions have reduced the potential volume of the tender offer accordingly.
WFA has submitted the documents for the public tender offer to the German Federal Financial Supervisory Authority (BaFin) for review and acceptance. The offer aims to acquire up to further 150,000 shares for a price of EUR 7.20 per share. The four-week acceptance period is expected to begin in mid-October. The offer is subject to the condition that the DAX does not fall below a certain level.
With this offer from WFA, Artnet shareholders have the opportunity to sell a larger number of shares at a very interesting price point, despite both the generally sharp fall in share prices and the negative economic development this year. For months, the Artnet share has been particularly illiquid with an average daily turnover of mostly less than EUR 20,000, so that shareholders could currently only sell small numbers of shares via the stock exchange at prices of about EUR 5.50 (source: XETRA order book as of October, 3th 2022). As part of the tender offer, however, it will be possible to sell a six-digit number of shares to the WFA at a price of EUR 7.20.