In dem heute (nur auf Englisch) veröffentlichten Prospekt der "neuen" Douglas AG sind auch interessante Ausführungen zu dem seit mehr als zehn Jahren noch in der I. Instanz anhängigen Spruchverfahren zum Squeeze-out bei der früheren DOUGLAS HOLDING AG (hierzu: https://spruchverfahren.blogspot.com/2024/02/spruchverfahren-zum-squeeze-out-bei-der_15.html) enthalten. So wurden bei der DOUGLAS Group für die Nachbesserungszahlungen in Zusammenhang mit diesem Spruchverfahren Rückstellungen in Höhe von nunmehr EUR 35,8 Mio. gebildet. Hintergrund war das Gutachten des gerichtlichen Sachverständigen, der darin zu einer angemessenen Abfindung in Höhe von EUR 56,82 je Aktie kam: SpruchZ: Spruchverfahren Recht & Praxis: Spruchverfahren zum Squeeze-out bei der DOUGLAS HOLDING AG: Gerichtlicher Gutachter kommt auf EUR 56,82 je Aktie (+ 50,96 %)
In dem Prospekt (S. 213 f) wird hierzu ausgeführt:
Our wholly-owned subsidiary Douglas Service GmbH (formerly Douglas GmbH) is party to valuation proceedings (Spruchverfahren) pending at the regional court (Landgericht) of Dortmund, Germany. The valuation proceedings were initiated by 97 former minority shareholders of the former Douglas Holding AG against its main shareholder Beauty Holding Two GmbH. Beauty Holding Two GmbH was an acquisition vehicle used to take the then publicly listed Douglas Holding AG private and was later merged into Douglas Service GmbH (formerly Douglas GmbH). Douglas Holding AG was ultimately also merged into Douglas Service GmbH (formerly Douglas GmbH) in various steps.
In connection with the delisting of Douglas Holding AG, the shareholders’ meeting of Douglas Holding AG resolved to transfer the shares in the company held by the remaining minority shareholders to the main shareholder against cash compensation according to the rules of the German Stock Corporation Act (Aktiengesetz). This squeeze-out became effective in July 2013. With the valuation proceedings, 97 former minority shareholders request an increase of the cash compensation they received in the squeeze-out.
The valuation proceedings follow the rules of the German Law on Corporate Valuation Proceedings (Spruchverfahrensgesetz) (see, in general, “16.10. Squeeze-Out of Minority Shareholders”). The court consolidated all proceedings and appointed a joint representative for those minority shareholders that are not formally party to the proceedings. In 2017, the court proposed a settlement which Douglas Service GmbH (at the time Douglas GmbH) rejected. Subsequently, the court appointed a valuation expert to review the fairness of the cash compensation. Both Douglas Service GmbH (at the time Douglas GmbH) and some minority shareholders unsuccessfully challenged the independence of the valuation expert. In February 2024, we received a valuation report issued by the court-appointed valuation expert assessing the value of the shares that were subject to the squeeze-out at almost 50% higher than what the former minority shareholders received. The final court ruling in the valuation proceedings will be binding not only for the parties to the proceedings but also for all other former minority shareholders of Douglas Holding AG and will conclusively determine the cash compensation for all minority shareholders in the squeeze-out. Douglas Service GmbH (formerly Douglas GmbH) and the former minority shareholders have the right to appeal a ruling by the regional court to prevent it from becoming final.
To cover risks associated with these proceedings, we increased the provision recognized from EUR 14.1 million as of September 30, 2023 to EUR 35.8 million as of December 31, 2023."
Spruchverfahren zu dem Squeeze-out:
LG Dortmund, Az. 20 O 27/13 AktE
Helfrich u.a. ./. Douglas Service GmbH (zuvor: Douglas GmbH, früher: Beauty Holding Two GmbH)
97 Antragsteller
gemeinsamer Vertreter: RA Dr. Ottmar Martini, 56073 Koblenz
Verfahrensbevollmächtigte der Antragsgegnerin, Douglas Service GmbH:
Rechtsanwälte Gibson Dunn, 60310 Frankfurt am Main (früher: Latham & Watkins)
Keine Kommentare:
Kommentar veröffentlichen