Burda Digital SE, with its registered office in Munich, Germany, decided on September 29th, 2021, today to make a public delisting offer pursuant to section 39(2), sentence 3, no. 1 German Stock Exchange Act in the form of a cash offer to the shareholders of HolidayCheck Group AG, with its registered office in Munich, Germany, for the acquisition of all the shares in HolidayCheck Group AG not already held by Burda Digital SE. Subject to the final decision on the minimum price and the finalisation of the offer document, the bidder will offer EUR 2.70 cash consideration for each HolidayCheck share tendered. The bidder, which currently already holds around 73.13% of the share capital of HolidayCheck Group AG, intends by arrangement with the company to arrange for revocation of the admission of the HolidayCheck shares to trading on the Regulated Market of the Frankfurt Stock Exchange (delisting).
Gleiss Lutz advised Burda Digital SE on issues around the takeover and other aspects of the transaction.
Burda Digital SE is part of the Burda Group. Burda Digital SE's core business is the development and expansion of new business models in the field of publishing, with a focus on digital media and e-commerce. This includes, in particular, the operation of printed and electronic media, other activities in the field of information and communication, trade in goods of all kinds and related brokering services.
The HolidayCheck Group is one of the leading European digital companies for holidaymakers and offers its customers various online business models in the area of travel as well as tour operation. The company, which employs around 300 people, brings together under one roof HolidayCheck AG (operator of the hotel rating and travel booking portals of the same name), HC Touristik GmbH (operating company of the tour operator HolidayCheck Reisen) and Driveboo AG (operator of the car rental portal MietwagenCheck/GAS and Driveboo/international). The HolidayCheck Group's core sales markets are Germany, Austria and Switzerland.
Burda Digital SE was advised by the following team of Gleiss Lutz lawyers: Dr Christian Cascante (Frankfurt, lead), Dr Jochen Tyrolt (Stuttgart, both partners), Dr Markus Martin (Stuttgart), Steffen Carl (Munich), Dr Stephan Aubel (both partners), Andrej Popp (both Frankfurt), Dr Lucas Hertneck (Stuttgart, all Corporate/M&A), Dr Petra Linsmeier (partner, Antitrust, Munich), Muriel Kaufmann (counsel, Employment, Stuttgart).
Gleiss Lutz has extensive expertise in public takeovers and is regularly involved in top-flight deals (both friendly and hostile) – advising buyers, targets or investment banks.
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