Burda Digital SE decided on 3 June 2024, to make a public delisting offer to the shareholders of New Work SE for the acquisition of all the shares not already held by Burda Digital SE. Subject to the final determination of the minimum price and the final terms and conditions set forth in the offer document, Burda Digital will offer a cash consideration in the amount of EUR 66.25 for each New Work share tendered into the delisting offer. Burda Digital SE currently already holds around 74.22% of the share capital of New Work SE and has also concluded an agreement with it in which the company has undertaken to support a delisting.
Gleiss Lutz advised Burda Digital SE on takeover law issues and other aspects in connection with 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 New Work Group offers professionals in German-speaking countries their own digital network. As a job network, New Work Group's business activities focus on improving peoples’ careers and companies talent hiring process. The two job networks and marketplaces XING and kununu are operated under the New Work umbrella.
The transaction was handled in-house by Dr. Maximilian Preisser (Group General Counsel) and Dr. Ralf Nobis (Senior Legal Counsel).
Burda Digital SE was advised by Dr. Jochen Tyrolt (partner), Dr. Markus Martin (both lead, counsel), Dr. Christian Cascante (partner) and Dr. Julius-Vincent Ritz (all M&A, all Stuttgart).
Gleiss Lutz has extensive expertise in public takeovers and is regularly involved in top-flight deals (both friendly and hostile) – advising bidders, targets or banks advising on or financing the transaction.
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