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BERLIN/NEW YORK - The management and supervisory boards of artnet AG have recommended shareholders accept a voluntary public takeover and delisting offer from Leonardo Art Holdings GmbH at €11.25 per share, according to a statement released Tuesday.
Leonardo Art Holdings, a holding company advised by Beowolff Capital Management Ltd., has already secured more than 89% of artnet shares through purchases and binding agreements with shareholders.
The boards stated they consider the offer price adequate after independent review and evaluation. Financial advisor RSM Ebner Stolz issued a fairness opinion confirming the price adequacy from a financial perspective.
The acceptance period for the offer began July 8 and will end August 5, 2025. The voluntary public takeover and delisting offer is not subject to any conditions.
According to the statement, the takeover aims to establish a long-term ownership structure enabling artnet to pursue its strategic roadmap outside capital market constraints. The planned delisting from the Frankfurt Stock Exchange would allow the company to save costs related to the stock exchange listing, reduce regulatory expenses, and free management capacity.
The boards indicated the offer aligns with an investment and delisting agreement concluded between artnet and the bidder on May 27, 2025, which outlined provisions regarding the delisting and future cooperation strategy.
Following the expiration of the additional acceptance period, artnet has committed to file for delisting with the Frankfurt Stock Exchange and refrain from seeking admission to any regulated market or inclusion in open markets.
The full reasoned statement from the boards is available on artnet’s website.
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