Noerr guides artnet AG through takeover

With a team spearheaded by Holger Alfes and Philip M. Schmoll, Noerr is providing vital counsel to artnet AG regarding the recent takeover and delisting offer initiated by Beowolff Capital Management Ltd. The partnership encompasses not only the takeover process itself but also the investment and delisting agreement established alongside the offer. On 27 May 2025, Beowolff Capital made the announcement of its intent to embark on a voluntary public takeover offer to all shareholders of artnet for their outstanding shares, which aligns with the legal prerequisites for such offers under the German Stock Exchange Act. This compliance is crucial for the eventual revocation of artnet shares from trading on the regulated market of the Frankfurt Stock Exchange.

In a compelling financial proposition, Beowolff Capital is offering artnet shareholders €11.25 in cash per share. This offer reflects a remarkable premium, approximately 97% higher than the XETRA closing share price recorded on 3 March 2025, which was the last trading day prior to a notification issued by artnet's significant shareholder, Weng Fine Art AG, suggesting interest in a takeover. Additionally, the offer stands at roughly 38% over the closing share price on 10 April 2025, right before an announcement from artnet detailing ongoing negotiations related to a potential takeover.

artnet is recognised as a leading data, media, and digital marketplace provider within the international art sector. Established in 1989 by Hans Neuendorf, artnet has transformed the art collecting landscape by enabling collectors, professionals, and art enthusiasts to better discover, research, and acquire art. Presently, artnet attracts 67 million unique users annually, asserting itself as the largest global platform dedicated to fine art.

Beowolff Capital positions itself as a private investment firm that skillfully merges long-term, value-added partner capital with its own resources to cultivate a concentrated portfolio of investments. The firm leverages digital, data, and artificial intelligence tools to enhance its companies, drive sizeable returns, and contribute positively to society.

Noerr’s role involves extensive and ongoing advice to artnet concerning the takeover and delisting procedure, along with the subsequent delisting itself. The firm’s longstanding relationship with artnet includes expertise in stock corporation and capital markets law, having advised on numerous matters including annual general meetings and financial structuring.

Advisors for artnet AG include key figures from Noerr such as Holger Alfes, Stephan Schulz, Laurenz Wieneke, Philip M. Schmoll, Jörg-Peter Kraack, Jan Hoffmann Linhard, and Sebastian de Schmidt, all contributing substantial expertise in capital markets law.