Announcement • Jun 03
GreatStar Europe AG completed the acquisition of Partial Assets of Joh. Friedrich Behrens. GreatStar Europe AG agreed to acquire Partial Assets of Joh. Friedrich Behrens for €27.9 million on March 29, 2021. Closing of the transaction is subject to various conditions, in particular the approval of the creditors' committee as well as antitrust and foreign trade clearance. The transaction has been approved in the 6th Meeting of the Company’s 5th Directorate held on March 29, 2021, and does not need the Shareholders’ Approval of Hangzhou Great Star Industrial Co., Ltd. As of May 28, 2021, Germany's Economy Ministry has approved the acquisition. As of June 2, 2021 all conditions were fulfilled. The transaction expected to close on June 1, 2021.
Martin Tasma, Jens Wenzel, Daniel Kress, Fabian Quast, Jan Bonhage, Markus Ernst , Alf-Henrik Bischke, Hendrik Bockenheimer and Fabian Seip of Hengeler Mueller acted as legal advisor to GreatStar, Tjark Thies,Friederike Kirch-Heim and Arno Doebert of
Reimer Rechtsanwalte and Johan Schneider, Thorsten Kuthe, Stefan Bretthauer, Jörg Schewe, Johan-Michel Menke, Fabian G. Gaffron, Hans Markus Wulf,Sebastian Jungemeyer, Christian Spintig, Ullrich Schlichtherle, David Loszynski, Bodo Dehne, Eric Chris Baumgartner and Marcel Hostettler of Heuking Kühn Lüer Wojtek acted as legal advisor to Joh. Friedrich Behrens AG. Christoph Morgen of Brinkmann & Partner acted as Administrator in the transaction.
GreatStar Europe AG completed the acquisition of Partial Assets of Joh. Friedrich Behrens on June 1, 2021. Announcement • Mar 09
Behrens Gets Takeover Offer from Foreign Investor Joh. Friedrich Behrens AG (BST:JFB) has received a binding takeover offer from a foreign investor as the insolvent fastening technology specialist is looking for a new investor to provide fresh capital and help it repay its debt. The aim is to transfer the business operations of the troubled German company to the potential buyer on May 1, 2021, Behrens said on March 5, 2021 without revealing the name of the suitor. Efforts to implement an insolvency plan and to agree an asset sale with other interested parties are currently being pursued with a lower priority, the company added. Ahrensburg-based Behrens filed for insolvency under self-administration in November 2020 after failing to reach an agreement with a debt fund about the repayment of a bond. As an alternative to a sale, Behrens said in January 2021 that it would consider also a debt-to-equity swap or a capital reduction and a subsequent capital increase with subscription rights for existing shareholders. 