FRANKFURT—Covington & Burling LLP is advising AUSTRIACARD HOLDINGS AG on an intended voluntary public takeover offer by Dai Nippon Printing, pursuant to the Austrian Takeover Act.
AUSTRIACARD HOLDINGS AG and Dai Nippon Printing have entered into a Memorandum of Understanding setting out the strategic framework for the contemplated transaction, which is aimed at acquiring control of AUSTRIACARD, supported by an irrevocable undertaking from major shareholder Nikolaos Lykos to accept the intended offer in respect of his shareholding of 74.6%.
The offer is expected to provide for cash consideration of EUR 10.00 per AUSTRIACARD share. Based on AUSTRIACARD’s current share capital of 36,353,868 shares, the offer values AUSTRIACARD’s entire issued share capital at approximately EUR 364 million.
AUSTRIACARD HOLDINGS AG offers a comprehensive suite of products and services, including payment solutions, identification solutions, smart cards, card personalization, digitization solutions, and secure data management. The company employs a global workforce of 2,360 people and is headquartered in Vienna, Austria. AUSTRIACARD is publicly traded on both the Euronext Athens and Vienna Stock Exchanges
The Covington team is led by Henning Bloss and Jörn Hirschmann and comprises Björn Schneider and Fiona Cierniak.
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