Wolf Theiss has advised Aurea Software on the acquisition of a majority stake in the Viennese update Software AG.
It was first reported a few weeks ago that Aurea Software was offering the shareholders of update Software EUR 3.44 per share. In the signed "Irrevocable Undertaking", update Software's major shareholders, including Qino Flagship, Pioneer Investments, and Axxion, committed themselves to accepting any public offer of Aurea Software within three days of the offer being made.
The public offer ended yesterday, on July 31st 2014, on the condition that Aurea reached a minimum threshold of 50.1 percent of the shares. Wolf Theiss reported that the minimum threshold was indeed met, so that Aurea – a part of the Triology group – will take over the majority of update Software.
Wolf Theiss advised on the transaction as lead counsel; questions regarding German law were dealt with by the Munich-based m law group.
In a firm press release, Wolf Theiss Partner Christian Mikosch stated that: "This was a precisely planned and very challenging transaction as the target company was headquartered in Austria and listed on the Frankfurt stock exchange."
