Our Equity Advisory Services

Equity Advisory

Ludwig & Co. advises and accompanies corporates and their shareholders in the process of private placements of equity and hybrid capital, capital market transactions – such as IPOs – capital increases, share placements, dual tracks, convertible and exchangeable bonds, demergers and spin-offs.

Initial Public Offerings (IPOs), Capital Increases / Secondary Public Offerings (SPOs)

Ludwig & Co. advises its clients on the route to a successful IPO. Jointly, we develop the equity story, choose the adequate stock market segment and select the syndicate banks.

For its listed clients, Ludwig & Co. offers advisory services in all aspects of “being public”. This includes capital increases, control of shareholder structure, or change of the stock market segment or exchange.

Public Takeovers

Ludwig & Co. supports its clients during the preparation and planning of a takeover offer, the valuation of the target company and the negotiations with target company’s shareholders and secure a stringent implementation of the takeover process. Ludwig & Co. builds both on its core M&A expertise and its vast capital markets experience.

Equity Advisory

Fairness Opinions

Ludwig & Co. supports its clients in forming an opinion on the adequacy of valuations during company transactions. This comprises the evaluation of offer prices within the framework of a public takeover offer as well as valuations in the context of transactions involving non-listed companies. These fairness opinions apply valuation methods in line with international market standards.

Defense Advisory

As defense advisor, Ludwig & Co. advises companies against unwarranted influence or unsolicited takeover attempts. We support negotiations with the potential acquirer, analyze the takeover offer and support the preparation of the statement by the Board of Directors and the Supervisory Board. In order to qualify the fairness of the offer price, we provide a market standard fairness opinion. Our range of services is complimented by developing and implementing alternative scenarios in case of attempted hostile takeovers such as search of “Anchor Investors” or “White Knights” as well as value enhancement or alignment of shareholders.

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