Led by Frankfurt-based partner Michael Schlitt and Tim Brandi, Hogan Lovells advised AKASOL AG (“AKASOL”) on the voluntary public takeover offer of ABBA BidCo AG, a subsidiary of BorgWarner Inc. (together “BorgWarner”).
BorgWarner, a leading global automotive supplier, launched a voluntary public takeover offer at EUR 120.00 per share in cash for all outstanding shares of AKASOL (“the Offer”) on 26 February 2021. The Offer was preceded by the conclusion of a Business Combination Agreement between AKASOL and BorgWarner. Sven Schulz, CEO and founder of AKASOL, (via Schulz Group GmbH), as well as the other founders of AKASOL, entered into Irrevocable Undertakings to tender approximately 59.4% of their AKASOL’s shares. The shareholders of AKASOL have accepted the voluntary public takeover offer after the extended acceptance period expired with an acceptance rate of 89.08 percent of the AKASOL shares outstanding. The Offer was successfully completed on 4 June 2021.
AKASOL AG is a leading German developer and manufacturer of high-performance lithium-ion battery systems as well as a provider of complete solutions. Hogan Lovells has already advised AKASOL AG on its IPO in 2018.
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