Resale of wagon hire company VTG after squeeze-out?

by Attorney-at-law Martin Arendts, M.B.L.-HSG

According to media reports, the investment company Global Infrastructure Partners, which specialises in infrastructure investments, is on the verge of a multi-billion euro purchase of the wagon hire company VTG. Global Infrastructure Partners is close to an agreement with the infrastructure arm of US bank Morgen Stanley, Morgan Stanley Infrastructure Partners ("MSIP"), on a takeover that could value VTG at more than EUR 5 billion (significantly more than set in the squeeze-out), news agency Bloomberg reported. However, there would be other interested parties.

VTG's main shareholder Warwick Holding GmbH, Frankfurt am Main, had pursued the squeeze-out of VTG's minority shareholders after a delisting. Warwick is an investment vehicle of Morgan Stanley Infrastructure Partners and OMERS Infrastructure (on behalf of OMERS, the pension plan for municipal employees in the Canadian province of Ontario). Warwick only came above the threshold of 95% of the shares required for a squeeze-out via a so-called securities loan from the Joachim Herz Foundation (approx. 15% of the shares). 

appraisal proceeding with regard to the squeeze-out at VTG:
Regional Court of Hamburg, case no. 403 HKO 68/21
Rolle, T. et al ./. Warwick Holding GmbH
70 applicants
joint representative: Attorney-at-law Dr. Steffen Kraus, CausaConcilio Koch & Partner mbB Rechtsanwälte, 24114 Kiel, Germany
Agents of the respondent, Warwick Holding GmbH:
Sullivan & Cromwell LLP, 60311 Frankfurt am Main, Germany