Unternehmen im Prime Standard „Staying Public“ oder „Going Private“?- Nutzenanalyse der Börsennotiz

The dramatic drop in prices on the German stock exchange in the period from2000 to 2003 was one cause for the rising number of delistings in Germany. Thisdevelopment triggered the study on the aptitude of listed companies to remainlisted although the authors were well aware that a negative conclusion would notnecessarily imply a company’s realistic chance of going private, in particular ofobtaining the required financing for such a transaction. The study focused onthose companies of the Prime Standard that were not included in one of theindices. Using selected indicators, the authors analyzed the question if and to whatextent each of the companies examined had reached the goals normally pursuedfor an IPO.It was concluded that for the overwhelming majority of those companies studied, alisting on a stock exchange would not make sense (any more): in particular, due tothe volume of their market capitalization and the liquidity of their stock, theywouldn’t interest the analysts and investors nor would their stock pricesadequately reflect their intrinsic values. And, especially during these difficult times,it would be very hard to raise additional capital on the markets.