Semperit Stock Slips Below B&C’s €15 Offer as Minority Investors Await Squeeze-Out Verdict
14.06.2026 - 01:41:49 | boerse-global.de
The clock has run out on B&C Holding’s voluntary tender offer for Semperit, and the rubber specialist’s shares are already trading below the bid price. Friday’s closing print of €14.90 marked the first time in weeks that the stock dipped under the €15.00-per-share offer, a clear signal that the market has priced in no improvement from the majority owner.
B&C, which already controls more than 58% of Semperit’s equity, had until June 2 to sweeten its bid. It chose not to. The sole condition for the offer’s validity—that the Austrian ATX index not tumble below 2,671.68 points on three consecutive trading days—was comfortably met when the benchmark closed at 5,968.61 on June 10. With that hurdle cleared, the deal is now legally binding.
Attention shifts to the acceptance rate, which will determine the fate of the remaining shareholders. If B&C gathers more than 90% of the total shares, it has signalled it will not rule out a squeeze-out. A drop below that threshold would keep Semperit listed, albeit with a shrinking free float that could spark erratic price swings. The stock has already lost 1% over the past 30 days, and the risk of an exit from the Vienna Stock Exchange’s Prime Segment looms if free float continues to slide.
Should investors sell immediately? Or is it worth buying Semperit?
The board itself remains split. Manfred Stanek accepted the €15 offer; Helmut Sorger rejected it, pointing to a book value of €20.20 per share that sits well above the bid. Analysts see fair value as high as €22.00. Operating momentum bolsters the sceptics’ case: first-quarter revenue rose nearly 8% to €163.7 million, the net result swung to a profit of €8.9 million from a year-earlier loss, and free cash flow turned positive at €13.1 million. The company’s operating EBITDA reached €27.8 million, while underlying operating profit came in at €26.8 million. Management has guided for a full-year operating result of roughly €95 million.
B&C chief Patrick Lackenbucher justifies the offer on structural grounds: the low trading volume makes Semperit unattractive for institutional funds. A complete buyout of all outstanding shares would cost the debt-free holding around €128 million. The final acceptance tally is expected in the coming days, and with the stock already 21% higher year-to-date, minority holders now face a binary choice between a squeeze-out cash-out or hanging on in a thinner market.
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