What DT3 Means For German Private Equity Exits

Law360, New York (February 7, 2013, 10:45 AM EST) -- In 2011, the German Federal Court of Justice (FCJ) issued a judgment regarding the legal basis and scope of prospectus liability for selling shareholders in equity offerings of German corporates, which significantly changed the legal structuring of such transactions in Germany. More than a year later, with equity capital markets in Germany showing signs of increased activity going into 2013, shareholders, issuers, bankers and legal practitioners still are trying to define the new market standard for secondary share placements in Germany.


In 2000, the German...
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