Heitkamp & Thumann KG made an offer to acquire substantially all operations and assets of Balda AG (XTRA:BAD) for €70 million in cash on October 1, 2015. For the year ended June 30, 2015, Balda reported revenues of €85.44 million, EBIT of €1.91 million, EBITDA of €6.66 million, net loss of €12.74 million, loss from continued operations of €12.74 million, net debt of €180.16 million, total debt of €0.57 million, total assets of €265.84 million and total equity of €234.11 million. Heitkamp & Thumann KG will retain all employees of the operational units and employees and members of the management of Balda AG. As of October 30, 2015, Heitkamp & Thumann increased its offer to €74 million. In this context, the annual general meeting of Balda requires a majority of 75 % of the votes cast. Annual General Meeting is scheduled for November 19, 2015. The agreement stands under the dilatory condition of the approval of the general meeting of the Balda AG.

The shareholders meeting is scheduled on November 30, 2015 and if necessary on December 1, 2015 regarding the offer of Heitkamp & Thumann. The agenda includes among others the approval of the general meeting regarding the offer of H&T. The management and the supervisory board of Balda AG have decided to adhere to the agenda and their recommended resolution to approve the offer of Heitkamp & Thumann, since the offer of Stevanato is until now non-binding. At this meeting – subject to the cancellation of the approval resolution of the offer by H&T – voting on the binding offer of Stevanato would be held. If Stevanato does not present the announced binding offer in due time or if it does not satisfy the expectations, the approval resolution of the general meeting regarding the offer of H&T could be completed without a need for another general meeting. As of November 26, 2016, a competing bid was announced by Stevanato. As of December 1, 2015, the transaction has been accepted by shareholders of Balda. With fulfillment of all contractual completion conditions, the transaction is expected to close in the first quarter 2016.

Stevanato can make a binding offer until December 14, 2015. Balda would then call an extraordinary general meeting in order to receive the shareholder's consent on the offer. On January 29, 2016, Heitkamp & Thumann KG made a revised offer to acquire substantially all operations and assets of Balda AG (XTRA:BAD) for €90 million. Schleifenbaum & Adler acted as legal advisor to Heitkamp & Thumann. Michael Pfister of Deekeling Arndt Advisors acted as Public Relation advisor for the transaction. Björn Simon, Christian Vocke of Baker & Mckenzie acted as legal advisor to Heitkamp & Thumann. Hengeler Mueller acted as legal advisor to Balda.

Heitkamp & Thumann KG cancelled the acquisition of substantially all operations and assets of Balda AG (XTRA:BAD) on January 29, 2016.