Biofrontera AG (XTRA:B8F) made an offer to acquire Heidelberger Beteiligungsholding AG (DB:IPOA) for approximately €240 million in a reverse merger transaction on January 28, 2020. Under the terms of the transaction, Heidelberger intends to offer the shareholders around 0.0588 Heidelberger shares per Biofrontera share. The american depositary shares (ADS) issued by Biofrontera are expressly not included in the offer.

Holders of ADS must ensure that their ADS are exchanged for Biofrontera shares, so that they can then take up the offer using their exchanged Biofrontera shares. The transaction is subject to a minimum acceptance quota, whereby at least 3% of the shares in Biofrontera AG must be submitted in order to qualify for the offer.