ENNOCONN falls short of majority in Kontron mandatory offer

Follow-up to the mandatory offer of 29 June 2026: on 30 July 2026 Kontron announced the result of the closed acceptance period. A total of 12,289,840 shares were tendered, an acceptance rate of around 19.5%. After completion of the transaction ENNOCONN will not hold a majority of the voting rights in Kontron — the management and supervisory boards had expressly recommended against accepting the offer. At the same time a foreign direct investment (FDI) review was opened at the German Federal Ministry for Economic Affairs and Energy under the Foreign Trade and Payments Act, examining whether the acquisition affects Germany's security or public order. According to the company the duration of that procedure cannot be reliably estimated; since shareholders retain withdrawal rights until all regulatory approvals are in place, the final stake may still change. Update (10 August 2026): Kontron reported that all offer conditions have been met — Germany's foreign investment (FDI) clearance has been granted, considerably earlier than Kontron had previously thought possible. According to ENNOCONN the offer will settle on 20 August 2026; there has been no material shift in the shares tendered. Before settlement ENNOCONN holds 48.36% of Kontron shares per its shareholding notification and will not hold a majority of the voting rights after completion either. No further increase in the stake is planned; Kontron remains independent and intends to deepen its cooperation with Foxconn/ENNOCONN to realise EUR 40m in synergies over the medium term. Update (24 August 2026): The mandatory offer settled on 20 August 2026; according to finanztrends.de 12,238,502 Kontron shares were transferred to ENNOCONN. ENNOCONN thus holds about 48.36% and no voting majority; the process is complete and no further stake increase has been announced.