Divestment of Loss-‐Making Operations Fails to Repair Business Model
Ability to Borrow or Increase Capital Handicapped Due to Ongoing Litigation and Mounting Losses
This week artnet.com AG released its first financial results since Mr. Neuendorf and his supporters successfully defeated a hostile takeover bid led in August-September by Luxembourg-based and Russian-funded Redline Capital Management SA.
Since the takeover bid failed on September 28, largely due to long-time artnet shareholders considering the bid price of €6.40 per share too low (the tender offer was priced at a 40% premium to the market price at the time), the market for artnet.com AG shares has collapsed, hitting €3.65 per share on November 19…
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