Ardian fixed centrotherm's exit at €8.74 a share; the stock still trades at €9.10
A merger-law squeeze-out priced the German chip and solar equipment maker's minorities in May. The order outlook improved after the number was set, and the shares still trade above the cash exit.
Vincent Jiang · 2 min read
Minority shareholders of centrotherm international+1.64% — centrotherm international, up 1.64 percent today, a German maker of furnaces and coating systems for chip and solar factories, are being squeezed out at 8.74 euros a share 1. On October 15 the stock still cost 9.10 euros 2. That gap is a fight over who sets the value of the company: its new owner, or a court.
A 90 percent block that never triggered an offer
On November 6, 2025 Solarpark Blautal, the holding of the founding Hartung family, sold its roughly 90% stake to a vehicle controlled by Ardian funds at a premium over the market price 3. centrotherm trades only on Frankfurt's Basic Board, an open market outside Germany's takeover law, so no bid to the remaining holders was ever owed 3. Ardian, which manages or advises about 196 billion dollars, closed on December 17, 2025; Solarpark reinvested about 39.5% of the proceeds in the buyer, and the squeeze-out demand arrived with the closing 4.
The price was fixed in May
On May 15, 2026, the buyer, Centrotherm AcquiCo, fixed cash compensation at 8.74 euros per share, and a court-appointed expert indicated he would confirm the figure 1. The stock fell about 27% in a week, to 9.35 euros 5. The June 30, 2026, annual meeting approved the merger anyway, over minority shareholders who called the valuation inadequate 6. Once the merger is entered in the commercial register, the shares turn into a cash claim 1.
centrotherm has never traded down to its 8.74 euro exit
Data
| centrotherm share price | |
|---|---|
| May 20, 2026 | €9.35 |
| July 26, 2026 | €9.25 |
| 15 Oct 2026 | €9.1 |
The orders came after the number
On October 1 centrotherm lifted its 2026 order-intake guidance to 110–160 million euros, from 40–100 million in the 2025 annual report, on an August forecast update 7. The first half was weak: revenue of 78.9 million euros against 106.4 million a year earlier, EBITDA of 4.8 million against 14.7 million 7. Yet photovoltaic orders rose to 14.0 million euros from 8.9 million, India's Celloraa Energy booked equipment for a 1.2 gigawatt solar-cell line in April, and liquid funds stood above 170 million euros at the last annual close 789.
Order guidance doubled only after the exit price was fixed
- Low end
- High end
Data
| Low end | High end | Change | |
|---|---|---|---|
| 2025 annual report | €40M | €100M | +150.0% |
| August 2026 update | €110M | €160M | +45.5% |
What the 9.10 is saying
The premium is read as a bet on appraisal proceedings, the German court process that can raise squeeze-out compensation after the fact 9. The other side is real: the examiner backs 8.74, and management still expects EBITDA clearly below 2025 17. The Hartung family sold at a premium and kept about 39.5% of the buyer that sets the exit price 34. The gap between 9.10 and 8.74 is a bet that a court, not the price-setter, has the last word on what centrotherm is worth.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
