--- title: "Ardian fixed centrotherm's exit at €8.74 a share; the stock still trades at €9.10" description: "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." publisher: "The Inference" section: "Deals" published: 2026-10-15T23:19:40.965Z modified: 2026-10-15T23:19:40.965Z canonical: https://theinference.org/article/ardian-fixed-centrotherm-s-exit-at-8-74-a-share-the-stock-still-trades-at-9-10 language: en keywords: "M&A, Squeeze Out, Germany, Semiconductors, Private Equity" --- # 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. Minority shareholders of [centrotherm international](https://theinference.org/markets/companies/centrotherm-international), a German maker of furnaces and coating systems for chip and solar factories, are being [squeezed out at 8.74 euros a share](https://www.ad-hoc-news.de/boerse/news/ad-hoc-mitteilungen/centrotherm-international-ag-centrotherm-acquico-ag-uebermittelt-konkretisiertes-verlangen-zur/69340640) [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](https://www.ad-hoc-news.de/boerse/news/ad-hoc-mitteilungen/centrotherm-international-ag-solarpark-blautal-gmbh-veraeussert-mehrheitsbeteiligung-an-der/68326329) [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](https://www.ad-hoc-news.de/boerse/news/ueberblick/eqs-news-centrotherm-international-ag-closing-der-transaktion-erfolgreich-vollzogen-ardian/68425270); 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](https://www.ad-hoc-news.de/boerse/news/ueberblick/centrotherm-aktie-27-prozent-crash-auf-9-35-euro/69381212) [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]. *Chart: **centrotherm has never traded down to its 8.74 euro exit** Column chart of centrotherm's share price on three dates against the 8.74 euro compensation line* *Euros per share; quotes from market reports and Yahoo Finance. Reference line: squeeze-out cash compensation fixed May 15, 2026. [1][5][9][2]* ## The orders came after the number On October 1 centrotherm [lifted its 2026 order-intake guidance to 110–160 million euros](https://www.webdisclosure.com/press-release/centrotherm-international-ag-etr-centrotherm-reports-solid-first-half-results-for-2026-in-a-challenging-market-environment-BpZBKRg5tK1), 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 [7][8][9]. *Chart: **Order guidance doubled only after the exit price was fixed** Range chart comparing centrotherm's original and updated 2026 order-intake guidance* *FY2026 order-intake guidance ranges as published in the 2025 annual report and the August 2026 forecast update; million euros. [7]* ## What the 9.10 is saying The premium is read as a bet on [appraisal proceedings](https://theinference.org/article/ardian-set-centrotherm-s-exit-at-8-74-a-share-then-the-order-forecast-nearly-tripled), 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 [1][7]. The Hartung family sold at a premium and kept about 39.5% of the buyer that sets the exit price [3][4]. 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. ## Takeaway centrotherm's minorities have a court-fixed cash exit of 8.74 euros, yet the stock still trades at 9.10 euros, and the market is betting appraisal proceedings, not the price-setter, will have the last word. ## Sources 1. [ad-hoc-news.de (EQS ad-hoc), centrotherm international AG: Centrotherm AcquiCo AG übermittelt konkretisiertes Verlangen zur Durchführung eines Ausschlusses der Minderheitsaktionäre, 15 May 2026](https://www.ad-hoc-news.de/boerse/news/ad-hoc-mitteilungen/centrotherm-international-ag-centrotherm-acquico-ag-uebermittelt-konkretisiertes-verlangen-zur/69340640) 2. [Yahoo Finance Canada, Centrotherm international AG (CTNK.SG) quote, 15 October 2026](https://ca.finance.yahoo.com/quote/CTNK.SG/sec-filing/) 3. [ad-hoc-news.de (EQS ad-hoc), centrotherm international AG: Solarpark Blautal GmbH veräußert Mehrheitsbeteiligung an der centrotherm international AG an ARDIAN, 6 November 2025](https://www.ad-hoc-news.de/boerse/news/ad-hoc-mitteilungen/centrotherm-international-ag-solarpark-blautal-gmbh-veraeussert-mehrheitsbeteiligung-an-der/68326329) 4. [ad-hoc-news.de (EQS-News), centrotherm international AG: Closing der Transaktion erfolgreich vollzogen - Ardian Semiconductor wird Hauptaktionär, 18 December 2025](https://www.ad-hoc-news.de/boerse/news/ueberblick/eqs-news-centrotherm-international-ag-closing-der-transaktion-erfolgreich-vollzogen-ardian/68425270) 5. [ad-hoc-news.de (boerse-global), Centrotherm Aktie: 27-Prozent-Crash auf 9,35 Euro, 20 May 2026](https://www.ad-hoc-news.de/boerse/news/ueberblick/centrotherm-aktie-27-prozent-crash-auf-9-35-euro/69381212) 6. [ad-hoc-news.de (boerse-global), Centrotherm Aktie: Squeeze-out beschlossen, Kurs über Angebot, 6 August 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/centrotherm-aktie-squeeze-out-beschlossen-kurs-ueber-angebot/69921266) 7. [EQS-News via webdisclosure, centrotherm reports solid first-half results for 2026 in a challenging market environment, 1 October 2026](https://www.webdisclosure.com/press-release/centrotherm-international-ag-etr-centrotherm-reports-solid-first-half-results-for-2026-in-a-challenging-market-environment-BpZBKRg5tK1) 8. [ad-hoc-news.de (boerse-global), Centrotherm Aktie: 1,2-Gigawatt-Auftrag in Indien, 26 May 2026](https://www.ad-hoc-news.de/boerse/news/ueberblick/centrotherm-aktie-1-2-gigawatt-auftrag-in-indien/69422223) 9. [ad-hoc-news.de (boerse-global), Centrotherm Aktie: 9,25 Euro gegen 8,74-Euro-Angebot, 26 July 2026](https://www.ad-hoc-news.de/boerse/news/ueberblick/centrotherm-aktie-9-25-euro-gegen-8-74-euro-angebot/69875417) --- Ardian fixed centrotherm's exit at €8.74 a share; the stock still trades at €9.10 — The Inference. Canonical: https://theinference.org/article/ardian-fixed-centrotherm-s-exit-at-8-74-a-share-the-stock-still-trades-at-9-10