The Neuer Markt is set to witness its first reverse takeover after Microboss Software, a privately- held German software company, launched a bid for Gigabell, a German internet company which has the dubious distinction of being the first Neuer Markt firm to go bankrupt.
Sudhir Bhatiar, chief executive of Microboss, said that he had decided to launch the bid which offers one Microboss share in exchange for 20 Gigabell shares, in order to get a listing on the Neuer Markt without going through the whole listing process. "Why should we spend around €5m ($4.71m) in fees to get a listing on the Neuer Markt, when we can spend the same on buying a company and its assets which already has that listing, and get the free publicity which this bid has already generated?" he said.
