Morning Comment Germany - Today’s research focus: Kontron-06/11/2026

研报英文原文证据摘录

Morning Comment Germany - Today’s research focus: Kontron-06/11/2026

Morning Comment Germany

11 JUN 2026

Today’s research focus: Kontron

• Kontron – Buy, TP EUR 28 (sponsored research): Ennoconn Corporation has formally notified Kontron that it has crossed the 30%

voting rights threshold and is therefore obliged to launch a mandatory takeover offer at EUR 23.50 per share in cash. This confirms what

was already telegraphed in earlier communications. The key development relative to our prior note is that a concrete offer price is now

on the table - and at only a 2.4% premium to the 9 June closing price, it sits barely at the statutory minimum of EUR 23.48, leaving virtually

no value to minority shareholders beyond where the stock was already trading. Kontron has suspended its share buyback programme

with immediate effect pending completion of the offer. CEO Niederhauser has stated he will not tender his ~2.2% stake. Our last PT was

EUR 28, the rating was “buy”. Link to report

Please see Morning Update for relevant share prices and market data

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors. This material is considered by Pareto Securities to qualify as an acceptable minor non-monetary benefit according to Directive

2014/65/EU Article 24 (7)(8) and Commission Delegated Directive 2017/593.

Pareto Securities © 2026 1