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6<br />
MORE DUAL TRACKS<br />
As the capital market environment stabilizes, we expect<br />
investors to increasingly use dual tracks as an exit route<br />
Dual track auctions<br />
EUROSTOXX 50 [2008=100]<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
Jan./07 July/07 Jan./08 Juli/08 Jan./09 July/09 Jan./10 July/10<br />
Jan./11<br />
Source: Mergermarket<br />
REMARKS<br />
> After turbulent 2008/09, valuations in<br />
equity capital markets are attractive<br />
again – and relatively stable<br />
> Window of opportunity to sell portfolio<br />
companies to the stock market<br />
> Dual track processes provide higher<br />
transaction security (and often<br />
valuation), but very thorough<br />
preparation required<br />
> Recent news on ISS, Takko, Valemus,<br />
or ProSiebenSat1 indicate that dual<br />
tracks are already becoming more<br />
frequent<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 37
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