Experience and expertise in capital markets

Horten’s capital market team provides Danish and international clients with targeted advice regarding all capital market matters including IPOs, take-overs and equity and debt issues.

We draw on both national and international experience and represent both issuers, underwriters and other market participants including investors and management.

Our advice is always focused on the client's needs and to provide the best possible experience our capital market team works closely with our other practice areas in-house, including experts from corporate law, competition law, venture capital and private equity, mergers and acquisitions, finance law and tax law. For every client, we tailor a team to ensure a bespoke solution matching the client's specific needs.

What we do

Our capital market team represents both issuers, underwriters and other market participants. This, together with our extensive experience with the Danish Financial Supervisory Authority (FSA) and Nasdaq Nordic gives us invaluable expertise and insight into how Danish and European capital markets work and the regulatory requirements in the respective capital markets matters. We have particular experience (domestic as well as cross-border) with:

  • IPOs, admission for trading and official listings and reverse listings
  • Public takeover offers (hostile as well as recommended and competing offers)
  • Dual listings
  • Issuance of additional shares
  • Share splits
  • Private placements
  • Capital increases and reductions
  • Squeeze-outs
  • Delistings
  • Initial public offerings, takeover offers, changes in capital structure and delistings

    Initial public offerings (IPOs), SPAC-listings, takeover offers, capital increases and reductions as well as delistings require specialized legal advice and insight into the dynamics of the Danish and European capital markets. Horten assists Danish and International clients in all aspects in connection with such transactions and has extensive experience with cross-border matters and dual listed issuers.

    Trusted advisor on initial public offerings

    We know that an initial public offering is a complicated and often demanding process. To make matters easier, we always aim to provide overview, be readily available and hands on as your trusted advisor throughout the entire process. We can be part of the process from the first hesitant steps, advising on options and challenges based on preliminary investigations and analyses and onwards to the full-out sprint and culmination of the initial public offering. In relation hereto, we draft prospectuses and/or verifications reports and regulatory announcements. We also assist in drafting and implementing the necessary rules and regulations required for any listed issuer.

    Takeover offers

    Horten advises bidders, stakeholders and targets of a public takeover on all aspects of the process – including establishing a legal defence against hostile takeover attempts.

    Our capital market team has experience in both voluntary and mandatory takeover offers and in both recommended and hostile takeovers. We advise Danish and international clients about relevant rules and regulations and help draft necessary documentation when intending to make a public takeover bid or when looking to mount a defence. We furthermore help with specialized advice when looking to acquire a controlling interest and the possibilities of compulsory redemption of minority shareholders.

    When advising the bidder, Horten ensures efficient planning and implementation of takeovers. We always handle the contact to relevant markets and authorities and have unique experience interacting with the Danish Financial Supervisory Authority (FSA) and Nasdaq Nordic. When working on international takeover bids, we offer the optimal blend of Danish and international expertise in close collaboration with our international business partners.

    Changes in capital structure

    We advise on the options and challenges associated with raising capital and/or capital reductions. In this connection, we also participate in drafting prospectuses, including verifications and regulatory announcements. We handle the legal and regulatory contact to the relevant markets and authorities.

    Our corporate team furthermore assists with specialised advice regarding structuring and carrying out security-based incentive programmes for the issuer’s employees and management.

    Delisting

    When an issuer wishes to delist and go private, we excel at creating a constructive process through targeted advice about the necessary procedures, short-cuts and pit falls of delisting an issuer. In addition to drawing up the necessary documents, applications and regulatory announcements, we handle the contact to the relevant markets and authorities.

    Special expertise in securities traded on First North

    Horten has extensive knowledge and experience in advising clients listed on Nasdaq First North Copenhagen, a SME Growth Market. We advise companies that wish to introduce securities (either as an IPO or as part of raising additional capital) for trading on Nasdaq First North Copenhagen or are in need of general advice on the regulations applicable to issuers on Nasdaq First North Copenhagen. Both Danish and international clients can benefit from our expertise within this area.

  • The special regulation regarding issuers

    In addition to the rules and regulations surrounding all companies, issuers are subject to an extensive web of specialized regulation, marketplace rule books and ongoing and ever-changing disclosure obligations. Horten has extensive experience in advising issuers, including issuers listed on Nasdaq Nordic's main and growth markets, the New York Stock Exchange, the London Stock Exchange and Oslo Børs. Among other ongoing issuer obligations, we advise on matters relating to:

    • The issuer’s duty of disclosure
    • Prohibition on insider trade and price manipulation
    • The management and the issuer’s trading in the issuer's shares
    • Drafting and implementation of internal rules and procedures
    • Corporate governance

    Our advice always encompasses all levels of regulation from the individual rule book of the relevant marketplace(s), to national and EU regulation. Our pragmatic approach and good working relationship with Nasdaq Nordic and the Danish FSA help to ensure compliance with the extensive regulation and workable solutions to any issues.

The support received is first class. Pragmatic solutions and a can do approach. They always go the extra mile for the client and are very responsive and adaptable to other business cultures and approaches.

Legal 500, 2022

They are very competent, very quick, efficient, and generally very nice to work with.

Legal 500, 2021

Extraordinary experience and knowledge, and able to get the right expert colleagues involved as needed and keep that process well managed.

Legal 500, 2021

Always on top of things, excellent co-operation and responsiveness. A pleasure to work with.

IFLR1000, 2020

Our capital market team

Lise Lotte Hjerrild

Partner

Hans Christian Pape

Partner (L)

Philip Hesselbjerg

Attorney

Rune Koster

Attorney