Only three media in the world questioned benpac the weeks following July 22nd, when Heidelberg, Gallus, and benpac published the acquisition. Nessan Cleary, Luzerner Zeitung, and INKISH. Later a few other newspapers also started to question the transaction. Still, almost every trade-media blindly delivered the official press releases and not questioned the price, the buyer, pretty much everything - that could easily be questioned and maybe even be important to customers, to suppliers, to - well, the industry?

To our knowledge, no advisors questioned the alleged revenue, the number of employees, or even the claimed ownerships of companies published on benpac's website - or at least it appears not to have raised any red flags anywhere?

One hundred twenty million euros in cash.

We even sent a couple of private messages to Marcus Wassenberg at Heidelberger Druckmaschinen, warning about findings we thought could be important for Heidelberger Druckmaschinen to know. These messages were probably not important. Polite answers from Wassenberg confirms the reception of the same.

Numerous current and former employees and current and former business partners have told stories that we have used to puzzle our story together. Regardless, the Swiss trade-media Pack Aktuell (December 7th, 2020) referred to INKISH as: "If you believe a polemical press report from Denmark, which appeared in the summer of this year, there are doubts about the solvency even the real existence of regular business activity of the Benpac Group. The upcoming conclusion of the Gallus deal with Heidelberger Druckmaschinen will certainly provide information on this."

It's been hard for me. I am under legal scrutiny by Heidelberger Druckmaschinen and have been offered an opportunity to sign a cease-and-desist declaration to avoid further legal actions. The human-rights declaration provides freedom of speech - even extended to media with the right to speculate - but what good does that do, if you can be taken to court at any time regardless?

Yesterday, Heidelberger Druckmaschinen announced that benpac hasn't been able to fulfill its obligations, and in the statement, they write, "Heidelberg had to assume until the very end that the transaction would be completed successfully."

How Heidelberger Druckmaschinen came to that conclusion is quite difficult to understand?

However, good to know is that Heidelberger Druckmaschinen's attorney, DLA Piper, states in an email to INKISH the following, "Moreover, you may (once again) be assured that the entire transaction process was, is and will be conducted in accordance with international standards."

When Heidelberger Druckmaschinen yesterday posted the press release about the deal's cancellation, Luzerner Zeitung shortly after posted an article where Heidelberger Druckmaschinen claim they did a solvency check of benpac holding ag.

Hmm...

Though I would wish this story was over - it isn't!

Heidelberger Druckmaschinen will "assert its rights."This is, however, only one aspect of the side. How will the stock-market react to this message? The shares of Heidelberger Druckmaschinen have in the past weeks sky-rocketed - what will happen now? Will this have consequences for people working for Heidelberger Druckmaschinen? 

But the maybe most important perspective - what will happen to the good people working at Gallus? Heidelberger Druckmaschinen issued in the same press release the following "Gallus will continue on its path to boosting operating performance," but is that really that easy?

The fact that the market will face Monday, February 1st, is:

120 million euros less for Heidelberg
430 people still employed within the group

Let's see what happens - but to believe this story is over - sorry, it's not!