I am aware that you are in the middle of restructuring and expanding your business. Mr Kaufmann put a lot of money into you, and I do not believe he did so without expecting compensation. Lisa Holding Germany has acquired most of your stocks by now, and just recently Blackstone started investing in your company. On the other hand, you are about to expand your production facilities, building a completely new complex in your old home, Wetzlar.

Being a big fan of your products and your philosophy, I welcome all this. I welcome the fact that Mr Kaufmann saved you from imminent bankruptcy several years back, and that since then you have been thriving, acquiring a lot of new fans and customers, introducing a lot of interesting new products, upscaling your production. The company is doing good, as are its stocks.

Early 2009, Leica stocks were at an all-time low of ~ 3 €. Back in the nineties, owning a part of Leica Camera AG would set you back almost twenty times as much! But then again, at that time digital photography was not yet established. Only the introduction of the M9 made your stock prices rise again, and up until today they have gained 500 % to ~ 25 €, give or take. You have been doing very well the past two years.

I bought shares of your company back in 2010 when they were around 12 €. So my win until today is 100 %. This is very very good. All the more am I frustrated to hear that you desire to squeeze out small shareholders like me, so that Lisa Holding can hold 100 % of your stocks. I realise that this will facilitate decision-making for you. But do you know why I bought Leica stocks? Because I believe in the success of your company. I gave you my money — admittedly not very much — to help you be successful. And just like Mr Kaufmann, who put a lot of money into you, I expect to partake in your success. This is why I bought Leica stocks. As a long-term investment not only for myself, but also for the company. And now you want me to give up my investment.

Well, I can’t complain. Leica stock value rised by 100 % since I bought my shares, so I would’ve doubled my money, were I to sell today. Which is what you want me to do. Okay, let’s say I agree to selling you back my shares, because I believe it’s the best decision for the company. So here’s my question: Do you seriously think I will sell you my shares for 22 € (as I have just been officially asked!) when the current stock price is over 25 €? I find this offer rude and insulting. You should at least have the decency to offer me the current stock value, and not some bad compromise.

Here’s an idea: offer me 30 €, and I’ll sell today. Think about it. You want your shares back, and I have them. So make me an offer I can agree to.

Sincerely yours.

UPDATE: It seems like Lisa Holding’s first offer was merely a test to see whether they could get hold of the remaining stocks for less than they’re worth. It’s now official that the compensation for the remaining stockholders will be € 30.18 (see here).