148,90 EUR was the squeeze out offer price by Berkshire for the minority shares. In Germany, the AGM has to vote on the squeeze as they did with more than 95% of Berkshires votes in favor of the squeeze out. However, dissenting shareholders can go to court and file a motion against the AGM vote. This of course extends the whole squeeze out so that oftentimes there are court settlements: The majority shareholder increases the price while the dissenting minority shareholders withdraw their claim. This is why the squeeze out actually took that long (intention announced in april 2007, actually taking place in feb 2009) and thats why the price increased to 165,57 EUR.
The outcome of the appraisal is very unsure, it depends on the expert opinion and his "fair" valuation of Cologne Re as well as the judge. But on average, squeeze outs resulted to an increase of 25% in german courts. It can be anything from zero to unlimited.
This is all very complicated and there are specialised "investors" in Germany who are doing nothing but squeeze out situations. The beauty of this approach is of course that there is virtually no downside and you get your money back while waiting for the appraisal decision.