Latest Decisions in Takeover Matters
Decision 833/01 dated 14 November 2022 in the matter of Credit Suisse Group AG
In its decision 833/01 dated 14 November 2022 in the matter of Credit Suisse Group AG, the Swiss Takeover Board has granted Credit Suisse AG, Deutsche Bank AG, London Branch, Morgan Stanley & Co. International plc, RBC Europe Limited, Société Générale S.A., ABN AMRO Bank N.V., Banco Santander S.A., Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, ING Bank N.V., Intesa Sanpaolo S.p.A., Keefe, Bruyette & Woods (through Stifel Nicolaus Europe Limited), Mediobanca Banca di Credito Finanziario S.p.A., Merrill Lynch International, SMBC Nikko Capital Market Limited and Wells Fargo Securities LLC an exemption from the duty to make a public tender offer concerning Credit Suisse Group AG.
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Decision 828/01 dated 18 August 2022 in the matter of Addex Therapeutics Ltd
In its decision 828/01 dated 18 August 2022 in the matter of Addex Therapeutics Ltd, the Swiss Takeover Board has granted Addex Pharma SA an exemption from the duty to make a public tender offer concerning Addex Therapeutics Ltd.
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Decision 822/02 dated 2 September 2022 in the matter of Bobst Group SA
In its decision 822/02 dated 2 September 2022 in the matter of Bobst Group SA, the Swiss Takeover Board has determined that the public tender offer of JBF Finance Ltd. to the shareholders of Bobst Group Ltd. meets the legal requirements.
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Decision 827/01 dated 17 August 2022 in the matter of Dufry AG
In its decision 827/01 dated 17 August 2022 in the matter of Dufry AG, the Swiss Takeover Board has granted Edizione S.p.A and Schema Beta S.p.A an exemption from the duty to make a public tender offer concerning Dufry AG.
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Decision 802/04 date 8 August 2022 in the matter of Vifor Pharma AG
In its decision 802/04 dated 8 August 2022 in the matter of Vifor Pharma AG, the Swiss Takeover Board has made statements regarding the handling of the employee participation programs of Vifor Pharma Ltd. in respect of the public tender offer of CLS Behring Ltd. to the shareholders of Vifor Pharma Ltd.
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Decision 825/01 dated 27 July 2022 in the matter of MCH Group AG
In its decision 825/01 dated 27 July 2022 in the matter of MCH Group AG, the Swiss Takeover Board has made statements regarding the non-existence of the obligation to launch a public tender offer to MCH Group AG's shareholders and has granted an exception from the duty to make a public tender offer for reorganisation purposes with respect to the shares of MCH Group AG to the Canton of Basel Stadt.
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Decision 823/01 dated 25 July 2022 in the matter of Valora Holding AG
In its decision 823/01 dated 25 July 2022 in the matter of Valora Holding AG, the Swiss Takeover Board has determined that the public tender offer of Impulsora de Marcas e Intangibles, S.A. de C.V., to the shareholders of Valora Holding AG meets the legal requirements.
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Decision 822/01 dated 14 July 2022 in the matter of Bobst Group AG
In its decision 822/01 dated 14 July 2022 in the matter of Bobst Group AG, the Swiss Takeover Board has made statements regarding JBF Finance AG's planned public tender offer to the shareholders of Bobst Group AG.
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Decision 816/02 dated 13 July 2022 in the matter of Spice Private Equity AG
In its decision 816/02 dated 13 July 2022 in the matter of Spice Private Equity AG, the Swiss Takeover Board has determined that GP Swiss AG's public tender offer to the shareholders of Sprice Private Equity AG meets the legal requirements.
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Decision 802/03 dated 12 July 2022 in the matter of Vifor Pharma AG
In its decision 802/03 dated 12 July 2022 in the matter of Vifor Pharma AG, the Swiss Takeover Board has accepted a suspension of the settlement of the offer until 30 September 2022.
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Decision 816/01 dated 30 May 2022 in the matter of Spice Private Equity AG
In its decision 816/01 dated 30 May 2022 in the matter of Spice Private Equity AG, the Swiss Takeover Board has determined that the conditions of the pre-announcement of GP Swiss AG's public tender offer to the shareholders of Spice Private Equity AG comply with the provisions governing public takeover offers and that the price of the offer can consist of US-dollars.
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Decision 810/01 dated 8 March 2022 in the matter of Santhera Pharmaceuticals Holding AG
In its decision 810/01 dated 8 March 2022 in the matter of Santhera Pharmaceuticals Holding AG, the Swiss Takeover Board has granted Santhera Pharmaceuticals (Schweiz) AG an exemption from the duty to make a public tender offer concerning Santhera Pharmaceuticals Holding AG.
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Decision 805/02 dated 24 February 2022 in the matter of Bank Linth LLB AG
In its decision 805/02 dated 24 February 2022 in the matter of Bank Linth LLB AG, the Swiss Takeover Board has ascertained the compliance of the purchase and partial exchange offer of Liechtensteinische Landesbank AG to the shareholders of Bank Linth LLB AG with the legal requirements and has made additional statements with respect to this offer.
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Decision 806/01 dated 11 February 2022 in the matter of AP Alternative Portfolio AG
In its decision 806/01 dated 11 February 2022 in the matter of AP Alternative Portfolio AG, the Swiss Takeover Board has exempted the public buyback program of AP Alternative Portfolio AG from the provisions governing public takeovers offers.
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Decision 805/01 dated 26 January 2022 in the matter of Bank Linth LLB AG
In its decision 805/01 dated 26 January 2022 in the matter of Bank Linth LLb AG, the Swiss Takeover Board has made statements regarding the purchase and partial exchange offer of Liechtensteinische Landesbank AG to the shareholders of Bank Linth LLB AG.
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Decision 804/01 dated 24 January 2022 in the matter of Spice Private Equity AG
In its decision 804/01 dated 24 January 2022 in the matter of Spice Private Equity AG, the Swiss Takeover Board has made statements regarding the buyback program of Spice Private Equity AG.
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Decision 802/02 dated 14 January 2022 in the matter of Vifor Pharma AG
In its decision 802/02 dated 14 January 2022 in the matter of Vifor Pharma AG, the Swiss Takeover Board has ascertained the compliance of the public tender offer of CSL Berhing AG to the shareholders of Vifor Pharma AG with the legal requirements and made some statements regarding the handling of the employee participation programs of Vifor Pharma AG in respect of the public offer of CSL Berhing AG to the shareholders of Vifor Pharma AG.
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* Decision not yet included in the Case Law Commentary on takeoverpractice.ch.